Justice for iPro Realty Realtors & Consumers — Immediate Release of Unpaid Commissions, Deposits, and Full Transparency from RECO

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. Full public release of the Dentons audit report, without delay or unnecessary redaction.

4. 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.

5. Regular public updates from RECO and the Ministry until all claims are resolved.

6. 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.

If you support fair treatment and accountability in Ontario’s real estate market, please sign this petition.