BC Financial Services Agency Becomes Sole Regulator for Real Estate
On August 1, the BC Financial Services Authority (BCFSA) assumed the Real Estate Council of BC (RECBC) and the Office of the Superintendent of Real Estate (OSRE) to become the only real estate regulator. BCFSA is a 'super-regulator,' regulating not only real estate but also credit unions, trust companies, insurance companies, pension plans and mortgage brokers. A dual-regulator model has created challenges for the real estate sector, so we are encouraged at the potential of this amalgamation. The amalgamation implements the Perrin Report's recommendation to streamline the regulatory system and create more transparency for real estate professionals and better protection for consumers. The BC Real Estate Association and member boards' role and services are not affected by the change.
So far, there have been few changes to the rollout. The most significant change affecting the day-to-day practice of REALTORS® is that RECBC's website no longer exists. Instead, resources have been moved to BCFSA's website. Another change affecting daily practice is that the Real Estate Services Rules have been renumbered. If you come across any challenges with these changes, we encourage you to email us at [email protected] with your concern so that we can anonymize and forward the issue to BCFSA staff.
BCREA staff have been meeting bi-weekly with senior management of BCFSA for months leading up to this changes. While we're hopeful that this regulatory change will ultimately result in more efficiencies for consumers and real estate professionals, we are continuing to advocate for areas of improvement. One key recommendation we continue to ask for is the creation of a Professional Standing Committee to establish licensing qualifications and provide on-the-ground insights into all proposed changes to real estate practice.
As additional changes continue to occur throughout the coming months, we will continue acting as the voice of Realtors to advocate for a regulatory system that is easy to understand and inspires confidence in the professionals it governs.
- BCFSA's Integration Update
- BCREA video update by VP Government Relations Trevor Hargreaves
- BCREA's Managing Broker Community of Practice resources
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