BCREA Submits Recommendations for New Regulator

On December 16, 2019, BCREA submitted 18 recommendations to Minister of Finance Carole James to help guide the government as they work towards a new regulatory structure for real estate professionals.

This follows Minister James's announcement in November that the Office of the Superintendent of Real Estate (OSRE), which currently oversees the Real Estate Council of BC (RECBC), will be integrated into the BC Financial Services Authority (BCFSA) by 2021. A key goal, according to OSRE, is to provide effective consumer protection and increase public confidence in the broader financial services sector.

If the government is to reach this goal, input from REALTORS^® - who have a firsthand understanding of how regulations impact consumers - will be paramount.

In the new system, BCREA wants to see completely separate functions for licensing of real estate professionals (under the Real Estate Services Act) and real estate development (that is, responsibility for the Real Estate Development Marketing Act and the Strata Property Act). We also want to make sure that at least half of the governing council of the licensing function are real estate licensees (right now only three out of 14 RECBC members are current or former licensees).

Regulatory reform is a top priority for BCREA. We’ll continue to work closely with member real estate boards and consult with all REALTORS^®, as needed, to make sure we fully understand and represent your views. Watch for updates and opportunities to participate throughout 2020.

BCREA’s full submission to Minister James is available here.

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