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RECO Sets Aug. 19 Closure for iPro Realty as Trust-Account Gap Narrows to $8 Million

With oversight from a qualified broker accompanied by a chartered accountant, the wind-down aims to complete pending transactions under RECO’s trust-account safeguards

A real estate sign is displayed in front of a house in the Riverdale area of Toronto on Wednesday, September 29, 2021. Greater Toronto Area-home sales rose 10.9 per cent lower in July compared with a year earlier as 6,100 properties changed hands, the most activity recorded in the month since 2021. THE CANADIAN PRESS/Evan Buhler

Overview

  • RECO set Aug. 19 for closure of iPro’s 17 branches, affecting roughly 2,400 agents, under a wind-down agreement that preserves active transactions under strict regulator supervision.
  • The regulator identified a shortfall in iPro’s consumer deposit and commission trust accounts initially exceeding $10 million that has since narrowed to about $8 million.
  • iCloud Realty Ltd. has assumed leases and selected assets from iPro and is ready to onboard transferring agents to maintain business continuity.
  • Agents must notify iCloud by Aug. 18 or transfer via MyWeb before Aug. 19 to avoid registration termination, with the Toronto Regional Real Estate Board waiving transfer fees for affected members.
  • Consumers and agents with unpaid deposits or commissions are being directed to RECO’s online Q&A for guidance on filing insurance or Commission Protection claims.