A well-known Ontario real estate agency ordered to close has now had its accounts frozen as the province’s industry regulator starts an audit.
The Real Estate Council of Ontario (RECO) said Monday iPro Realty Ltd., which was ordered to close on Aug. 19, will have its accounts frozen to “ensure safeguards are in place while still permitting a process for closure of real estate transactions.”
Earlier this year, RECO uncovered shortfalls in iPro’s consumer deposit and commission trust accounts of approximately $10.5 million, calling it a “serious breach” of the agency’s responsibilities under the law and to its customers and agents.
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RECO then oversaw the closure of the brokerage, which has about 2,400 agents employed out of 17 locations across the Greater Toronto Area and southern Ontario.
Pending transactions will processed through ClaimsPro LP, the insurance adjusters for the professional liability policy administered by RECO.
“RECO’s board of directors takes its responsibility to protect consumers and registrants seriously,” Katie Steinfeld, chair of RECO.
“We have directed the CEO to take clear and concrete action to protect homebuyers and sellers and real estate agents and to strengthen our ability to deliver on RECO’s mandate.”
Dentons Canada LLP has been hired to conduct an independent audit, RECO added, an an independent accounting firm will oversee iPro’s wind up and will ensure oversight for remaining iPro transactions, as well as providing forensic audit services.
“I know that the vast majority of agents and brokers meet the highest level of integrity and deliver professional services to the public. The entire board is deeply committed to the effective regulation of the sector and expects that rogue players be held to account for their actions,” Steinfeld said.
“The board will work tirelessly to deliver on our commitment to Ontarians. All real estate transactions must be completed with the utmost honesty and integrity and consumers in Ontario must be protected.”
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