“The sudden closure of iPro Realty Ltd. earlier this year disrupted the livelihoods of over 2,400 real estate professionals and their clients. In the months following this event, the Ontario Real Estate Association (OREA) and the wider real estate community have been calling on the provincial government to step in and protect families making the largest financial transaction of their lives and the real estate professionals working to help them achieve their dreams of homeownership.
Today, Jean Lépine, administrator for the Real Estate Council of Ontario (RECO), announced that payments of commission protection claims will begin this week at a pro-rated amount of 50 per cent for the impacted iPro Realty real estate agents. OREA commends RECO’s work to facilitate the acceleration of commission protection payments to support our fellow real estate professionals, which will go a long way towards building back their businesses and livelihoods.
With this effort to support affected agents, in addition to the work that RECO and the provincial government have already done to pay out consumer deposits and make the impacted consumers whole again, it’s clear that there is real work being done to strengthen transparency and accountability at RECO. Today’s announcement is a great step towards that goal, and we encourage Mr. Lépine continue ensuring that RECO gets back to the basics of fulfilling its consumer protection mandate and focus on its core responsibilities, like enforcement and discipline.
OREA and Ontario REALTORS® remain committed to collaborating with the regulator, the provincial government, and partners on reforms that strengthen transparency, accountability, and public confidence in Ontario’s real estate market.”
– Cathy Polan, 2025 OREA President
SOURCE, OREA
To learn more, visit OREA
