RECO provides update on iPro resolution and consumer protection actions

TORONTO, ON — The Real Estate Council of Ontario (RECO) has taken significant action to advance the resolution of the iPro matter, including supporting claims processing, pursuing recovery and accountability efforts, and implementing broader regulatory reforms to strengthen oversight of Ontario’s real estate services sector.

RECO’s response has focused on four key areas:

• Support for claims payments: Supporting eligible consumers and registrants in receiving payments for claims as quickly as possible 
• Recovery and accountability: Advancing actions related to the tracing and recovery of trust funds and the misuse of trust accounts. 
• Regulatory modernization: Strengthening oversight, escalation, trust account monitoring, and enforcement practices. 
• Public confidence: Demonstrating that RECO is better positioned to identify, escalate, and respond to serious regulatory risks.

The iPro matter has also informed broader regulatory and enforcement initiatives underway at RECO, including regular financial filing requirements expected to take effect later this year. These measures are intended to enhance transparency, improve early risk detection, and reinforce accountability across the sector.

RECO has also advanced work to strengthen governance, clarify regulatory escalation protocols, improve oversight of trust account activity, and support more consistent handling of high-risk matters. These reforms are intended to strengthen consumer protection and public confidence by helping ensure that a future matter of this nature would be identified earlier, escalated faster, and managed more effectively.

“The iPro matter required a complete response — claims payments, recovery, accountability, and lasting reform,” said Jean Lépine, Administrator and Acting CEO of RECO. “With the majority of commission protection claims now resolved, we are pleased to close this first chapter and recognize the significant progress that has been made. Our focus remains on supporting eligible claimants, advancing accountability efforts, and ensuring RECO emerges as a stronger and more effective regulator going forward.”

Claims update

The insurer continues to work directly with individuals to process all eligible claims. Key information for claimants:

• The deadline for registrants to submit new commission protection claims is May 19, 2027. 
• Claimants with pre-construction transactions can now contact builders directly to receive commissions previously payable to iPro. As some pre-construction transactions are not scheduled to close for several years, related claims will remain open until those transactions close. 
• Consumer and registrants with additional questions can contact ClaimsPro at 1-877-740-1913 or ipro-claims@reco-claims.ca.

For more updates on commission protection claims, pre-construction transactions, and support resources, visit the iPro Agent and Brokerage FAQ page.

About RECO

The Real Estate Council of Ontario regulates real estate professionals in Ontario. RECO’s mandate is to protect consumers and promote a fair, safe, and informed real estate services sector.