July 28, 2021 – Integrated Regulator of the Financial Services Sector: BCFSA

On Wednesday, July 28, at 10:00 am we were joined by Micheal Noseworthy, Erin Seeley and David Avren who provided an update on the integration of the Real Estate Council of BC (RECBC) and the Office of the Superintendent of Real Estate (OSRE) with the BC Financial Services Authority (BCFSA), planned for August 1, 2021. The session gave an overview of the impacts of the integration, including the future BCFSA executive structure, amendments to the Real Estate Services Act, and the plan for seamless service delivery.

- - BCREA wants to remind all managing brokers that BCREA has a Legal Defence Reserve to support REALTORS^® acting with high professionalism, who are facing disciplinary matters that are provincial in nature. This Reserve can be used to cover legal and other costs related to litigation and/or disciplinary matters. This Reserve recently funded a case where re-licensing was delayed as a result of an outstanding disciplinary issue that wasn’t egregious in nature. If you or one of your REALTORS^® is facing a disciplinary issue, either similar to this issue now or in the past, or a disciplinary issue that you believe is provincial in nature, reach out to [email protected]. Thank you for all the questions asked during the session. Unfortunately, we did not have time to address many of them during the session. We are currently in the process of reviewing those questions and gathering answers and references to address them.
    Stay tuned for more information on the BCFSA amalgamation after August 1, 2021.

Most Recent

Past Sessions

April 10, 2024 – Government Relations Advocacy Update

On Wednesday, April 10, 2024, BCREA’s Government Relations Team, headed by Trevor Hargreaves including Mark Sakai and Brenna Friesen, along with Greater Vancouver REALTORS^®’Government Relations Director, Harriet Permut, joined us to share an update on new Government Relations initiatives, pertinent housing policies, and a recap of the previous year’s advocacy highlights.

Session slide deck (Government Relations Team: Government Relations Advocacy Update)
Session slide deck (BCREA)

Follow-up questions:

Have there been discussions about being proactive and making buyer agency agreements mandatory?

BCREA is advocating for Mandatory Buyer Agency Written Service Agreements, reflecting the profession’s commitment to enhancing consumer protection and elevating professionalism within the real estate sector. This proactive measure was initially recommended in BCREA’s influential whitepaper, “A Better Way Home,” in February 2022, positioning it as a strategy for strengthening consumer safeguards. Backed by unanimous support from Joint Leadership, made up of real estate board Executive Officers, Chairs and Chair Elects, from across the province, BCREA has dedicated the past year to executing due diligence, including gathering insights from other Canadian provinces with mandatory agreements and engaging deeply with the local real estate sector through focus groups and a comprehensive all-REALTOR^® survey. With a united front, BCREA is actively engaging with regulators and preparing to present this to the government. However, the implementation timeline may be shaped by the nuances of an election year. While the real estate community has shown substantial support, the ultimate adoption of these agreements hinges on governmental decision-making.

How is profit determined on a flipped property?

This can depend on a few different factors. We recommend visiting the Government of BC’s BC Home Flipping Tax page for more information.

I feel strongly about government advocacy, what ways can I be more involved?

We suggest volunteering on your regional board or association Government Relations Committee, and perhaps suggesting they attend our Government Liaison Days in 2025.

Additional Resources:

BCREA Open House: The Newsletter

Open House: The Newsletter is a new bi-monthly newsletter sent directly to REALTORS^® – there’s no need to subscribe. Open House is a space to bring us together as a community by sharing news, celebrating our successes, learning from each other, and having a little fun along the way. The first issue was sent on March 21, 2024. Check your inbox!

BCREA Managing Broker Resources

Managing Brokers’ Portal: contains links to resources most used by managing brokers. Click here for more.
Managing Brokers Policies and Procedures Manual Template: provides a structured framework to help brokerages achieve regulatory compliance. Designed to be fully customizable. Click here to access.
Managing Broker Support Line: a pilot program offering tailored guidance and support to help brokers and member boards and associations tackle challenges they may encounter and identify opportunities to enhance professionalism. Click here for more.
- Lower Mainland: 604.520.9440
- Toll-Free: 1.844.414.8655
- Email: [email protected]

Upcoming Community of Practice sessions:

April 24, 2024 – Tech Tools and Managing Broker Resources with CREA’s Lynn St-Germain and Mike Lomond.

The views expressed in these presentations are those of the speakers and do not reflect the views of BCREA or its member boards. Please note, the content of these presentations was current as of the date of each session and we cannot guarantee the accuracy of information provided in past sessions.