August 24, 2020 | NAIOP Calgary
Important Notice to Members – RECA Changes
Real Estate Act Amendments and Reorganization of RECA
How this affects NAIOP members
For several years now NAIOP Calgary has been advocating on behalf of several of its members for changes to the Real Estate Act , RSA 2000 c R-5 (the ” Act “), its associated regulations, or the rules promulgated by the Real Estate Council of Alberta (“ RECA ”). Several institutional owners and property managers of commercial real estate in Alberta (” Institutional Owners “) have been subject to overly burdensome and unnecessary regulatory oversight by RECA. In particular, RECA’s requirements for continuous disclosure relating to corporate governance and ownership matters has required Institutional Owners to spend an inordinate amount of time, money and effort to comply.
The recent amendments to the Act and reorganization of RECA to include industry councils give NAIOP members the opportunity to sit on these RECA councils and board and work towards making changes to RECA’s rules to reduce the red tape affecting our industry.
Excerpted below is the press release issued by Service Alberta, with links to the Act and amendments. Below that is the link to the Government of Alberta’s job postings for the RECA Councils and Board. We encourage our Institutional Owners to put forward candidates for these positions, as applicable. The deadline for applications is August 31, 2020.
Sincerely, on behalf of, NAIOP Calgary
Director Strategic Initiatives
Excerpts from the Press Release issued by Service Alberta