Support Page - iPro Realty Ltd. Event

On this page you will find support for the the iPro event related specifically to Commission Protection and Consumer Deposit Claims under the Professional Liability Insurance Policy Administered by RECO.  For other key updates and information related to the iPro event, please visit RECO’s website.

UPDATE: DECEMBER 30, 2025

Working with RECO, we have revised the insurance release documents required for us to pay your claim to address concerns raised by Registrants. Copies of the new documents can be downloaded here:

1. Acknowledgement
2. Assignment of Interest

Personalized copies of these documents will be sent to you as part of the claim process. But we are posting them here so you can review them at your convenience.

UPDATE: DECEMBER 16, 2025 – REVISED 12/17/25

We have received questions from some commission protection insurance claimants about the wording in the insurer’s “full and final release.”

This is the document that is required to be signed by claimants in order to complete the claims process, so that claims can be paid out by the insurer under the policy, which includes the complete distribution of the insurer’s $4 million policy limit as well as anticipated recoveries from the frozen real estate trust account. The pro-rated claim payment at 50% represents the insurer’s assessment of funds available to pay claims at this time.

It is important to note that signing this release does not prevent claimants from accessing additional funds should they become available in future. It is a release of future claims under the insurance policy, and not a release from any future funds that may become available.

This is standard language that has been used by the insurer in past events where pro-rated payments have been made, and has not prevented addition payments when recoveries have permitted top-up payments.

UPDATE: DECEMBER 15, 2025

The Insurance Program Manager is accelerating iPro commission protection claim payments

• The insurer will begin making pro-rated payments to eligible commission protection claimants as early as Wednesday, December 17, 2025
• The insurer will begin to pay eligible claims from its limits and will swiftly seek recoveries to facilitate claim payments at a pro-rated amount of 50 per cent

The Insurance Program Manager, Alternative Risk Services, is pleased to confirm that it will begin payments for eligible commission protection insurance claims related to the iPro event beginning on Wednesday, December 17, 2025.

An essential element of the insurer’s role is to investigate claims and gather sufficient data to project the potential outstanding claims against the resources available to pay them out.

Potential outstanding claims

In this case, the Program Manager has received more than 2,500 claim forms and has fully assessed more than 1,000 of them thus far. Together, these claim forms represent over 1,000 individual claimants.

Based on the claims received to date, we can now project the total losses submitted as claims to be approximately $30 million. This amount may be refined as we complete our assessment of the remaining claims; however, based on experience and the review to date, there is a high level of confidence in this projection.

This event is larger in scope and size than any that has occurred in 25 years of the insurance program. We would like to take a moment to thank the claims adjusting team at ClaimsPro LP who have gone to extreme lengths to help process this event in less than half the normal time.

Resources available to pay out claims

Given the significance of the losses, the Program Manager must carefully assess the funds available.

In August 2025, RECO moved to safeguard funds by freezing all iPro accounts. Once a freeze order is in place, outstanding funds can be deposited, but no funds can be accessed without a court order, which requires evidence of loss.

With the $4 million of insurance limits, and the funds expected to be available in the frozen real estate trust account, the Program Manager is moving forward with payment of eligible claims at 50 per cent of the total eligible claim amount, subject to policy limits of $200,000 per individual claimant.

The pro-ration of claims is in line with policy provisions and our commitment that all claimants are treated equitably.

In order to facilitate continued payments beyond the insurer’s $4 million insurance limits, there is a legal process that must be followed to secure court approval to recover funds from the frozen trust account. The court is required to assess losses and make a determination as to the release of funds. Recoveries will be used to make additional payments. This process will likely take place multiple times, and we remain committed to continuing this process to facilitate further claim payouts.

For clarity, as of today’s date, the combination of the $4 million insurance limits plus amounts expected to be available in the frozen iPro accounts are only sufficient to cover 50 per cent of the estimated total commission claim amounts.

Important information for commission protection insurance claimants

On a pro-rated basis, claimants will begin to receive 50 per cent of their eligible claim amounts, beginning Wednesday, December 17, 2025.

To expedite this process, the claims adjuster, ClaimsPro LP, will contact claimants as early as December 15, 2025, to obtain documentation necessary to complete payment. Claims will be processed as quickly as possible, subject to the completion of all documentation, and eligibility.

A $250 deductible applies per individual and not per claim form or transaction and is deducted from the claim payout. If your claim is made up of more than one transaction, you may receive multiple payments. The deductible will be deducted from the first payment.

