On August 19, 2025, iPro Realty Ltd. — one of Ontario’s largest real estate brokerages with over 2,400 agents across 17 branches — will officially close its doors. This decision follows a directive from the Real Estate Council of Ontario (RECO) after a compliance inspection revealed serious issues.
Why Is iPro Realty Shutting Down?
During a scheduled audit, RECO identified what it called a “significant shortfall” in iPro’s accounts — a major breach of the financial trust obligations brokerages must uphold under Ontario law.
To protect consumers and agents, RECO is overseeing a controlled wind‑down of iPro’s operations. All 17 of the company’s offices, primarily located in the Greater Toronto Area and surrounding regions, will close permanently on August 19.
“At the time of a scheduled inspection, a significant shortfall was identified in iPro’s accounts. This is a serious breach of iPro’s responsibilities under the law and to its consumers and agents.” — RECO Statement
Has the Market Played a Role in This?
While the closure stems from internal compliance failures, the broader market backdrop hasn’t made survival any easier.
Ontario’s housing market has faced significant headwinds in 2024 and 2025:
- Slowdown in Sales – The Greater Toronto Area saw fewer transactions, longer listing times, and more inventory, squeezing brokerage revenues.
- High Borrowing Costs – Bank of Canada interest rate increases over 2023–2024 made mortgages more expensive, cooling demand.
- Commission Pressure – Fewer deals mean less income for agents and tighter operating margins for brokerages.
- Shifting Buyer Trends – Out‑migration to more affordable regions and cautious buyer sentiment reshaped demand patterns.
These challenges have placed financial strain on many brokerages, which could have amplified iPro’s internal struggles.
What This Means for iPro Clients
If you’re currently working with an iPro Realty agent:
- Pending Transactions – Will continue as normal. Consumer deposits are insured via RECO’s Deposit Insurance Program, up to $200,000 per claim.
- Representation Agreements – All agreements with iPro end on August 19. To continue working with your agent, they’ll need to sign you under their new brokerage.
- Listings – If your property is listed with iPro, it must be formally moved to a different brokerage before the closure date, or it will be canceled.
What iPro Agents Must Do
All iPro agents must transfer their RECO registration to a new brokerage by August 19, 2025 to keep their license and Toronto Regional Real Estate Board (TRREB) membership.
TRREB is waiving transfer fees for these agents, but anyone missing the deadline will see their registration terminated.
The Bottom Line
iPro Realty’s closure is one of the most high‑profile brokerage shutdowns in Ontario in years — and it’s a cautionary tale about both compliance and market resilience.
For consumers, the most important message is this: your transactions and deposits are protected, but you need to coordinate with your agent to smoothly transition to their new brokerage.
