Today Service Alberta Minister Nate Glubish said RECA’s planned advertising requirement changes would not be implemented in October, as the regulator previously announced.
AREA thanks Minister Glubish and his office for listening to industry’s concerns about the cost to members – and lack of proper industry consultation – for a change that in no way benefits or better protects the public.
This announcement is part of Minister Glubish’s direction to RECA that he must approve all policy, bylaw or regulatory changes, while government continues its Section 76 of RECA.
Based on our member survey results, we estimate the regulatory burden of AREA membership complying with the advertising changes would have cost $35-50 million. Seventy-five per cent of members self identified as being out of compliance with the proposed changes, with the costs of necessary changes ranging from $1,000 - $70,000.
AREA fully supports the existing rule, which requires members to clearly indicate their brokerage name in their advertisements. Brokerage names are currently noted multiple times through the buying and selling process, including within representation agreements and any purchase offers. REALTORS® are obligated to explain their relationship with their broker as they review those agreements with clients in advance of signing.
Font sizes, design choices and team names are decisions best left in the hands of our members. It is regulatory overreach to attempt to police these details.
Any AREA member who has made changes in anticipation of RECA’s definition changes is still compliant with the existing rules. We urge any AREA member who is currently NOT compliant with the existing rules to make the necessary changes.
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