Alberta overhauls real estate regulator in wake of prior dysfunctional board

Alberta overhauls real estate regulator in wake of prior dysfunctional board

EDMONTON — Alberta is restructuring its real estate regulator, eight months after the government fired the previous board on the grounds it was irredeemably dysfunctional.

“Bill 20 … is the next step in the process to reform the governance of (the board) and to restore the faith of Albertans and the real estate industry in the real estate regulator,” Service Alberta Minister Nate Glubish said Wednesday prior to introducing the legislation in the house.

“The end result will be a new governance structure that will increase transparency, improve accountability and ultimately restore good governance to the real estate regulator.”

The Real Estate Council of Alberta licenses and regulates residential and commercial real estate agents and brokers, mortgage brokers, and property managers.

Last October, Glubish fired the existing board and appointed an interim administrator.

The move followed a third-party audit that reported the previous board had broken down, foundering under fractious interpersonal relationships and poor dealings with those in the industry.

The KPMG report also found key committees were left empty, meetings were not held and there was a lack of oversight on spending.

The bill would restructure the council overseen by a board of directors, with four new industry councils: residential real estate agents and brokers; commercial real estate agents and brokers and commercial property managers; mortgage brokers; and residential property managers and condominium managers.

These new industry councils would identify and address issues related to their parts of the real estate sector, setting standards and rules and determining licensing requirements.

There would also be a new dispute resolution process and board members and industry council members would not be allowed to sit on disciplinary hearings. Those hearings would be staffed by industry people or members of the public at large.

The council would also have to make public staff salaries and meeting minutes.

Condominium managers would be added to the groups overseen by the regulator while real estate appraisers would be removed, given they are self-regulated through their own industry association.

The Alberta Real Estate Association called the bill a critical first step towards reform.

“Refocusing the real estate regulator on common sense regulation will better protect the public and improve the real estate industry, while greater openness and transparency standards will help rebuild eroded trust,” Kristie Kruger, chairwoman of the association, said in a statement.

The association represents more than 10,000 realtors and 10 real estate boards.

This report by The Canadian Press was first published June 3, 2020

Dean Bennett, The Canadian Press

Real Estate

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Comments are closed

Just Posted

COVID-19: Central zone at four active

Alberta confirms 130 cases Monday

Wetaskiwin Public Library won’t reopen until Phase 3 of Alberta re-launch

Books can be checked out online for contactless pick-up at library doors.

Edmonton International Raceway revving back up following COVID-19 shutdown

Despite being rained out Saturday the Raceway held a special event Sunday sans races.

Albertans get an extra free order of COVID-19 masks

Packages will be available July 13 at fast food restaurants

COVID-19 scare sees Latvia-bound troops turn around, return to Canada

Those on board face another 14 days in isolation

QUIZ: A celebration of dogs

These are the dog days of summer. How much do you know about dogs?

Stop enforcing sex work laws during COVID-19, Amnesty, sex worker advocates say

Stop enforcing sex work laws during COVID-19, Amnesty, sex worker advocates say

Migrant workers stage multi-city action for full status amid COVID-19 risks

Migrant workers stage multi-city action for full status amid COVID-19 risks

Alberta First Nation monitors hundreds for COVID-19 as it announces curfew

Alberta First Nation monitors hundreds for COVID-19 as it announces curfew

Edmonton hospital stops admitting patients due to COVID-19 outbreak

Edmonton hospital stops admitting patients due to COVID-19 outbreak

MPs reviewing virtual voting options to bolster COVID-19 Parliament

MPs reviewing virtual voting options to bolster COVID-19 Parliament

COVID-19 scare sees Latvia-bound troops turn around, return to Canada

COVID-19 scare sees Latvia-bound troops turn around, return to Canada

First glimpse of Canada’s true COVID-19 infection rate expected mid-July

First glimpse of Canada’s true COVID-19 infection rate expected mid-July

RBC ups targets to build talent pipeline, promote those in underrepresented groups

RBC ups targets to build talent pipeline, promote those in underrepresented groups

Most Read