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bout 2,400 Ontario real estate agents are out of work after a prominent agency was forced to shut down due to a significant financial shortfall. IPro Realty Ltd., with 17 locations across the Greater Toronto Area and southern Ontario, was ordered to close by the Real Estate Council of Ontario (RECO) on August 19.
The closure follows a scheduled inspection that revealed a substantial financial issue, which RECO deemed a "serious breach" of iPro's responsibilities under the law. The affected areas include three locations in Toronto, two in Mississauga, and one each in Orangeville, Georgetown, Milton, North York, Bradford, Baysville, Burlington, Woodbridge, Scarborough, Brampton, Brantford, and Pickering.
RECO is advising customers, agents, and brokerages who worked with iPro to contact their real estate agent for assistance. Agents with outstanding commissions are encouraged to file an insurance claim.
