RECA announcement Oct 2020

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To all Alberta members,

Please see below an announcement dated October 9, 2020 from the Real Estate Council of Alberta:

On October 7, 2020, the Government of Alberta proclaimed the Real Estate Amendment Act 2020 to come into force on December 1, 2020. All of the amendments to the Real Estate Act outlined in the Real Estate Amendment Act 2020 will be effective on that date.

These amendments include, but are not limited to:

  • the removal of real estate appraisers from regulation under the Real Estate Act
  • the addition of condominium management as a licensed activity under the Real Estate Act
  • the official adoption of the new governance model for RECA, including a Board of Directors and four Industry Councils representing different sectors of the industry
  • a focusing of RECA’s mandate to licensing and enforcement, which includes RECA divesting itself of the delivery of education in the next two years
  • the removal of some enforcement powers from the Executive Director, passing them to the Registrar, which will be a position appointed by the Board of Directors, reporting to the Executive Director
  • an increase in the transparency requirements for RECA, including providing the Minister of Service Alberta with annual budgets and business plans

Until December 1, the current Real Estate Act remains in force.