UPDATED: iPro Realty Ltd.’s 17 branches to close following RECO investigation
Real Estate Council of Ontario (RECO) has announced that Mississauga-based iPro Realty Ltd., one of the province’s largest brokerages, will permanently close all 17 of its locations effective Aug. 19.
The closure follows the discovery of a $10 million shortfall in the company’s consumer deposit and commission trust accounts during a scheduled inspection. The amount has since declined to less than $8 million, RECO confirmed.
RECO’s registrar Joseph Richer told Real Estate Magazine that the council has not yet confirmed the number of consumers or agents affected.
Read more UPDATED: iPro Realty Ltd.’s 17 branches to close following RECO investigation
