Ministry of Finance Announces Shift to Single Regulator
Earlier this week the Ministry of Finance announced their intent to shift to a single regulator, wrapping real estate oversight into the BC Financial Services Authority (BCFSA). They are aiming for this new legislation to be tabled by Fall 2020, with implementation in 2021.
Under this new structure the Office of the Superintendent of Real Estate (OSRE) and the Real Estate Council of British Columbia (RECBC) will both be integrated into the BCFSA.
"While this is a significant announcement, there is still a great deal of work to be done in developing the structural specifics of this new regulatory model," said Trevor Hargreaves, BCREA VP of Government Relations. "BCREA will continue to consult with government in the coming days, weeks and months with a focus on urging government to craft smart policy that's both efficient from a regulatory perspective and workable for the day-to-day realities of the real estate sector".
See full release here.
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