Advocacy

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

Improving the Role of Managing Brokers

In October at BCREA’s Managing Brokers’ Conference, the Office of the Superintendent of Real Estate (OSRE) reported on work to review the roles and responsibilities of managing brokers in BC. They released a discussion paper and asked for feedback on five short- and medium-term actions as well as three long-term concepts. BCREA worked with member boards to

Getting it Right: Real Estate Regulation and Commercial Licensing

In 2021, the BC Government intends to integrate the Office of the Superintendent of Real Estate (OSRE) and the Real Estate Council of British Columbia (RECBC) into the BC Financial Institutions Commission (BCFSA). According to the November 12 news release, this move will satisfy a recommendation made by Dan Perrin in 2018 to create a

New Anti-Money Laundering Initiatives in Development

The issue of money laundering continues to be one of ongoing governmental and public concern. BCREA have taken an active role in the Cullen Commission of Inquiry into Money Laundering In BC, having applied and received formal standing to partake in the process and represent provincial real estate interests. We have also been attending the

Reforming the Regulator

In 2021, the BC Government intends to integrate the Office of the Superintendent of Real Estate (OSRE) and the Real Estate Council of British Columbia (RECBC) into the BC Financial Institutions Commission (BCFSA). According to the December 12 news release, this move will satisfy a recommendation made by Dan Perrin in 2018 to create a

Brokering a new deal for Managing Brokers

At BCREA’s second annual Managing Brokers’ Conference in October, Superintendent of Real Estate Micheal Noseworthy introduced a new discussion paper: “Reframing the Role of Managing Brokers in BC.” The discussion paper is part of a managing broker consultation process by the Office of the Superintendent of Real Estate (OSRE) that began in fall 2018 with

Keeping Clients Out of Hot Water Over Groundwater Licencing

Droughts, water restrictions and wildfires have all become part of a typical BC summer, just like Okanagan cherries or a BC Day barbecue. Despite all of BC’s lakes and rivers, the truth is that water scarcity is a serious concern. That’s why the provincial government introduced the Water Sustainability Act in 2016, which requires anyone diverting and

Revised Council Disclosure Forms Better Meet Consumer Needs

Recent changes to three Real Estate Council of BC mandatory disclosure forms are a significant improvement on previous versions, which were launched as part of the June 2018 Rule changes. The revised forms, which came into effect September 30, 2019, include the Disclosure of Representation in Trading Services, Disclosure of Risks to Unrepresented Parties and Disclosure to Sellers of