Ontario’s real estate watchdog is paying back impacted iPro real estate agents 100 per cent of their commissions after a tumultuous six months.
The Real Estate Council of Ontario (RECO) is using funds available from its insurance program stability fund to support the insurer in processing claim payments, the regulator announced in a press release on Wednesday morning.
The initial 50 per cent pro-rated payments are underway, and additional payments are expected to begin as early as next week.
“RECO is enabling the full payment of all eligible commission protection claims. 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,” said Jean Lépine, administrator and acting CEO for RECO.
“Our focus remains on minimizing the financial impact this situation has had on registrants and holding bad actors to account.”
