Perrin's Recommendations a Positive First Step
On September 27, the Ministry of Finance published Dan Perrin's Real Estate Regulatory Structure Review—that is, the independent review of the regulatory framework currently governing real estate practice in BC. The report reflects many of the concerns BCREA and BC's 11 regional real estate boards have raised related to the co-regulatory structure as a whole, and to specific issues resulting from recent Rule changes.
"Dan Perrin's findings are encouraging, and we are pleased that the feedback BCREA gathered from REALTORS® earlier this year helped shape his report," said BCREA CEO Darlene Hyde.
Among his six key recommendations, Mr. Perrin suggests the Office of the Superintendent of Real Estate (OSRE) and the Real Estate Council of BC (Council) be merged with the Financial Institutions Commission. This would give the Ministry of Finance control of real estate policy development and a policy review of real estate regulatory requirements, including a review of outstanding recommendations made by the Council's Independent Advisory Group in June 2016. You can view the full Perrin report here.
Hyde added, however that the release of the report is just a small step forward. The question is if—and when—the government will move to act on Perrin’s recommendations and make the regulatory changes the real estate sector needs.
BCREA has written to Finance Minister Carole James requesting a roundtable meeting with all the organizations involved to discuss the findings: https://bit.ly/2NeNJ7E. There will also be a session at the upcoming Government Liaison Days in Victoria from October 14 to 15 to provide an overview of Perrin's report.
"BCREA will continue to advocate for changes that make BC's real estate regulatory structure function smoothly and efficiently," said Hyde. "That can only happen when REALTORS®' voices are recognized as key to bringing about change that truly leads to a better functioning and more transparent real estate sector."
BCREA thanks the 11 real estate boards and all the REALTORS® who participated in Perrin's review by providing their feedback.
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