Have your say on proposed changes strengthening BCFSA’s authority to collect real estate data.
The proposed changes to the Real Estate Services Rules (the “Rules”) would give the BCFSA explicit authority to collect data from licensees on an ad hoc basis, at regular intervals, and within a specified period after a triggering event.
Other proposed changes to the Rules would require Brokerages to retain copies of any offers delivered or received by their licensees and require licensees to disclose conflicts of interest in writing.
The proposed amendments to the Rules will clarify what information licensees are required to provide when the BCFSA requests it.
Relevant and timely data, as proposed by the BCFSA will support assessment of, and response to real estate market conditions and risks, while informing regulatory decision-making, and supporting investigations.
Members can provide feedback on the proposed Rules changes to the BCFSA until Sunday, August 27, 2023. The BCFSA consultation page is now live.
If the amendments are approved Government, the Rules are expected to come into force on February 1, 2024.