meMORandum

August 15, 2026

LEGISLATION

MAJOR MILESTONE: NBREA Act proclaimed into law

A project four years in the making has been achieved; next stop: bylaws, policies, and frameworks

NBREA’s Act receiving Royal Assent at the Provincial Legislature on June 12, 2026

In case you missed it: on June 12, 2026, NBREA’s modernized legislation officially became law! This milestone marks the culmination of a challenging four-year project and the most extensive member engagement initiative in NBREA’s history. Thank you to everyone who participated in our surveys, focus groups, committees, and member meetings over the years.

Now what? The next stage of our work has begun. The NBREA Act lays the foundation for the Association’s governance and regulatory processes, but the next phase of the project is already underway. New interim bylaws, policies, and frameworks are being developed to support implementation of the Act.

Want to catch up on the work that brought us to this point? Visit the Legislative Modernization Project Portal, which has documented the project from the very beginning, here.

Want a quick overview? Check out the items below for an introduction to some of the key changes you’ll notice right away as we begin implementing the new Act.

LEGISLATION QUICK FACTS

NBREA Legislation: What’s Changing?

Some of the first changes you’ll see as NBREA begins implementing the modernized Act

With the modernized Act now provincial law, NBREA is beginning the work of aligning its governance, terminology, and regulatory processes with the new legislation. Here are some of the changes you’ll start to see:

  • Bylaws. The new Act requires NBREA to enact an interim set of bylaws.
  • Terminology. The modernized Act introduces updated terminology, so you’ll start seeing terms such as Registrants, Council, and Council Members in place of the familiar terms Members, Board of Directors, and Directors.
  • Council Structure. Council will consist of one Council Member from each of four provincial regions – Fredericton, Moncton, Saint John, and Northern (which now includes Valley) – along with three at-large Council Members and three public representatives, an increase from the previous two.
  • Expanded Registrar Authority. With ultimate oversight from the Complaints and Discipline Committees, the Registrar now has additional authority and tools designed to strengthen NBREA’s regulatory oversight and enhance public protection.
  • Professional Standards Committee. A new statutory advisory committee has been established under the Act to support Council. As its name suggests, the Committee will develop real estate standards applicable across the profession, subject to a consultation process.

COMPLIANCE: REGULATION

New Complaints to be Processed Under the New Act

Complaints received on or after June 12 will be processed under new Legislation

Creating the New Act
Regardless of when the the incident that gave rise to the Complaint occurred, the 2026 NBREA Act applies to all Complaints submitted after June 12, 2026.

With the NBREA Act receiving Royal Assent on June 12, 2026, the date a complaint is received now determines which legislation applies.

  • Complaints received on or after June 12, 2026, will be processed under the 2026 NBREA Act, regardless of when the incident occurred.
  • Complaints received before June 12, 2026, will continue to be processed under the 1994 Act.

As a result, Managers of Record may receive questions about why different complaints are subject to different processes or standards of review.

If you have questions about an ongoing complaint, please contact the Office of the Registrar at complaints-plaintes@nbrea.ca.

COMPLIANCE: REPORTING

Mandatory Reporting Requirements for Managers of Record

All Managers of Record must be in compliance with the Act’s new reporting requirements

Under the new NBREA Act, a Manager of Record must submit a written report to the Registrar within 30 days if they terminate or suspend the employment of a registrant or impose restrictions on a registrant’s practice for reasons of professional misconduct or incompetence.

The report must outline the reasons for the termination, suspension, or practice restrictions.

Failure to submit the required report may itself be considered professional misconduct or conduct deserving of sanction on the part of the Manager of Record.

Questions? Email registrar@nbrea.ca.

STATISTICS

Registrant Numbers/Membership Stats

The number of Registrants (our new term!) has largely stayed the same, year-over-year

As of July 15, 2026, the New Brunswick Real Estate Association had 1,524 registrants (formerly referred to as “members” >>want to learn more about our new terminology? Check out the Quick Facts story above!).

So far in 2026:

90 registrations have been cancelled, also in line with the same period in 2025 (91 cancellations).

100 new registrants have joined the Association, consistent with the same period in 2025.

EDUCATION

Education going REGIONAL; Replacing Annual Conference

NBREA’s Annual Conference will be replaced in 2027 by a education day in each region

NBREA’s Director of Education, Dwayne, instructs a course in Saint John at the 2026 Conference.

Council has approved a new direction for NBREA’s mandatory education program. Beginning in 2027, the Association will transition from a single annual conference to regional education days held throughout New Brunswick.

The new approach is designed to make mandatory education more accessible by reducing travel time and allowing registrants to complete much of their education closer to home. It also provides greater flexibility in how mandatory education is delivered while maintaining the high-quality learning opportunities registrants have come to expect from NBREA.

NBREA’s Annual General Meeting will also evolve into a fully virtual event. More details on the 2027 AGM, education schedule, locations, and registration will be shared in the coming months.

TRUST ACCOUNT COMPLIANCE

Heads Up: Trust Account Cheque Clearing Times May Affect Closings

Help your team members avoid unexpected delays by understanding transaction processing times

The Law Society of New Brunswick has recently reminded lawyers that financial institutions are increasingly placing holds on paper-based payment instruments deposited into lawyers’ trust accounts. As a result, cheques, trust account cheques, certified cheques, money orders, and bank drafts may take four to five business days to clear before the funds are available. Since lawyers may only disburse funds once sufficient cleared funds are available in trust, these clearing periods can affect transaction timelines.

To help avoid unexpected delays in real estate transactions, your teams may wish to:

  • Allow extra time when transactions involve paper-based trust account payments.
  • Confirm clearing timelines with the receiving lawyer when timing is critical.
  • Consider using wire transfers where appropriate, as funds are generally available more quickly.

This information is based on guidance published by the Law Society of New Brunswick. 

For more information, you can find the Law Society of New Brunswick’s guidance on cheque clearing and trust account cheques here.

Looking for MOR?

Eager to participate in more MOR Leadership Series sessions like those hosted earlier this year? These special virtual sessions designed solely for Managers of Record have been on a temporary summer break, but will be starting up again on September 17 at 10:00 a.m. Watch your inbox for details, coming soon! In the meantime, if you have any questions, please reach out to NBREA at communications@nbrea.ca.