OREB Statement on RECO and the iPro Realty Case
August 22, 2025
Read our latest public statement on RECO and the iPro Realty Case here.
(August 22, 2025 – Ottawa) For most Ontarians, the purchase of a home is the single largest financial investment of their lives. For that reason, consumers expect that the institutions regulating real estate uphold the highest levels of professionalism and accountability. When the public trust is breached, especially in a significant way, the consequences should be swift, significant and public.
The situation involving iPro Realty and the mishandling of trust account money is deeply concerning to OREB and its 4,000 members. Equally troubling is RECO’s decision not to pursue disciplinary or administrative action in response. Brokerages are entrusted with consumers’ deposits and other funds, often representing people’s life savings. Mismanagement of these accounts is one of the most serious violations under the Trust in Real Estate Services Act and the Code of Ethics.
While there are no iPro Realty offices or agents within OREB’s jurisdiction, OREB members and their clients may still be impacted if they are involved in transactions with iPro Realty.
As Ontario’s regulator, RECO bears a responsibility not only to enforce the rules, but also to provide transparency and accountability when those rules are broken. OREB calls RECO to explain why stronger action was not taken in this case and to demonstrate that decisive steps will be taken to prevent such breaches in the future. We also stand ready to work with RECO to reinforce safeguards that protect consumers and maintain confidence in the real estate profession.
Nicole Christy
Chief Executive Officer
Ottawa Real Estate Board
