Actual property brokers previously employed by iPro Realty will now get 100 per cent of their unpaid commissions.
The Actual Property Council of Ontario (RECO) introduced the transfer Wednesday after declaring in October 2025 that brokers might anticipate 50 per cent of their unpaid commissions – a call one agent informed World Information didn’t go far sufficient.
“RECO is enabling the total cost of all eligible fee safety claims. Funds from RECO’s insurance coverage program stability fund are being positioned in a protected belief to deal with the shortfall that RECO believes resulted from the misappropriation of belief funds by iPro’s principals, whereas concerted restoration efforts proceed,” Jean Lépine, administrator and performing CEO for RECO, mentioned in a information launch.
“Our focus stays on minimizing the monetary impression this example has had on registrants and holding dangerous actors to account.”
The event comes after iPro was ordered to shut on Aug. 19, 2025 by RECO, the trade’s regulator; shortfalls in its client deposit and fee belief accounts had been uncovered, forcing 2,400 brokers to hunt new brokerages.
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On the time, RECO mentioned the shortfalls amounted to about $10.5 million, calling it a “severe breach” of the company’s duties below the legislation and to its prospects and brokers.
Nonetheless, an audit ordered by the Ontario authorities discovered iPro had informed RECO its belief accounts had a $10-million shortfall in Could, however the registrar didn’t freeze or monitor their accounts for almost three months afterwards.
RECO’s insurer, Different Danger Companies, mentioned in an announcement that it initiatives the entire losses submitted as claims to be roughly $30 million.
RECO mentioned Wednesday that it and its insurer have been pursuing “a number of restoration pathways,” together with the fee safety insurance coverage course of and civil proceedings to get well belief account shortfalls.
The insurer continues to hunt courtroom approval to entry funds held in frozen iPro belief accounts, which may solely be launched by way of courtroom order, RECO mentioned. The courtroom not too long ago approved entry to funds for the aim of fee claims funds.
“Claimants shall be required to finish and return the cost launch documentation to allow the insurer to launch funds. Fee safety declare funds stay topic to the relevant deductibles and program phrases, as set out within the insurance coverage coverage,” RECO mentioned.
“As soon as launch documentation is acquired and processed, eligible fee safety declare funds may be made. With preliminary 50 per cent pro-rated funds already underway, further funds are anticipated to start flowing as early as subsequent week and can proceed as claims are processed and finalized.”
RECO added that funds will proceed whereas civil proceedings are ongoing.
© 2026 World Information, a division of Corus Leisure Inc.