Under the terms of the insurance program, individual claims (from all affected commissions combined) are limited to $200,000.

Example:

Eligible claim of $15,000
Pro-rated amount at 50 per cent is $7,500, less the $250 deductible = $7,250 claim payment.

Note that insurance claim payments do not include the HST. Please contact your accountant if you have any tax-related questions.

How can affected registrants help expedite the process?

Please promptly respond to emails and phone calls related to your claim.
Processing claim payments is our top priority. Requests for prioritization, comments and questions about the 50 per cent pro-ration, and other inquiries and concerns related to the overall process will not be addressed at this time.

Next steps

The Insurance Program Manager will issue a further update during the week of January 12, 2026.

Under the program, claimants have up to 24 months following the initial event – May 19, 2025 – to submit a commission protection claim, but we encourage you to file claims as soon as possible. Guidance on submitting Commission Protection claim forms is available on the RECO website.

Consumer Deposit insurance claims have been paid since August 2025

Consumer deposit insurance claims began being paid on August 29, 2025, and continue to be fully paid where validated and properly documented. Consumer deposits held in a Real Estate Trust Account are protected by law. It was necessary to understand the extent of these losses before any other payments could be made.

UPDATE: NOVEMBER 28, 2025

Download a PDF copy of this update

Highlights:

• Commitment to claimants: consumers and registrants
• Shortfall in available funds
• Status of Consumer Deposit Insurance claims
• Why have consumer deposit claims moved faster than commission claims?
• Status of Commission Protection Insurance claims
• Expected timeline
• When will commission claim payments start?
• What commissions are eligible?
• What the Insurance Program is doing now

The Insurance Program Manager (Program) is providing the following update to those affected by the inappropriate disbursement and shortfall of funds by the principals of iPro Realty Ltd. (iPro).

As previously noted, RECO issued a freeze order on iPro’s brokerage trust accounts on August 25, 2025 to safeguard the remaining funds and prevent further misuse. It is important to clarify that no party — including RECO, the insurer, the bank, or any registrant — is entitled to unfreeze these accounts or to access or direct the use of funds held within them. The accounts can only be accessed once a court order confirming entitlement is received. Due to the shortfall created by iPro’s principals, this matter continues as an insurance claim process.

The magnitude and complexity of the alleged fraud at iPro require exceptionally detailed diligence, tracing, and verification to properly assess all claims.

The insurer continues to receive and process new claims – with over 1,500 new commission protection claim forms received since our last update in early October. Because claims are still being reviewed and verified, the Insurance Program Manager is not yet in a position to pay out insurance funds or to seek the court approvals that would be required for the insurer to assist in the distribution of trust account funds for commission claims. All claims must first be received, reviewed, verified, and reconciled.

We urge all potential claimants to submit their claims as swiftly as possible.

Commitment to claimants: consumers and registrants

We are aware of contradictory information and speculation circulating among registrants and others online about the frozen accounts and the insurance process.

Understandably, this has created confusion for affected registrants and has led to delays in processing claims, as the claims adjuster’s front-line staff have received hundreds of questions based on inaccurate information and misunderstanding.

Please know that the Insurance Program Manager continues to work through this matter carefully, equitably, and with the level of rigour necessary for an extensive and complex review of this kind. All claims will require supporting documentation, verification of commission entitlement, and reconciliation of amounts owed.

The Program understands the financial and professional hardship that has resulted and continues to work with determination toward an equitable resolution.

Shortfall in available funds

Incomplete or inaccurate information on the iPro accounts has been shared by former iPro employees about the frozen accounts, the amount of funds available, and the claims process.

What we can confirm at this stage of the Program’s investigation is that the commission amounts being claimed by iPro agents and cooperating brokerages appear to exceed the funds we understand may be available in those accounts. Even with the Program’s $4 million in available insurance limits, there is a shortfall.

Status of Consumer Deposit Insurance claims

In addition to being paramount to maintaining trust with consumers, the completion of transactions and the distribution of consumer deposits are also critical elements for commissions protection claims. It is only when a transaction closes that a commission would be owed to the brokerages involved on each side of an agreement of purchase and sale.

On August 29, 2025, insurance claims for consumer deposits that were or ought to have been held by iPro have been and continue to be processed and paid on a rolling basis.  As of this update, all validated and properly documented consumer deposit claims have been paid.

