Ontario’s real estate regulator has taken control of one of the province’s largest brokerage firms – iPro Realty Ltd. – and is shutting down its operations, alleging it discovered cash shortfalls of more than $10-million in the firm’s consumer deposit and commission trust accounts.

The Real Estate Council of Ontario, or RECO, announced Thursday that iPro will remain in operation until Aug. 19 but that its owners had entered into an agreement to wind up the brokerage at that time. Any home-sale transactions that are in the middle of being processed will continue as usual, but any commission payments or other claims will be handled by RECO going forward.

RECO said it identified “a significant shortfall” in iPro’s accounts. “This is a serious breach of iPro’s responsibilities under the la

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