OREA and TRREB Joint Statement on RECO's Notice for Application regarding iPro Realty

TORONTO, Sept. 12, 2025 (GLOBE NEWSWIRE) --

“Today, the Real Estate Council of Ontario (RECO) took an important step towards addressing the iPro Realty Ltd. matter, which impacted 2,400 REALTORS® and their clients across the province.

In a statement published on September 12, 2025, RECO advised that they have filed a Notice of Application with the Ontario Superior Court of Justice (Commercial List) to initiate proceedings against iPro Realty’s former principals and associated parties. In that statement, RECO noted they are requesting an order from the court that will freeze iPro’s assets and permit RECO to trace the flow of diverted trust funds and return these funds to the trust accounts from which they were taken. In addition, RECO advised that they have initiated an independent and comprehensive audit of iPro by Dentons Canada LLP.

The Ontario Real Estate Association (OREA) and Toronto Regional Real Estate Board (TRREB) commend RECO for its efforts towards beginning to restore accountability and rebuild trust with Ontario’s consumers and registrants – but more needs to be done. It’s time for independent oversight of RECO through the Ontario Ombudsman.

For over eight years, OREA and our nearly 100,000 REALTOR® Members have led the call for stronger consumer protections – including increasing accountability and transparency at RECO via ombudsperson oversight. This would bring the regulator in-line with 1,000 other government agencies and strengthen accountability for both registrants and consumers.

We will continue to advocate for reforms that ensure that REALTORS® and their clients have the utmost confidence in Ontario’s real estate market, its regulator, and the profession as a whole.”

For more information, please contact:

Lauren Souch
Interim Vice President, Public Affairs & Communications
[email protected]
647.825.5622