Regulator releases plan for the future, prioritizes homebuyers and agents

by Justin da Rosa24 Aug 2016
One real estate regulator has released its strategic plan and vision for 2016-2020. This is what agents need to know.

The Real Estate Council of Alberta (RECA), the independent governing entity forced with regulating and enforcing standards for the industry in Alberta, released a strategic plan for a period starting October 1, 2016 and runs until September 30, 2020.

RECA’s mission, according to the strategic plan is; “setting and enforcing standards of conduct  and professional development requirements  for the industry to protect the consumer,  providing services that enhance and improve the industry, promoting the integrity of the industry, protecting against, investigating, detecting  and suppressing mortgage fraud as it relates to the industry.”

The question may then be asked: What exactly was RECA doing prior to October 1, 2016? This mission statement, though admirable, is nothing the regulator should already have been doing.

The answer may lie in the reality currently facing independent real estate governing bodies.

Earlier this summer, British Columbia Premier Christy Clark announced the B.C. Real Estate Council would no longer regulate the province’s real estate industry. That came after a report by an independent advisory group that included 28 recommendations aimed at better protecting consumers.

Clark claimed the report was proof that self-regulation, at least in B.C. was no longer working.

That’s not to say the same issues that plague B.C.’s industry are also present in Alberta.

But it’s perhaps no surprise that Alberta’s own self-regulated authority would reiterate its own commitment to protecting homebuyers and, indeed, keeping the industry clean.

According to the strategic plan, RECA’s vision is to “set the foundation for real estate professionals to serve the public interest, protect consumers, and provide a positive real estate experience through effective establishment and enforcement of professional standards, be recognized as an independent,  responsive, and impartial governing body, and ensure real estate practitioners have a  professional mindset and engage in the practice of self-regulation.”

To read the plan in its entirety, click here.
 

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