Real Estate Council of Alberta Given Top Marks in Third-Party Review of its Regulatory Performance

Calgary, Alberta – The results are in. An independent, third-party review of the Real Estate Council of Alberta’s (RECA) regulatory performance found that RECA is a high-performing regulator.

In November 2015, RECA engaged Field Law to conduct a third-party review of its regulatory performance as part of its commitment to ongoing performance improvement, and to help ensure continued fulfillment of its consumer protection mandate. A third-party review is a rigorous, in-depth assessment by an outside body, and Field Law is a leader in professional regulation and administrative law.

“Self-regulation is a privilege, not a right,” says Bob Myroniuk, executive director of RECA. “If we don’t maintain the trust and confidence of consumers, licensed real estate professionals, other stakeholders, and the Government of Alberta, as an effective regulatory body, we run the risk of losing that privilege. The results of this third-party review of our performance as a regulator are good news for consumers, for the industry, and for RECA itself.”

The report’s findings include that:

The review also resulted in more than 30 recommendations. Council reviewed the report in its entirety at its April meeting, and has accepted all of the recommendations in principle, some of which are already underway.

“Council was extremely pleased at the results of this third-party performance review,” says Krista Bolton, Council Chair. “That being said, we remain committed to ongoing performance improvement and we’ve directed RECA administration to begin implementing the majority of the recommendations immediately. The remaining recommendations will be incorporated as action items within Council’s 2016-2020 Business Plan.

“We’ve also directed Administration to share the report in its entirety with all stakeholders,” adds Bolton. “This is part of our commitment to being a transparent and accountable regulator.” 

To read the complete Regulatory Performance Review of the Real Estate Council of Alberta report, click here. The Regulatory Performance Review Assessment Criteria document related to this report is available by clicking here.

The Real Estate Council of Alberta (RECA) is an independent, non-government agency, responsible for governing real estate, mortgage broker, property management, and real estate appraisal industry professionals under Alberta’s Real Estate Act. RECA’s mandate is to protect consumers and to provide services that enhance and improve the industry and the business of industry professionals.