RECBC Approves 10 Per Cent Hike in Licensing Fees
Effective April 1, 2021, The Real Estate Council of BC (RECBC) will increase their biennial licensing fees from $1,800 to $2,000. RECBC members approved the proposed increase on January 18, following a short consultation beginning in December 2020. The new fee structure will be implemented, subject to objections from Minister of Finance Selina Robinson.
Licensing fees are distributed among RECBC, the Office of the Superintendent of Real Estate, Real Estate Errors and Omissions Insurance Corporation and Real Estate Compensation Fund Corporation. RECBC does not receive any public funding. According to RECBC, the goal of the fee increase is to sustain and improve oversight of the real estate sector.
BCREA understood that the licensing fee increases were inevitable, so took the consultation opportunity to provide input on services that REALTORS® want enhanced or introduced. Recommendations in BCREA's feedback include:
- streamline the complaints process (current compliant investigations take an average of 245 days to complete),
- reduce the backlog of compliance files,
- reduce callback wait times for consumers and licensees,
- increase engagement with licensees to understand their on-the-ground experience,
- improve the search function of RECBC's website,
- provide standardized reporting and auditing procedures, and
- more effective resources for managing brokers, which we heard in our managing broker consultation.
RECBC has not previously consulted on proposed fee increases. We are hopeful that through this consultation, RECBC will listen to the voices of Realtors to provide enhanced services that ensure licensee professionalism and consumer protection.
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