What’s Happening With RECA – October 2024

RECA’s modernized governance model consists of a Board of Directors and four Industry Councils representing each industry RECA regulates. This general summary includes the key activities of the Board and all Industry Councils over the last quarter.

2024/2025 Renewal Period

The number of licences RECA issues each year continues to grow.

Our fiscal year closed on September 30, and we have completed another successful renewal period. Currently, RECA has 20,653 total licensees, the largest in history. This breaks down to a total of 16,763 real estate licensees, 3,273 mortgage licensees and 617 condominium management licensees.

This compares to 18,886 total licences at the beginning of the 2023/2024 fiscal-year, which also saw an unprecedented level of growth. Comparing the same period this year, to last year, that marks about a 9% growth in licensees.

Rules Review Steering Committee Phase Three

RECA has committed to a comprehensive review of the Real Estate Act Rules. The Rules Review is broken into three stages to ensure stakeholders have opportunities to provide meaningful feedback

The Phase Three consultation is currently underway.

This Phase involves a final stakeholder consultation on any potential issues that could arise should the final proposed Rule changes come into force. RECA is reaching out to stakeholders for feedback on any potential issues or unforeseen consequences that could arise from adopting these final recommended changes.

All brokerages are encouraged to review the Phase 3 Discussion Paper. We welcome your thoughtful feedback on how these Rule changes might impact your brokerage and practice, and any potential issues you see arising.

Brokerages can provide their feedback, in writing, to consultation@reca.ca until November 29, 2024.

The Rules Review is expected to conclude in 2024.

FINTRAC Requirements

New FINTRAC requirements have recently come into effect. Mortgage licensees need to be aware of your new obligations under this federal legislation. For more information, please visit reca.ca.

Private Lending Competencies Review

The Mortgage Broker Industry Council is reviewing private lending competencies as potential relicensing education for future renewal periods. This review aims to ensure that mortgage brokers are well-equipped with the necessary knowledge and skills to comply with regulatory requirements and provide high-quality service to your clients.

Amendments to Condominium Management Competencies

The Residential Property Manager Industry Council has completed its comprehensive review of condominium manager education requirements. Thank you to everyone who attended the Town Hall in August where we discussed the condominium competencies.  The Industry Council is appreciative of the meaningful feedback they received to validate the review of the competencies.

To allow current learners to complete their existing courses, and to allow course providers to develop new courses, aligned to the updated examination blueprints, the new blueprints will be implemented on January 6, 2025.  

We are confident that these changes will enhance education within the condominium management sector, and we appreciate all the positive support that was received from industry throughout the review process.

Update on Condominium Management Graduated Licensing Program

In October 2023, the Residential Property Manager Industry Council approved a Graduated Licensing Program for condominium managers. The program now allows new condominium managers to engage in certain restricted activities under supervision (Level 1 or Level 2 Licence) while completing their pre-licensing education. The program was introduced to address perceived barriers to entry, and difficulties attracting new condominium managers.

About a year ago, when the program for condominium managers was introduced, 144 individuals who had not yet completed their education were granted either a Level 1 or Level 2 licence. Out of these, 30 are currently registered with a brokerage, and 21 have successfully completed the program. Additionally, 34 new licensees have enrolled in the program, with nine of them having completed it. In total, 31 individuals have completed the program since its inception.