Commercial Real Estate Broker and Commercial Property Manager Industry Council Update

Summary of activities since May 2022 from Terry Engen, Chair

As we approach the end of another licence year (the renewal deadline for 2022/2023 is September 30), I would like to offer my sincere thanks to all the stakeholders who have engaged with us throughout this past fiscal year. Stakeholder engagement is something that the Commercial Industry Council and RECA take very seriously, and we have worked hard as a Council and as an organization to further strengthen our stakeholder relationships throughout this licensing year. You can expect to see more opportunities for stakeholders to offer their voice in the upcoming year as RECA launches its approved multiyear strategic plan and we begin our review of the Real Estate Act Rules as they pertain to our growing industry.

Strategic Planning

Consultation on RECA’s proposed strategic priorities continued this period until the deadline for input on June 9, 2022. There was significant participation from commercial licensees in the feedback process and we appreciate the time many of you took to provide your opinions, helping us be certain our future plans are aligned with the priorities of you—our stakeholders.

Rules Review

As I’ve mentioned, RECA is beginning a comprehensive review of the Real Estate Act Rules. To ensure adequate stakeholder consultation throughout each step of the process, this review will occur over a period of two years.

The Commercial Industry Council has appointed three members of our council to spearhead the Rules review process. We have a variety of regulatory oversight in this Council, and we felt it imperative to have each specialty represented. I am happy to announce Cheri Long, our Vice-Chair as well as Council members Ben Van Dyk and Laura Sharen as our members of the Rules Review Committee.

The licensing structure for our industry (and all others) is part of the Rules and interest remains in exploring the idea of specializations within the commercial real estate licence. This could mean separating licence class into selling vs. leasing, office vs. retail vs. industrial vs. agri-business, or simply large project commercial properties vs. smaller buildings and businesses. Further consultation from stakeholders will be required to determine the best structure moving forward.

Education Divestment

I am pleased to announce the Fundamentals of Real Estate is now available from third-party providers, in line with RECA’s education divestment. As you are all aware, this is the first course for all real estate licensees in all sectors. The Practice of Rural Real Estate also has an approved course available, for those individuals looking to enter the agri-business sector. For the time being, Practice of Commercial Real Estate will continue to be offered by RECA, as there are no available course providers prepared to offer this course at this time. RECA will continue its full divestment of education by the November 30, 2022 deadline.

Significant work goes into recognizing a course provider and their courses, as well as for the course providers to develop their courses. The Commercial Industry Council is aware of multiple course providers who are in the process of developing courses and we will be sure to let all stakeholders know when a course provider is available for Practice of Commercial Real Estate. We appreciate any feedback from new licensees on the courses from the new providers as we work together to strengthen the quality of licensing education for our industry.

Renewals Upcoming

A reminder to renew your licence by the September 30, 2022 deadline. The myRECA system is now open to process renewals for all licensees. As mentioned in our Board Chair’s message, there will be no increase to renewal fees for the 2022/2023 licensing year.

It’s going to be another eventful licensing year in commercial real estate regulation. I look forward to working with and for commercial licensees throughout this exciting period.