by Baldev S. Gill, Chief Executive Officer
We need your help on a matter of crucial importance for the future of the real estate profession in BC: self-regulation.
Your opinion on this issue matters, not only because it could help shape the future path for REALTORS® in the province, but also because it will help ensure FVREB resources and efforts are directed to serve you best. We appreciate how important your time is, which is why we’ve distilled the matter down to a single question, which we’d like you to consider:
Do you believe that there is value in the Fraser Valley Real Estate Board continuing to advocate on behalf of self-regulation for the real estate industry in BC?
Before answering, it may help to review what is at stake (if you prefer, you can skip right to the question, at the end of this letter).
Since the revocation of self-regulation in 2016, numerous government reports and reviews have altered the BC real estate sector and will continue to greatly impact its future:
- The IAG Report proposed and implemented sweeping recommendations such as banning dual agency; adding new, mandatory forms including the “Disclosure of Interest in Trade;” and significantly increasing the maximum disciplinary fines for misconduct ($250,000 for individual licensees and $500,000 for brokerages.).
- Some proposals want to see the real estate sector treated like the financial sector and thus subject to the same stringent level of regulatory requirements and scrutiny (Dan Perrin Report).
- Others want individual real estate licensees to shoulder the full burden of complying with the Real Estate Services Act and the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Prof. Maureen Maloney report).
- The Superintendent of Real Estate discussion paper proposes substantial regulatory changes for Managing Brokers, including new qualification and education standards, as well as additional, substantive compliance and regulatory duties.
The strength of any professional body is to be found in its ability to chart its own course and future – and the essence of this strength is realized through self-regulation. In a self-regulated profession, standards regarding ethics, education and certification are set by those with the specialized knowledge of that profession. By contrast, in a highly regulated profession, such standards are set by elected officials or government staff who may or may not have in-depth knowledge of the industry.
Professionals in numerous other sectors such as legal, accounting, engineering, and nursing, all enjoy the benefits of self-regulation. BC real estate professionals deserve the same privilege.
As we continue to work towards goals and objectives that best serve our members, we want to make sure that you are afforded the opportunity to make us aware of your views regarding this important matter so that we can adequately advocate on your behalf.
To that end, please answer the question by clicking here. I would greatly appreciate your response before close of business, Tuesday, October 20.
On behalf of FVREB, thank you for your attention to this issue.