Mississauga-based iPro Realty Ltd., which described itself as one of Ontario’s largest brokerages by agent count, will permanently close its 17 branch offices on August 19, 2025. The closure follows a Real Estate Council of Ontario (RECO) inspection that identified what RECO called a “significant shortfall” in the brokerage’s accounts.

RECO has stated that it finalized an undertaking with iPro to wind down operations. The process will be carried out under the oversight of RECO, a qualified broker of record, and a chartered public accountant.

Pending transactions will continue to close in the normal course of business under the wind-down oversight. Agents wishing to transfer to iCloud were required to notify iPro by noon on August 18 to allow for a transition without service interruption, while agents choosing another brokerage needed to initiate the transfer through RECO’s MyWeb system before August 19. Agents unable to complete a transfer by the deadline will have their RECO registration terminated.

Closure Details

The decision affects all of iPro’s branch locations, which include offices in Mississauga, Toronto, Orangeville, Georgetown, Milton, North York, Bradford, Baysville, Burlington, Woodbridge, Scarborough, Brampton, Brantford, and Pickering. Approximately 2,400 agents are associated with these branches.

All active representation agreements with iPro will become void on the closure date. Clients and agents will need to decide whether to sign new agreements under a different brokerage or make other arrangements for representation.

To facilitate continuity, iPro arranged for iCloud Realty Ltd. to assume operations at all current branch locations.

Ongoing Transactions and Commission Handling

Brokerages that owe commissions to iPro are expected to continue disbursing funds during the wind-down period. Agents who have earned commissions that remain unpaid are advised to submit a Commission Protection claim through RECO’s designated claims adjuster.

Once iPro’s closure takes effect, any ongoing transactions will require new representation agreements. Agents will need to discuss with clients whether to sign under a new brokerage or seek different representation.

RECO’s Role

RECO is the regulatory body responsible for administering the Trust in Real Estate Services Act (TRESA) in Ontario and overseeing compliance by brokerages and registrants. In this case, RECO is supervising the winding down of iPro’s operations to ensure transactions are completed and that the process follows the applicable regulatory requirements.

iPro Realty Ltd.’s closure is being carried out under a formal undertaking with RECO, with clear deadlines for agent transfers and instructions for handling active transactions and commission payments. The wind-down process involves direct regulatory oversight to manage the closure of all 17 branch offices and ensure procedural compliance.