Mississauga-based iPro Realty Ltd. will cease operations across southern Ontario on August 19 following what regulators call a serious case of financial mismanagement. The Real Estate Council of Ontario (RECO) said an inspection uncovered a “significant shortfall” in the brokerage’s accounts — a breach of its legal responsibilities to clients and agents.
RECO has reached an agreement with iPro’s owners to wind down the business in a way that allows current transactions to be completed. The closure impacts roughly 2,400 agents operating out of 17 offices in cities including Mississauga, Toronto, Brampton, Milton, Burlington, and Scarborough.
While pending deals are expected to close as planned, buyers, sellers, and agents involved in iPro transactions are urged to contact their agent or the company’s management for guidance. Agents owed commissions can file claims through RECO’s commission protection insurance program.
Founded by Rui Alves and Fedele Colucci, iPro Realty operated as a franchised brand for 23 years before becoming independent in 2010. The shutdown marks one of the largest brokerage closures in Ontario in recent years.