BCREA Calls for Ongoing Collaboration with Launch of Sole Regulator

The British Columbia Real Estate Association (BCREA) welcomes the announcement that as of August 1, consumers can look forward to a more efficient and better coordinated regulatory authority for real estate when the BC Financial Services Authority (BCFSA) becomes the sole regulator for BC’s financial services sector, including real estate.

As the voice of BC’s ten real estate boards and more than 23,000 REALTORS^®, we also continue to recommend to the new regulator that a professional standing committee of real estate practitioners be established to provide ongoing and proactive advice to this new regulatory authority.

“Realtors have unique insight into the needs and concerns of consumers as they make what’s likely the biggest financial decision of their lives,” says Chief Executive Officer Darlene K. Hyde. “In the interest of best serving consumers, we hope BCFSA will take advantage of the support BCREA, BC’s ten real estate boards and Realtors have offered since conversations on amalgamation first began.”

Currently real estate is regulated by the Real Estate Council of BC and the Office of the Superintendent of Real Estate. BCREA has been consulting with these bodies in the lead up to amalgamation on behalf of the Realtor profession. In addition to advocating for the creation of a professional standing committee, we have asked the new regulator to:

• Increase transparency and consistency of disciplinary decisions leading to licensing suspensions and provide insight into the future of disciplinary hearings.
• Pursue opportunities to collaborate with BCREA and BC’s ten real estate boards to strengthen anti-money laundering and other supports for managing brokers.
• Communicate the schedule for any possible policy changes related to the amalgamation.
• Provide ongoing transparency on the effectiveness of the amalgamation and regulation, including stakeholder consultation and quarterly reports.
• Communicate whether Real Estate Rules will be renumbered, providing a clear table of concordance if so.
• Continue to meet regularly with BCREA.

Real Estate is an important driver of the BC economy and is at the heart of one of the most important issues of British Columbians’ everyday lives: homeownership.

“Nobody understands the impact of policy on homeownership better than Realtors, who help consumers achieve their dreams of homeownership every day,” says Hyde. “Realtors look forward to contributing to an effective regulatory environment, offering on-the-ground insight that will serve consumers and help BCFSA to successfully fulfill its mandate.”

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