By Canadian Press

REAL ESTATE INDUSTRY CHANGES

UCP restructuring real estate regulator

Jun 4, 2020 | 6:58 AM

EDMONTON – Alberta is restructuring its real estate regulator, eight months after the government fired the previous board on the grounds it was too dysfunctional to be rescued.

Service Alberta Minister Nate Glubish says changes in legislation now before the house will restore competency and transparency to the Real Estate Council of Alberta.

Glubish fired the board last fall, after an outside audit found meetings were not being held, there was a lack of spending oversight, and relations were frayed among board members.

The board has been run by an administrator ever since.

The bill would create a board of directors to oversee specific sub-groups tasked with regulating sections of the real estate industry, such as residential and commercial real estate.

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Meeting minutes and staff salaries would also have to be published.

The Alberta Real Estate Association says the bill is a good first step to restoring confidence in the regulator.

(The Canadian Press)