When we filed a Freedom of Information request with OMVIC, we didn’t expect much.
We asked for clarity on what the education course was costing OMVIC, so we could intelligently comment on what dealers were being asked to pay for it.
We asked for disclosure of and breakdown of costs associated with the design, development, implementation, and delivery of the Continuing Professional Development program, including REVS, the Key Elements Course, third-party arrangements, and tendering processes.
On CPD, this is what OMVIC said:
“Note 5 to OMVIC’s published 2025 audited financial statements (that are accessible on OMVIC’s website) states that: During fiscal 2025, OMVIC incurred costs related to the development of the Continuing Professional Development (“CPD”) platform. The platform and project are not complete at the end of fiscal 2025.
The capitalized cost of $1,003,405 is recorded under computer software assets not in use, which is not being amortized at year-end.
In future years, following OMVIC’s April 2026 launch of CPD, CPD development costs will be amortized.
On page 22 of OMVIC’s published 2026 Business Plan (which is also accessible from OMVIC’s website), it is stated that CPD revenue was budgeted to be approximately $618,000 in 2026.
Forecasted CPD revenue is also published for 2027 and 2028.
On page 18, of the 2026 Business Plan, the breakdown of 2026 expenses by department indicates that expenses attributable to CPD were anticipated to be $532,000 + $103,000 in capital assets expenditure totaling $635,000. The budgeted revenue and expense figures reflect the fact that CPD expenses are expected to slightly exceed CPD revenue in 2026. Overall, the program is expected to be operated on approximately a break-even basis during the first five years.”
You don’t have to be a math whiz to run these numbers by a sniff test. There are 8000 dealers who have to do CPD every year. That’s 8,000 dealers x $99 per = $792,000 in revenue every year. That leaves 30,000 salespeople, and they only have to do CPD every two years, so let’s say 15,000 do CPD in 2026. That’s $1,485,000 in revenue.
That’s over $2.2 million for OMVIC in 2026. That does not look like break-even to us, no matter where OMVIC hides it in their financial statements!
OMVIC should be delivering these courses for much less money, or at no cost at all.
On Key Elements, we got no meaningful answer.
All OMVIC said is “Georgian College administers the KEC and collects fees payable for learners who enrol in the KEC. OMVIC receives a portion of the fee revenue from courses delivered by Georgian College on behalf
of OMVIC (including the KEC)”.
What we know is by the end of July 2026, about 7,486 registrants havehad to take the course, which costs $202.86. That’s well over $1.5 millionin revenue so far for a course that existed before mandatory CPD and costs OMVIC essentially nothing to run.
We also asked how many employees OMVIC has.
The answer?
172 as of the end of July 2026.
OMVIC has 38,000 registrants to look after, including dealers and salespeople.
RECO is the real estate watchdog and they have over 110,000 registrants to administer (salespeople, brokers and brokerages). They manage real estate sales involving many millions of dollars.
RECO has 170 employees.