At the same time, more than 80 consumer deposit claims were closed without payments following the Program Manager’s investigation, to ensure appropriate and equitable treatment of claims. These closed consumer deposit claims included:

• duplicate submissions (both sides of a transaction filed a claim),
• commission protection claims that were submitted as consumer deposit claims in error, and
• claims submitted for transactions that closed prior to the freeze of iPro Realty Ltd.’s accounts and for which there was no loss.

Earlier in November, the insurer sought and was granted a court order to recover funds from the real estate trust account on behalf of consumers. The court required evidence of all payments made to date to support this step, which the Insurance Program Manager, through its rigorous processes, was able to support.

Why have consumer deposit claims moved faster than commission claims?

The Real Estate Trust Account is a statutory trust, which gives consumers legal priority over other creditors when funds are distributed.

As previously mentioned, earlier in November, a court order was granted to permit the insurer to recover funds from the frozen real estate trust account on behalf of consumers. Without this assistance, it is possible many transactions would not have closed.

The Program is also able to process consumer deposit claims more quickly because of the investigation work done by RECO early in the event which provided sufficient confidence that deposits owed to consumers were not in excess of the amounts held in the Real Estate Trust Account when iPro’s accounts were frozen on August 25, 2025 and the available insurance limits. This information, coupled with the statutory nature of the Real Estate Trust Account, allowed the Program to move efficiently to disburse validated consumer deposit claims.

Status of Commission Protection Insurance claims

We recognize the disruption and financial hardship this situation has caused for many real estate agents who acted appropriately. The Program, supported by RECO, continues to do everything within its authority to move the process forward as efficiently as possible.

Many agents have asked why commission claims have not yet been paid, and why consumer deposit claims have proceeded first. In addition to the reasons already provided, it is important to underscore that, first and foremost, the Program worked to prioritize the closing of transactions to ensure minimal disruption to deals. This was extremely important because if a real estate transaction does not close, there is no commission entitlement at all. We were pleased to report that we have not been advised of any transaction that did not proceed because of the iPro event.

Before the Program can establish its approach to payment of commission claims, we must first understand the balance of funds in iPro’s trust accounts against the total amounts being claimed. There remains uncertainty due to the scale and complexity of the alleged fraud at iPro, which is requiring detailed diligence, tracing, and verification to properly assess all claims. Compounding the uncertainty were gaps in brokerage records, deals that were incorrectly re-assigned or re-written, commission offsets by co-operating brokerages, and builders requiring invoices before paying out. All of this requires the Program to undertake careful review to ensure every agent receives the amount they are entitled from the insurance policy.

The shortfall in the trust accounts needs to be reviewed against several possible sources of funds:

• Amounts from deposits used to pay commissions (which only crystalize if transactions close)
• Amounts owed by co-operating brokerages
• Amounts owed by builders
• Any other possible recoveries

As previously shared with registrants:

• No commission protection claims have been paid to date.
• Claims are not being processed on a first-come, first-served basis — all claimants must be treated equitably.
• Not all submitted claims are eligible, and some claims have already been closed without payment.
• The insurer continues to receive new claims, which must be assessed alongside those already submitted.

Each claim requires supporting documentation, verification of commission entitlement, and reconciliation of amounts owed.

Expected timeline

The review process must balance the large number of claims with the available insurance limits while ensuring consistency, fairness, and accuracy. While commission-related claims have historically taken up to 18 months for insurance payments to be issued in comparable matters, the Insurance Program Manager, working closely with RECO, has set a goal to complete the process within six to nine months.

Based on the current progress, work to reconcile and verify commission protection claims is expected to continue for several weeks, including throughout the holiday period. A more detailed update – including the plan for the distribution of the insurance funds – will therefore be issued to all affected parties no later than February 1, 2026.

When will commission claim payments start?

The Program is moving as quickly as possible to assess all claims and pay out its limits once verification and reconciliation are concluded. This will take place after the completion of that assessment work, which is expected to continue for several weeks.

Once the Program completes this assessment work, the $4 million of insurance coverage for commission protection claims will be disbursed to eligible claimants. Due to the size of this event, it will be done on a pro-rated basis. We expect this to take place in the first quarter of 2026.

Once the insurance limits have been disbursed, we will work to secure as much of the frozen assets as possible to pay further amounts.

What commissions are eligible?

The commission protection insurance coverage does not cover commissions that ought to have been paid more than 24 months before May 19, 2025 and only covers claims that are reported up to 24 months following, irrespective of when the commission is due in the future.

