RECA to Launch Real Estate Act Consultation Later This Year

Your chance to weigh in on possible changes to the Real Estate Act is coming later this year.

The Government of Alberta has indicated to the Real Estate Council of Alberta (RECA) that it plans to have the Real Estate Amendment Act go to the legislature as a Bill during the Spring 2014 sitting of the Legislature.

What does this timeline mean for RECA, industry professionals and other interested stakeholders?

It means RECA has a very short period during which it can carry out its consultation with key stakeholders. RECA must provide Service Alberta with its proposed Act amendments by the beginning of April 2013.

The Alberta Government last opened the Real Estate Act for amendments in 2005/2006, with the Real Estate Amendment Act being proclaimed in July 2008.

While that was only four years ago, reopening the Act now for further amendments provides RECA with an excellent opportunity to introduce changes that will enhance professionalism and consumer protection within the legislation; clarify existing processes and procedures; improve some identified disconnects within the legislation and harmonize with other provincial regulators.

RECA recognizes that none of those things occur in a vacuum and RECA encourages all industry professionals to respond to the consultation paper and questions when they are released later this year.

Other industry stakeholders, such as the Alberta Real Estate Association and the Alberta Mortgage Brokers Association, will also be encouraged to review and respond to the consultation paper when it is distributed.

Watch your inbox for more information and details about the proposed changes and timelines for input.