Former iPro Realty brokers will receive 100% of their commissions owed, the Real Estate Council of Ontario announced Wednesday.

The brokers had expressed concern that they would not be fully compensated for their work after the province shut down the scandal-plagued company in 2025 due to its alleged misuse of broker and client trust accounts.

“RECO is enabling the full payment of all eligible commission protection claims,” said Jean Lépine, RECO’s provincially appointed administrator and acting CEO. “Funds from RECO’s insurance program stability fund are being placed in a protected trust to address the shortfall that RECO believes resulted from the misappropriation of trust funds by iPro’s principals, while concerted recovery efforts continue.

“Our focus remains on minimizing the financial impact this situation has had on registrants and holding bad actors to account.”

The move comes after Premier Doug Ford had promised that the former iPro brokers would receive “every penny” of commissions owed.

RECO shut down iPro in 2025 after $10.5 million was allegedly misappropriated from broker and client trust accounts. The company subsequently paid back $3 million and its two co-founders Rui Alves, who is a former RECO board member, and Fede Colucci agreed never to apply to certify a brokerage again or serve as brokers.

As a result, Alves and Colucci were not charged or fined, a decision that led to RECO being intensely criticized by the real estate industry and drawing the provincial government’s ire. In late 2025, the province dismissed RECO’s entire board and appointed Lépine, a communications and government relations strategist. He assumed the duties of acting CEO after former CEO Brenda Buchanan resigned, effective Dec. 31.

RECO said Wednesday that it has been pursuing “multiple recovery pathways” related to iPro, including the commission-insurance process and civil proceedings to recover trust account shortfalls that the regulator believes resulted from the misuse of funds by iPro’s principals.

“While recovery through the courts will take time, RECO has determined that registrants should not bear further financial responsibility while these efforts continue,” said the regulator. “Given the nature and scale of the iPro matter, RECO has taken steps to support the work of the insurer by enabling full payment of all eligible commission- protection claims.”

Stephen Crawford, minister of public and business services, said RECO’s move demonstrates the province commitment to protecting the people of Ontario.

“By ensuring every eligible commission protection claim is paid in full in accordance with the insurance program, we are putting registrants first, strengthening accountability, and delivering the stability people expect and deserve,” he said. “This is a key step in protecting Ontario’s real estate market and restoring confidence for families and workers across the province.”

“From day one, our government has been clear: we will always protect the people of Ontario. That’s why I directed RECO to take strong, decisive action to restore trust in the real estate services sector and to make sure hardworking registrants are not left paying the price for the actions of a few bad actors.”

Minister Crawford continued, “Today’s announcement shows that commitment in action. By ensuring every eligible commission protection claim is paid in full in accordance with the insurance program, we are putting registrants first, strengthening accountability, and delivering the stability people expect and deserve. This is a key step in protecting Ontario’s real estate market and restoring confidence for families and workers across the province.”

The insurer, Alternate Risk Services, previously stated that the total claims related to iPro will exceed $30 million.

RECO had already fast-tracked payment of 50% of commissions owed. The regular said full payment could begin as early as next week, depending how soon brokers apply for compensation through Alternative Risk Services.

Photo: iPro