Notice of Fee Changes and Consultation on Proposed New Fees
Notice of Fee Changes and Consultation on Proposed New Fees
The Real Estate Council of Ontario (RECO) is seeking comments on proposed new fees that form part of its revenue strategy. As an Administrative Authority, RECO is obligated to ensure that it has adequate resources to fulfil its consumer protection mandate and functions under the Real Estate and Business Brokers Act, 2002 (REBBA 2002). Brokers and brokerages haven’t been subject to a fee increase for 16 years. The last fee increase for salespersons was 6 years ago, in 2010.
RECO can no longer rely on efficiencies and delaying initiatives to address financial issues without affecting fulfilment of its mandate and its effectiveness as a regulator.
Notice of Fee Changes
Effective January 1, 2017, the two-year registration fee will be modestly adjusted from $350 to $390. This increase is less than the projected cost of inflation since the last time fees were adjusted.
Consultation on Proposed New Fees
RECO is proposing to implement a $200 application review fee, effective January 1, 2017, for most new and reinstating applicants to cover the unique, one-time costs associated with processing those types of applications. The proposed $200 application review fee would also apply to certain business changes and category changes from salesperson to broker during a registration cycle. The proposed Fee Schedule is included in the consultation paper.
Consultation Period: June 28, 2016 to August 12, 2016
Please review the consultation paper before providing comments. Instructions for providing comments are included in the document.
The comments received during the consultation period will be considered before the proposed new fees are implemented.
