Iafrate was selected fourth overall by the Toronto Maple Leafs in the 1984 NHL Entry Draft after a standout career with the Windsor Compuware Spitfires and a short but distinguished stay with the Belleville Bulls of the Ontario Hockey League (OHL). Iafrate played for Team USA in the 1984 Winter Olympics at Sarajevo, Yugoslavia. During the summer of 1984 Iafrate was driving a car with teammate Mike Vellucci when it crashed and flipped multiple times. Vellucci was thrown from the car and broke his back, missing the entire 1984–85 season, while Iafrate broke some ribs.