Message from the Administrator: Duane Monea
| September 17, 2020
It has been an extremely busy Spring and Summer at RECA, with numerous changes coming to the way the industry regulates itself. As the Administrator of RECA, I continue to meet with industry stakeholders as we chart a new path for real estate professionals in Alberta. Below you’ll find updates on what has happened so far, what we’re doing now, and where things are going.
Real Estate Amendment Act 2020
As promised, the Government of Alberta passed changes to the Real Estate Act in June 2020. It is important to note, however, that as of the publication of this Regulator, no sections of Bill 20: Real Estate Amendment Act 2020 have been proclaimed. Until they are, the current Real Estate Act remains in effect.
Bill 20 outlines changes to the Real Estate Act that set a new governance structure for RECA, focuses RECA’s mandate, removes real estate appraisal activities from the Real Estate Act and adds condominium managers as a licensed industry in Alberta.
Read about many of the other important changes to the Real Estate Act in the Regulator article: Real Estate Amendment Act 2020—What You Need To Know and what it means for RECA and for industry professionals.
Implementing Real Estate Amendment Act 2020
Service Alberta, RECA, and industry stakeholders are currently working towards putting in place the necessary regulations and procedures for the new Act to be proclaimed and come into force.
The Minister of Service Alberta received applications for the public member positions on the Board and on Industry Councils, including the Chair of the Board, from July 27 to September 7. As for the industry positions on these bodies, the nomination and election process has not yet been determined.
Service Alberta is leading the transition process, and is working closely with industry stakeholders, including representatives from the Alberta Real Estate Association, the Alberta Mortgage Brokers Association, BOMA Calgary and Edmonton, CCI North and South, the real estate legal community, and more.
When decisions are made, and processes finalized, all industry stakeholders will be notified.
We are all in this together
Service Alberta, RECA, industry associations, consumers, and individual industry professionals all have a part to play in the transition to the new governance model outlined in Bill 20. I look forward to continuing to work with all of you in the best interest of the industry, and the best interest of Albertans.