Ontario Regulator Investigates Major Financial Shortfall at GTA Real Estate Brokerage
Ontario’s Real Estate Council has launched an investigation into iPro Realty Ltd. after discovering a significant shortfall in its trust accounts, raising concerns for agents and clients in the Greater Toronto Area.
Real EstateInvestigationIpro RealtyTrust AccountsFinancial ShortfallReal EstateAug 22, 2025
According to Peel Regional Police, the Real Estate Council of Ontario (RECO) contacted its fraud bureau on August 15 to report “potential improprieties” linked to the brokerage. That same day, RECO announced that iPro Realty would be shut down by the following Tuesday, citing an initial $10 million discrepancy in its commission and consumer deposit trust accounts — a figure later revised to just under $8 million.
In a statement, RECO confirmed it is cooperating with police but emphasized that the investigation remains under its purview for now. The council has yet to confirm how many clients or agents may be affected but described the missing funds as a “serious breach” of the brokerage’s legal responsibilities.
iPro Realty, which operated 17 branches — including three in Toronto and two in Mississauga — employed roughly 2,400 agents across the region. The firm came under scrutiny after irregularities were detected ahead of a scheduled inspection of its financial accounts.
Peel Police said no criminal investigation has begun at this stage but noted that a referral for a fraud probe could follow once RECO completes its review and shares its findings for further assessment.
Frequently Asked Questions
What triggered the investigation into iPro Realty?
The investigation was triggered after the Real Estate Council of Ontario (RECO) uncovered a multi-million-dollar shortfall in iPro Realty's trust accounts.
How much money is reportedly missing from iPro Realty's trust accounts?
Initially, RECO reported a $10 million discrepancy, but this figure was later revised to just under $8 million.
What actions has RECO taken against iPro Realty?
RECO has announced that iPro Realty will be shut down and is conducting a thorough investigation into the financial irregularities.
Is a criminal investigation underway?
No criminal investigation has begun yet, but Peel Regional Police has stated that a referral for a fraud probe could follow once RECO completes its review.
How many agents and branches does iPro Realty have?
iPro Realty operated 17 branches, including three in Toronto and two in Mississauga, and employed approximately 2,400 agents across the region.
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