Council Highlights – July 17, 2019 Meeting
- Council approved RECA’s 2019-2020 Budget
This budget includes a $50 increase to the licence fee for all industry professionals. This is the first licence fee increase in six years, and the first licence fee change in five years, when the fee actually lowered $50.
The decision to increase the licence fee was not made lightly, but was necessary given the economic situation in Alberta, and the subsequent trend in reduced enrollments in pre-licensing education, and fewer new licences seen in the last fiscal year.
In order to keep the fee increase to a minimum, RECA has made significant budget cuts to operations, though core regulatory functions (licensing, education, investigations, hearings, etc.) will not be affected.
- Council approved consultation on proposed changes to the Residential Measurement Standard (RMS)
The ad hoc committee on the Residential Measurement Standard recommended proposed changes to the RMS to Council based on feedback from previous consultations. The proposed changes call for exterior measurements on all types of properties except for apartment-style, stacked condominiums.
Read more about this consultation and how you can provide your feedback in the RMS consultation article in this Regulator.
- Council defeated a motion to amend the clarified definition of ‘clearly indicated’ in brokerage advertising first approved at the October 2018 Council meeting.
The proposed amendment was recommended by the Residential Real Estate Advisory Committee.
- Council approved consultation on proposed changes to the Real Estate Act Rules concerning mortgage broker standards of practice
The Mortgage Broker Advisory Committee (MBAC) recommended proposed Rules and mandatory form content to Council based on feedback from consultations in 2018. The proposed changes deal with material risk and product suitability disclosures, representation relationships, identity verification, and private lending.
Read more about this consultation and how you can provide your feedback in the mortgage rule change consultation article in this Regulator.
- Council held in-camera discussions with a representative from Service Alberta regarding the KPMG Governance Review Report that was made public on
July 5, 2019. Council will work collaboratively with the Minister of Service Alberta and government staff on any steps or actions the Minister deems necessary in light of the report.
- Council approved appointments to the Hearing Panel Roster made by the Hearings Committee. New Hearing Panel Roster members include two real estate appraisers and two property managers.