The following was submitted in response to a recent opinion piece written by Alberta Real Estate Association CEO Brad Mitchell.
Contrary to the Alberta Real Estate Association’s disappointing and ill-informed assertions published in the Real Estate Magazine, the Real Estate Council of Albert’s (RECA) actions in the Drinkwater matter demonstrate the effectiveness of Alberta’s real estate regulatory framework. RECA is firmly committed to protecting consumers and upholding the integrity of Alberta’s real estate industry.
“RECA acted swiftly”
Upon receiving credible allegations of fraudulent activity by Eric Drinkwater in spring 2024, RECA acted swiftly and decisively in accordance with our statutory mandate. Using the emergency power under Section 53 of the Real Estate Act, RECA’s Residential Real Estate Broker Industry Council Chair ordered Mr. Drinkwater’s licence suspended on June 18, 2024. Effective immediately on that date, Mr. Drinkwater was barred from trading in real estate in Alberta, eliminating any ongoing risk to consumers while the case was under review.
RECA then launched a thorough investigation into the allegations, while cooperating fully with law enforcement and following due process under the Act. RECA’s standard practice is to share relevant information with law enforcement. The Calgary Police Service formally charged Mr. Drinkwater with fraud on May 8, 2025. RECA’s investigation was completed and a disciplinary hearing was scheduled for March 2025; after an adjournment requested by Mr. Drinkwater, the hearing proceeded on May 22, 2025. The Panel’s written decision will be made public, consistent with RECA’s commitment to transparency.
RECA’s process reflects the latest regulations, says Paquin
Alberta’s modernized regulatory regime, including the post-2019 governance reforms, was created to ensure public confidence through decisive action against misconduct, and RECA’s handling of this case reflects that mandate. It is important to know this is a complex and ongoing matter and communication must be done in the proper timeframes to ensure integrity of the process.
Stacy Paquin is the acting CEO of the Real Estate Council of Alberta
RECA have done absolutely nothing. They did not communicate with the CPS. Also, what about 4th Street Holdings? Pat Hare, David Lem and Nick Profetta??
4th Street Holdings O/A Remax Central Calgary had Remax strip their brand from them. Justice Romaine declared fraud and a strong case for civil conspiracy. And the CPS have laid charges for fraud.
And what has RECA done? NOTHING!
Ms. Paquin’s statement ignores the facts that are plainly evident to the public and industry alike. While RECA points to its handling of the Drinkwater matter as proof of regulatory effectiveness, the reality is far different. This is not an isolated event — it is part of a systemic failure that RECA and government have failed to recognize, despite warning signs dating back to 2018.
RECA ought to have been aware of this fraud and others. For years, serious concerns have been raised, yet RECA has repeatedly failed to hold individuals accountable for serious breaches of the Real Estate Act. Instead of decisive and timely action, we have seen delay, deflection, and a continued unwillingness to confront misconduct that directly harms the public and the integrity of the industry.
This is not simply a failure of one individual but rather a reflection of a deeply entrenched bureaucracy that has never been properly held accountable. The public deserves better than carefully worded press releases designed to protect the organization’s image. Albertans deserve a regulatory body that fulfills its mandate without fear or favor.
The question remains: what will it take for the Minister responsible to intervene? The industry has been sounding the alarm for years. The time for inaction has long passed.