The fallout of the iPro Realty Ltd. continues as the Real Estate Council of Ontario confirms registrar Joseph Richer is out of the organization.
In a statement to Real Estate Magazine, RECO CEO Brenda Buchanan said: “With the support of RECO’s board of directors, I have acted and effective August 22, 2025, Mr. Joseph Richer, the Registrar appointed under the Trust in Real Estate Services Act, 2002, has left RECO.”
“RECO took action to protect consumers and agents when issues arose with iPro Realty Ltd. RECO’s priority is to ensure that Ontarians can have confidence in the agents and brokerages they work with,” Buchanan added.
Buchanan said she has undertaken a review of this matter, and she is “committed to working closely with RECO’s board to provide transparency, oversight and accountability on this matter.”
“This is my top priority,” she said, adding that maintaining a high level of communication is a priority for her as well.
Mississauga-based iPro Realty shuttered its 17 branches on Tuesday after being found to have mishandled millions of dollars, affecting 2,400 Ontario agents.
The closure follows the discovery of a $10.5-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 has said.
Courtney Zwicker is a digital reporter and associate editor for REM. Based in Atlantic Canada, she has over a decade of experience covering daily business news.