OMVIC is proposing increases to its registration and transaction fees. OMVIC regulates in the public interest but is not government-funded. Rather, OMVIC is funded primarily through its fees (for example, registrations, applications, renewals and transactions).
Regulators such as OMVIC exist to protect the public interest. OMVIC is primarily funded through fees (e.g., registrations, applications, renewals, transactions).
Some of OMVIC’s fees have stayed the same since the 1990s. Other fees were last increased in 2008, 2010 and 2015. In the interim, operating costs have increased due to annual inflation and expanded services. OMVIC experienced a deficit in 2022, and deficits are projected for the next few years.
OMVIC therefore proposes to increase its registration and transaction fees effective April 1, 2024. Harmonizing the fee increases on April 1, 2024 will align fees to today’s dollars.
To ensure it can continue to regulate the industry and protect the public effectively, OMVIC reviewed its fee structure in 2022 to plan for increased regulatory and operational costs expected in 2023 and beyond.
OMVIC’s main source of revenues are derived from registration and transaction fees. These revenue streams have declined by approximately 15 per cent over the past five years from $20.329 million dollars in 2018 to $17.432 million dollars in 2022 (OMVIC’s audited financial statements). OMVIC strives to break even on an annual basis. Without fee increases, OMVIC’s reserves will be fully depleted in a few years.
In the meantime, while revenues have been declining, the rate of inflation has increased by 15 per cent during this timeframe.
As a result, OMVIC is proposing to increase fees to meet anticipated and unanticipated demands. A fee increase will ensure that OMVIC has the processes, tools, and resources to fulfill its public protection mandate. In addition, OMVIC’s salesperson renewal fee, for example, is amongst the lowest of all regulated professional fees in Ontario, as shown in this comparison chart. The fee increases are proposed to take effect on April 1, 2024.
OMVIC’s administrative agreement with the Ontario Ministry of Public and Business Service Delivery provides the OMVIC Board of Directors the authority to set and collect fees consistent with its operating principles and obligations.
Where the OMVIC Board has approved a fee change, OMVIC must provide the Minister with 45 days’ advance written notice, followed by at least 60 days’ written notice provided to registrants.
On July 17, 2023, the OMVIC Board approved a Fee Increase Proposal, including accumulated inflation increases to OMVIC registration and transaction fees effective April 1, 2024. On September 1, 2023, a submission was made to the Ministry of Public and Business Service Delivery to advise of the Board’s intention. The Minister acknowledged OMVIC’s submission on October 19, 2023, and confirmed that the next step was to solicit feedback from consumers, registrants, and stakeholders.
The OMVIC Board welcomes the opportunity to hear from consumers and registrants about its PROPOSED PLAN.
Additional information can be found on our Frequently Asked Questions page.
Join us for a live webinar and Q&A session on Zoom to learn more about OMVIC’s proposal to increase fees. This webinar will provide an opportunity to learn more about why OMVIC proposes raising fees and what fees are used for. A brief presentation from OMVIC will be followed by a Q&A period where you can have your questions answered.
Date/Time: November 22, 11:00 a.m. – 12:00 p.m. Register
Deadline for registration is 5:00 p.m. on November 21, 2023.
OMVIC would like to hear from you on the proposed changes. We will consider all feedback as part of the decision-making process, whether or not it is reflected in the final document. Please share your thoughts through the online form by December 3, 2023.
OMVIC will review all feedback and present a summary to the Minister of Public and Business Service Delivery. A final recommendation will be presented to the OMVIC Board by December 15, 2023. Resultant changes will be communicated to registrants and stakeholders at least 60 days prior to implementation on April 1, 2024.
If you have any questions, email firstname.lastname@example.org.