BC Real Estate Regulatory Review
TAGS: Rules and Regulations
On April 18, 2018, the BC Government announced a review of the province's real estate regulators. This review will examine the roles of the real estate regulators to ensure that consumers in the real estate market are effectively protected.
Currently there are two co-regulators: the Real Estate Council of British Columbia and the Office of the Superintendent of Real Estate (OSRE). This unique model was quickly implemented following the recommendations of the Independent Advisory Group in 2016.
BCREA and REALTORS® welcome robust regulatory oversight, but we believe there are dysfunctions in the current regulatory system. The roles of Council and OSRE are unclear, and the division of rule-making and rule-interpreting powers has resulted in confusion for REALTORS® and consumers.
As well, a lack of industry representation on Council means that there isn't enough real estate expertise around the table when decisions are being made.
A streamlined regulatory system with clearly defined roles and greater industry involvement would create more certainty for REALTORS® and better protection for consumers.
BCREA is working with the real estate boards to gather feedback from REALTORS® across the province, which we will use to prepare an official response to the review. We welcome your input directly at [email protected].
The Minister of Finance will receive the recommendations of this review on June 15, 2018.
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