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

Supreme Court dismisses Indigenous appeal of Trans Mountain pipeline approval

OTTAWA — The Supreme Court of Canada will not hear a new… Continue reading

Studies show no consistent evidence body cameras reduce police violence

A Calgary police officer loudly tells an Indigenous man to put his… Continue reading

Social media companies face revenue hit from boycotts

Verizon’s decision to join the growing boycott against Facebook and Twitter risks… Continue reading

Trade deficit narrowed in May as exports rose and imports fell again

OTTAWA — Statistics Canada says the country’s merchandise trade deficit narrowed in… Continue reading

Tractor driver arrested after accident kills three children, injures seven

NOTRE-DAME-DE-STANBRIDGE, Que. — Three children under the age of five are dead… Continue reading

‘This year is unlike any other’: Trudeau delivers Canada day address

Sophie Gregoire Trudeau and the Prime Minister release video celebrating the national holiday

Michael Dawe: Canada Day festivities have been interfered with before

Because of the restrictions imposed as a result of the COVID-19 pandemic,… Continue reading

Save-On-Foods stores donate to Red Deer Food Bank

Thanks to some hungry central Albertans, the Red Deer Food Bank is… Continue reading

Canadians Desiree Scott, Nichelle Prince out of Challenge Cup for personal reasons

Desiree Scott has joined fellow Canadian international Nichelle Prince in dropping out… Continue reading

Nurse hopes to use platform to get American expats voting in US election

Nick Nurse wants to make sure Americans living outside the U.S. vote… Continue reading

Judge temporarily blocks tell-all book by Trump’s niece

Distribution of a tell-all book by President Donald Trump’s niece was blocked… Continue reading

Massey Whiteknife embarks on a healing journey in ‘Queen of the Oil Patch’ S2

In the new season of the documentary/reality TV show “Queen of the… Continue reading

Movement for Black Lives plans virtual national convention

Movement for Black Lives plans virtual national convention

Trump, top officials defend response to Russia bounty threat

Trump, top officials defend response to Russia bounty threat

Most Read