| November 16, 2021
With the latest licensing renewal period behind us, RECA is happy to report that overall, the industry outlook remains positive.
Year-over-year, the number of individuals licensed in Alberta has remained stable. The numbers in real estate and mortgage brokerages both increased over the past year.
As of October 4, 2021, 16,314 licensees were licensed. Of these, 12,954 are real estate licensees (an increase of over 800) and 2,352 are mortgage brokerage licensees (an increase of 185). The 2021/2022 licensing period began with the highest number of real estate and mortgage brokerage licensees we have seen over the past six years.
This year, the number of new licensees joining the industry increased slightly. Between Oct. 1, 2020 and Sept. 30, 2021, 1,171 individuals joined the industry. Last year, 1,108 individuals joined. This year, the industry saw the fewest individuals leaving the industry with 392, the lowest seen in over the past four years.
During this year’s licensing renewal period, RECA staff continued efforts to assist licensees to complete renewals efficiently and effectively. Taking a very proactive approach, RECA sent out numerous communications to licensees about important topics, including the declaration of Real Estate Act Rules s. 40 issues, and information relating to transferring brokerages.
This year we saw more individuals renew their license earlier than previous years. More than 43% of licensees had renewed prior to the final three weeks in September. Before the last week of September over 60% of licensees had renewed their license. This year, we saw a large drop in renewals occurring on the final day with 5%, compared to last year with over 17% of renewals occurring on the last day. As of October 1, 2021, 96% of licensees had renewed, which remains steady from the previous year.
Thank you to licensees for completing renewals early, this allowed for RECA’s licensing staff, and the myRECA licensing system, to successfully accommodated licensees questions and inquires.
RECA is committed to continuous improvement in its licensing renewals and to this end, units will complete internal reviews to identify any potential areas for improvements.
RECA would like to take this opportunity to thank licensees for their support and cooperation throughout this year’s renewal.
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