2021-2022 Annual Report & Financial Statements Now Available
| January 31, 2023
RECA’s Annual Report and Audited Financial Statements for the 2021-2022 fiscal year are now available for download. RECA encourages all licensees to read these thoroughly as they include a comprehensive and transparent accounting of RECA’s activities and finances over the year.
RECA implemented a new strategic direction under the modernized governance structure during the 2021-2022 year. This was the first year reflecting the new regulatory and fiscal reality created with the amendments to the Real Estate Act from December 2020. The 2021-2022 year also saw the beginning of a new enforcement strategy focused on consumer protection.
Of note, as of December 1, 2022, RECA has fully divested of education course delivery for all sectors. RECA also began the regulatory oversight of condominium managers on December 1, 2021, with approximately 600 condominium management licensees joining RECA’s regulatory fold.
RECA has entered a new financial reality under the modernized governance structure, and this is reflected in future budgets and plans. RECA’s multi-year Strategic Plan was approved in July 2022 and the 2022/2023 Business and Financial Plan was approved and submitted to the Minister of Service Alberta in August 2022.
Audited Financial Statements
RECA’s 2021-2022 Financial Statements were audited by BDO Canada LLP. The full, audited statements are available here.
The coming year will be the first full year RECA operates without revenue from licensing education, which accounted for 35% of RECA’s revenue on average.
After reviewing the full report, RECA strongly encourages licensees and consumers to reach out with any questions or concerns they may have.