Superintendent of Real Estate

UPDATE: Have Your Say on Changes to Administrative Penalties

The new deadline for this consultation on changes to administrative penalties is November 13, 2020 (announced by the Office of the Superintendent of Real Estate and Real Estate Council of British Columbia on October 27, 2020). In mid-September, the Office of the Superintendent of Real Estate (OSRE) and the Real Estate Council of BC (RECBC)

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

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

BCREA Prepares Recommendations for Province’s Review of Managing Brokers

BCREA is preparing a response to the Office of the Superintendent of Real Estate (OSRE), in light of its recent discussion paper, Reframing the Role of Managing Brokers in BC. BCREA’s response will provide evidence-based insights and industry-focused recommendations and context to the review process and will be based partly on feedback from and consultation with

BCREA’s Limited Dual Agency Waiver Proposal

Making the LDA ban more workable for consumers and REALTORS® On January 16, leadership from the British Columbia Real Estate Association (BCREA) met with Minister of Finance Carole James to present a proposal for a waiver that would make the ban on limited dual agency (LDA), the practice of a REALTOR® representing both parties in

Disclosure and Assignments for Strata Lots

Navigating changes to REDMA The BC Government recently made amendments to the Real Estate Development Marketing Regulation, which involve disclosure requirements for developers who market strata lots in development properties. Fortunately, the Office of the Superintendent of Real Estate (OSRE) issued Policy Statement 16 to provide guidance around these changes. And better yet, we’re here

AMENDED: New Rules to Profoundly Change How REALTORS® Work With Consumers

This news release was amended to correct inaccuracies regarding potential conflicts of interest, disclosures regarding remuneration and to add comment on the impact of the Rule changes. The corrections are italicized for clarity. Vancouver, BC – June 15, 2018. On June 15, 2018, changes to Rules under the Real Estate Services Act that dictate how

Aboriginal Land Development and Sale (Continued) #329

Legally Speaking

By Gerry NeelyB.A. LL.B. Column 328 referred to the landlord/tenant relationship resulting from the development of reserve lands. Once all levels of approval have been given, for example, to a residential project, a headlease is created between the federal Minister of Indian and Northern Affairs and a developer, as the tenant. This document provides the

Prospectus and Court Ordered Sales #80

Legally Speaking

By Gerry NeelyB.A. LL.B. By the time this is published, we hope that Bill 66, The Real Estate Amendment Act (No. 2) 1985,* has been proclaimed. If it has and the Superintendent has made available the form and contents he will require for a disclosure statement, then the long wait to obtain approval of a prospectus, which

Section 28 Disclosure Statement #53

Legally Speaking

By Gerry NeelyB.A. LL.B. Section 28 of the Real Estate Act was amended in 1981 to widen the requirements for disclosure to be made by a licensee prior to the purchase of real estate by the licensee or his associates. The amendment required the preparation of a disclosure statement “in the form and manner prescribed by the

Prospectus – Receipts #49

Legally Speaking

By Gerry NeelyB.A. LL.B. The recently distributed Bulletin referred to the intention of the Superintendent to provide additional exemptions from the provisions of the Real Estate Act relating to prospectuses. Since there is no present intention to eliminate the prospectus requirements in their entirety, a B.C. Supreme Court Decision highlights the necessity of complying with Section 50(7)

Prospectus, Disclosure Statement and Other Changes #83

Legally Speaking

By Gerry NeelyB.A. LL.B. More than you ever wanted to know about this subject, but were afraid to ask. The changes to Part 2 of the Real Estate Act that have been made over the past three years, ending with the most recent policy statements Numbered 7 and 9 issued by the Superintendent in December, 1985, justify

The Real Estate Act and the End of the 100% House #23

Legally Speaking

By Gerry NeelyB.A. LL.B. Unless a recent decision is reversed on appeal or the Real Estate Act is changed, the 100% house may disappear. This describes the arrangement between an agent and salesperson where the agent receives no part of the commission earned by the salesperson, but, instead, receives a rental or other payment which defrays the