Background:

In early 2025, iPro Realty Ltd. collapsed, leaving many Ontario realtors unpaid for their earned commissions and putting consumer deposits at risk. Realtors who relied on these commissions to support their families have been left in serious financial hardship, while clients remain uncertain about the safety of their funds.

This sudden closure has left:

• Realtors without pay – Hundreds of hardworking Realtors never received the commissions they earned.
• Families struggling – Many depend on these commissions to pay mortgages, bills, and daily expenses.
• Consumers at risk – Buyers and sellers are worried about their deposits and real estate transactions.

The Real Estate Council of Ontario (RECO), the regulator responsible for protecting consumers and overseeing brokerages, failed to act quickly enough to prevent this harm. Although the Ontario government has ordered an independent audit of RECO’s handling of the iPro case, the audit does not resolve the urgent need for affected realtors and clients to be compensated.

We believe that realtors deserve to be paid for the work they completed, and clients deserve confidence that their deposits and funds are secure. This petition calls on RECO and the Ontario Ministry of Public and Business Service Delivery to release unpaid commissions, secure and return client funds, publish the audit findings in full, and implement stronger safeguards so that this kind of failure never happens again.

Petition:

To: The Honourable Stephen Crawford, Minister of Public and Business Service Delivery and Procurement; the Chair and Board of the Real Estate Council of Ontario (RECO); and the Chief Executive Officer of RECO.

We, the undersigned, are real estate professionals, clients, and concerned Ontarians. We are calling for urgent action after the collapse of iPro Realty Ltd., which has left many realtors unpaid for their earned commissions and put consumer deposits at risk.

Despite RECO’s role as the regulator responsible for protecting the public interest, the iPro matter has exposed serious gaps in oversight. Realtors have been left without income to support their families, and clients face uncertainty about the safety of their deposits. The government has ordered an independent audit of RECO’s handling of this case, but that does not resolve the immediate financial harm suffered by those affected.

We therefore demand the following:

1. Immediate payment of all outstanding commissions within 14 days using available funds, insurance, or trust accounts, from all sources, including the brokerage’s insurance claim funds and RECO’s Professional Liability Insurance Program’s Commission Protection coverage, which provides up to $200,000 per claimant. The brokerage insurance claim has an aggregate limit of approximately $4 million; however, the shortfall could exceed this amount if total claims surpass available funds.
2. Return of client deposits and funds currently at risk within 14 days.
3. Accountability for iPro Realty’s principals and responsible parties, including invoking the legal doctrine of piercing the corporate veil to hold individuals personally liable where evidence shows the corporation was used for fraudulent or improper purposes or as a shield for wrongful conduct.
4. In the event that insurance coverage and brokerage claim funds prove insufficient to fully compensate all affected realtors and consumers, we call on the Ontario government to promptly establish a dedicated compensation fund to cover any shortfalls. This fund should ensure no agent or client suffers financial loss due to gaps in existing insurance or claims processes, reinforcing government responsibility to protect livelihoods and public trust in Ontario’s real estate market.
5. Full public release of the Dentons audit report, without delay or unnecessary redaction.
6. Regular public updates from RECO and the Ministry until all claims are resolved.
7. Reforms and stronger safeguards to ensure realtors and clients are never left unprotected in future brokerage failures.

Ontarians deserve confidence in their real estate system. Realtors deserve to be paid for the work they performed. Consumers deserve protection for their deposits. We call on Ontario Ministry of Public and Business Service Delivery justice and RECO for those harmed by iPro Realty’s collapse.

📢 We need your voice!

Sign this petition and stand with Realtors, their families, and Ontario consumers(Buyers & Sellers). Together, we can demand fairness, accountability, and stronger protections in real estate.