Cornerstone was pleased to see the Government of Ontario and the Real Estate Council of Ontario (RECO) take a first step to financially support consumers and REALTORS® affected by the iPro Realty scandal. Yesterday, RECO’s Insurance Program Manager announced that funds would begin to flow to over 1,000 claimants, but pro-rated at 50% of the claim. Cornerstone has consistently called on RECO and the Government of Ontario to ensure that affected consumers and REALTORS® impacted by RECO’s inaction are compensated.
Following RECO’s failure to freeze iPro Realty accounts and promptly notify the industry, registrants and consumers were exposed to unnecessary financial risks for three months. This has led some REALTORS® who are owed tens of thousands of dollars to resort to taking on debt or being unable to pay essential expenses like their utility bills, property taxes, and children’s tuition. The original timelines that were presented through insurance would have seen compensation begin in late spring or summer of 2026.
RECO’s announcement that they would process pro-rated claims at 50 per cent for over 1,000 claimants is a crucial first step for affected REALTORS® and consumers, but as RECO stated, “this is not the final step”. Further actions are needed to make consumers and REALTORS® whole.
Cornerstone has continuously pressed for swift action from the Ontario Government and RECO. During our meeting yesterday with Minister Stephen Crawford and RECO’s new Administrator, Jean Lépine, we outlined the urgent need for financial compensation. This was subsequent to Cornerstone’s meeting on November 13th, 2025, with Minister Stephen Crawford and in our brief discussion with the Minister on December 2nd, 2025. This advocacy was also echoed in our initial discussion with Administrator Jean Lépine on December 1st, 2025.
“We thank the Minister, his team and Administrator Jean Lépine for meeting with us and taking this important step toward a fair solution for affected REALTORS® and consumers. Restoring confidence in RECO is essential not only for those directly impacted but also for the broader community,” said Bill Duce, Chief Executive Officer of Cornerstone.
“We look forward to continuing to work with the Minister and RECO’s new administrator to ensure prompt and complete compensation for everyone impacted by the iPro Realty scandal and to implement necessary reforms to enhance oversight, enforcement, transparency, and trust account reform”.
About Cornerstone
Cornerstone Association of REALTORS® (Cornerstone) is a not-for-profit organization with over 325 years of collective service from its founding associations.
Established on July 1, 2024, Cornerstone leads with purpose, advocates boldly, and creates positive change for the success of our members throughout Mississauga, Burlington, Hamilton, Waterloo Region, Niagara North, Haldimand County, Norfolk County, and surrounding areas.
With approximately 8,000 members, Cornerstone is the second-largest REALTOR® association in Ontario, dedicated to promoting the greater good of the real estate community.
SOURCE, CORNERSTONE
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