On September 27, BC’s Ministry of Finance published the results of an independent review of the regulatory system governing real estate practice in the province.
The Real Estate Regulatory Review, which was prepared by Dan Perrin, has recommended that the Office of the Superintendent of Real Estate (OSRE) and the Real Estate Council of BC (Council) be merged with the Financial Institutions Commission. This would give the Ministry of Finance control of real estate policy development and a policy review of real estate regulatory requirements. Read the full Perrin report here.
BCREA has written to Finance Minister Carole James requesting a roundtable meeting with all the organizations involved to discuss the findings. Also, there will be a session at the upcoming Government Liaison Days in Victoria from October 14 to 15 to provide an overview of Perrin’s report.
“BCREA will continue to advocate for changes that make BC’s real estate regulatory structure function smoothly and efficiently,” said BCREA CEO Darlene Hyde. “That can only happen when REALTORS®’ voices are recognized as key to bringing about change that truly leads to a better functioning and more transparent real estate sector.”