How long must records be maintained by a brokerage in Alberta?

The regulations in Alberta require brokerages to maintain records related to their activities for a period of three years. This time frame is in alignment with various legal and regulatory obligations, ensuring that transactions, communications, and financial records are available for review, audits, or other inquiries that may arise after the completion of transactions. Retaining records for three years balances administrative efficiency with the necessity for accountability and transparency in real estate dealings, allowing both regulatory bodies and consumers to access important information if needed.

Longer retention periods might suggest a need for ongoing accountability, but in this case, three years is deemed sufficient for ensuring compliance while also not overwhelming brokerages with unnecessary record-keeping burdens.