Real Estate Regulatory Changes on the Way

Last year, Minister of Finance Carole James announced that the BC Government intends to integrate the Office of the Superintendent of Real Estate and the Real Estate Council of British Columbia into the BC Financial Institutions Commission (BCFSA) by 2021.

This is the second restructuring of the real estate regulatory system in four years, and BCREA has several recommendations to make sure the new framework is effective and efficient.

A sound regulatory system should be easy to understand and inspire confidence in the professionals it governs. BCREA supports accountability for real estate licensees and protection for consumers.

Here are the three recommendations REALTORS^® are delivering to their MLAs (by phone and video) throughout the spring and summer, in anticipation of amendments to the Real Estate Services Act this fall:

1. Create a Professional Standing Committee to establish licensing qualifications – including professional competence and conduct – and provide practical insights into all proposed changes to real estate practice.
2. Review the Real Estate Services Act, the Regulation and other supporting documents to separate public policy from operational policy, with input from licensees.
3. Within the BCFSA, give the real estate licensing function the authority to make its own rules and operational policies.

We look forward to working with the regulators and the Ministry of Finance to create a stable regulatory environment. For more details about BCREA’s vision, contact Vice President, Government Relations and Stakeholder Engagement Trevor Hargreaves.

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