The real estate profession is moving towards a single regulator model along with the financial services sector. The announcement, made by BC Finance Minister Carole James on November 12, was shared with all licensees in a message from the Real Estate Council of BC (Council) on the same day.
The Office of the Superintendent of Real Estate (OSRE) and Council will be integrated within the BC Financial Services Authority. Council expects the transition to an integrated real estate and financial services sector regulator will require legislative change to be completed by spring 2021.
In the meantime, Council will continue to fulfill its mandate to protect consumers by regulating licensee conduct as required under the Real Estate Services Act, including:
- reviewing and processing licence applications;
- educating real estate licensees;
- auditing brokerages;
- investigating complaints against licensees; and
- imposing disciplinary sanctions under the Act.
The BC Real Estate Association has been in close consultation with government officials, OSRE and Council and will continue to provide policy recommendations as the finer details of this regulatory transition are worked out.
Look for more details on how the announcement could impact members in future communications from BCREA.