What the Insurance Program is doing now

In the absence of a reliable method for accounting for commissions, the Program has been processing claim report forms to evaluate what is owed. The claims adjusters have made significant progress on opening claims and commencing its investigation. We have surpassed approximately 2,350 reports of commission protection claims, all of which need to be reviewed, recorded, and investigated by professional adjusters to ensure accuracy. The Program has hired on additional staff to expedite the process.

In the meantime, RECO has been assisting with the collection of commissions and has been depositing those funds into iPro’s Real Estate Trust Account to safeguard them. For clarity, these funds are not accessible by RECO or the Program, and the commissions funds being deposited into that account are not being used to pay consumer deposits. No party, including the Program, RECO, the bank, or any registrant, is entitled to unfreeze these accounts or access funds within them absent a court order confirming entitlement.

Note: A more detailed update – including the plan for the distribution of the insurance funds – will be issued to all affected parties no later than February 1, 2026.

UPDATE: OCTOBER 1, 2025

Consumer Deposit Insurance Claims

Beginning August 29, 2025, the Program Manager began paying eligible consumer deposit claims submitted under the registrants’ professional liability insurance program. Eligible consumer deposit claims are being paid on a rolling basis, in line with the date of transaction close.

Commission Protection Insurance Claims

The Program Manager is investigating outstanding commission protection claims. This process is complex, as it must balance the number of claims against the available funds and insurance limits. While commission-related claims can sometimes take years to resolve, our goal is to finish the process within months, not years. We will continue to provide updates on our progress.

What the Program Manager is working through

• The scale of misconduct at iPro requires extraordinarily detailed diligence and tracing to properly assess claims.
• In some cases, transactions appear to have been reassigned to other brokerages, complicating the process of determining which claims are valid. It is important to note that any agreements with iPro Realty Ltd. that were transferred to other brokerages may not be valid and may void other consumer deposit or commission protection claims. These reassignments also delay the process and negatively impact the broader pool of claimants.
• Misinformation about the insurance claims process, including the status and amount of funds in the frozen accounts, has created anxiety and concern for potential claimants, delayed claim processing, and created further hardship for those affected by the misuse of trust funds.
• The significant volume of claims submitted to the Program Manager has placed exceptional pressure on this process.

Update on claim processing timing

We understand the desire for greater specificity, but the complexities of the process mean that firm dates cannot yet be provided. What we can confirm is that payouts will proceed as quickly as possible.

We will provide another update within the next eight weeks.

What the Program Manager is doing

To move this work forward as quickly as possible, additional resources have been added to process claims.

Additionally, the Program Manager has been receiving updated data and information from RECO as it becomes available.

The Insurance Program Manager and the staff working to resolve this matter understand how stressful this is and are committed to supporting claimants throughout this process. Our team is available to answer questions and provide guidance as matters progress.

For frequently asked questions, please refer to this page for information. Referring to this information will free up claims adjusters and staff to focus on processing claims as quickly as possible.

REPORTING CLAIMS

Consumer Deposit

Home buyers and sellers with an iPro transaction need to file a consumer deposit insurance claim form as soon as possible. Here are the next steps to take:

1. Please complete this Consumer Deposit Insurance claim form. (You may fill the form out to the best of your ability, and ClaimsPro LP will be in touch if they need additional information.)
2. Send the completed form to insurance@reco.on.ca, with the closing date in the subject line.
3. After your claim form is received, RECO will forward it to ClaimsPro LP, the claims adjuster. A ClaimsPro LP representative will contact you—or your lawyer—directly.

Commission Protection

Agents are urged to file a commission protection insurance claim form with the insurance claims adjuster, ClaimsPro LP, as soon as they are able to do so. Claim forms need to be submitted for each deal with commissions outstanding so they can be assessed promptly.

Submitting a form earlier will not change the amount of the claim payment – claims will be treated equally and paid, at the earliest, when a transaction closes and commissions are due. The insurer is exploring all avenues to try to pay out commission claims as quickly as possible.

To file a commission protection insurance claim form with the adjuster, please complete the following steps:

1. Complete the Commission Protection Insurance claim form.
2. Email it directly to claims@reco-claims.ca and include “Attention: Jan Perkins” at the top of your message.
3. A ClaimsPro representative will contact you.

If you need assistance completing a claim form, please contact ClaimsPro directly. You may fill the form out to the best of your ability, and ClaimsPro will be in touch if they need additional information. You can contact ClaimsPro LP at 1-877-740-1913 or claims@reco-claims.ca.