By: Rock Lefebvre, FVREB COO
As many FVREB members know, the FVREB – in 2019 – embarked on a thought leadership initiative in the form of an internal study on the prospect of self-regulation which you will recall was stripped away from the profession some five years ago. The study resulting in the development of a 40-page discussion paper entitled “Self-Regulation and the Real Estate Profession in British Columbia” was supported in principle by 87% of the FVREB respondents who participated in an October 2020 online membership survey.
Recognizing the provincial government’s intention to consolidate the Office of the Superintendent of Real Estate (OSRE) and the Real Estate Council of British Columbia (RECBC) within the British Columbia Financial Services Authority (BCFSA), the FVREB – in early 2021 – shared its findings along with its case for self-regulation with its BC peers. Importantly, the FVREB’s predominant goal was to underscore how the government and the whole of the real estate profession can work more cohesively together.
At the heart of its composition, the FVREB held that:
- A vibrant, self-governing profession which has the public’s interest at heart is itself in the best interests of the public.
- Professional self-regulation enables government(s) to have some degree of control and influence over the practice of a recognized profession.
- To ensure the sustainability of the profession, Realtors have a moral responsibility to contribute to the strength and vitality of their careers.
- The primary purpose behind all regulatory body decisions is to protect the public from negligent or unethical practitioners.
- A professional order must remember that protection of the public interest is paramount to advancing the interest of the profession.
- If self-regulation is to be considered, the profession and its representative Boards and Associations must be consulted.
Unrelated but adjunct to this initiative, the BCREA has with the support of its member Boards continued to work with representatives of government to facilitate the smooth transition of regulatory oversight to the BCFSA which will as of August 1, 2021, become the sole regulator of BC’s financial services sector, inclusive of real estate.
In its announcement, the British Columbia Real Estate Association (BCREA) reiterated its support for a more efficient and better coordinated regulatory authority for real estate in the form of the BCFSA.
As the voice of BC’s ten real estate boards and more than 23,000 REALTORS®, the BCREA also continues to recommend to the new regulator that a professional standing committee of real estate practitioners be established to provide ongoing and proactive advice to this new regulatory authority.
In addition to advocating for the creation of a professional standing committee, the BCREA has asked the new regulator to:
- Increase transparency and consistency of disciplinary decisions leading to licensing suspensions and provide insight into the future of disciplinary hearings.
- Pursue opportunities to collaborate with BCREA and BC’s ten real estate boards to strengthen anti-money laundering and other supports for managing brokers.
- Communicate the schedule for any possible policy changes related to the amalgamation.
- Provide ongoing transparency on the effectiveness of the amalgamation and regulation, including stakeholder consultation and quarterly reports.
- Communicate whether Real Estate Rules will be renumbered, providing a clear table of concordance if so.
- Continue to meet regularly with BCREA.
As asserted by the BCREA “Realtors look forward to contributing to an effective regulatory environment, offering on-the-ground insight that will serve consumers and help BCFSA to successfully fulfill its mandate.”
So, while it may not be the time to advocate for self-regulation, it is the time for the Realtor profession to reaffirm a meaningful role within the BCFSA landscape with a view to shaping a collaborative regime wherein consumers interests are protected, and practitioners’ advice relied upon to meet our collective, and not-so-divergent objectives.