INDUSTRY ALERT – RECA permanently bans Eric Drinkwater from Alberta real estate industry 

The Real Estate Council of Alberta (RECA) has permanently banned Eric Drinkwater (Drinkwater) from trading in real estate in Alberta, effective September 22, 2025. This ban is effective for the rest of Eric Drinkwater’s natural life.  

This decisive outcome follows RECA’s extensive investigation and arguments before an independent Hearing Panel, which confirmed that a permanent ban was the appropriate sanction in this case. 

During the hearing Eric Drinkwater admitted to serious breaches of professional standards, including fraudulently soliciting funds through a Ponzi scheme involving fraudulent bridge loans. The Panel found that Eric Drinkwater contravened Real Estate Act Rules 42(b)—a provision that prohibits fraud and other forms of criminal dishonesty (such as using deceit or falsehood to deprive people of money or property). This is one of the most serious breaches a licensee can commit, and as the Panel noted in its decision, “Drinkwater’s Misconduct was “among the most severe type of misconduct” addressed by RECA.”  

This kind of misconduct not only breaks the rules, it erodes public trust and protecting consumers is RECA’s highest duty. This permanent ban is issued under s.43 of the Real Estate Act and shows that RECA and its independent Hearing Panels treat it with the seriousness it deserves.  

The Panel also ordered Eric Drinkwater to pay $9,500 in hearing costs. While the vast majority of RECA licensees adhere to high standards of professionalism and integrity, the Panel found—and Eric Drinkwater admitted—that he defrauded about 71 people and collected more than $3.5 million through his Ponzi scheme. This is the third permanent ban issued by an independent Hearing Panel since 2022.  

RECA takes its responsibility to uphold public confidence in Alberta’s real estate industry seriously. Fraudulent conduct such as Eric Drinkwater’s undermines that confidence. Maintaining public confidence in the real estate profession requires licensees to act honestly and always comply with the Real Estate Act and industry rules.  

Under RECA’s legislated procedures, Eric Drinkwater has up to 30 days to appeal the Panel’s sanction decision. As Alberta’s real estate regulator, RECA must respect the appeal period and is unable to offer further comments at this time. For further details and the specific facts regarding this misconduct, please read the Panel’s full written decision here. 

Civil lawsuits and criminal charges laid by the Calgary Police Service remain ongoing and are separate from RECA’s process. RECA will provide documentation and records to law enforcement and the courts as required. 

During all material times, Drinkwater was licensed with RE/MAX Real Estate (Central) or RE/MAX Complete Realty.  

To read the timeline of events related to the Drinkwater matter, please click here.  

To read more information on RECA and consumer protection, please click here.  

Notices of Hearing Issued for David Lem and Pat Hare 
During the Eric Drinkwater investigation evidence came to light of David Lem’s (broker) and Pat Hare’s (brokerage owner) conduct in relation to the fraudulent scheme. In June 2024, RECA issued separate Notices of Hearing for Lem and Hare. If any licensees have additional information that relates to this matter, we encourage you to bring it to RECA’s attention as quickly as possible as part of your Duty to Report. Because this is now in the regulatory enforcement process, RECA is limited in what we can say beyond what is published in the Notices of Hearing.  

If you are a licensee or consumer with any questions regarding the permanent ban of Eric Drinkwater’s real estate associate licence or have additional information regarding the associated Notices of Hearing for Lem and Hare, please contact info@reca.ca.