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Advisory

Advisory

Data Collection: Residential Real Estate Sales and Rescission Notices
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Date
20 January 2023
Advisory Number
​​23-001​
Distribution
Real Estate Professionals

Purpose

BC Financial Services Authority (“BCFSA”) is requesting information from all trading services brokerages about sales of residential real property and the use of the Home Buyer Rescission Period (“HBRP”), or “cooling-off period.” Specifically, BCFSA is requesting:

  • Information from listing brokerages only on residential real estate sales; and
  • Information from all trading services brokerages on rescission notices under the HBRP.

The data collection covers the period of February 19, 2023, to March 18, 2023, and is targeted to observe current real estate market conditions and practices. By regularly collecting and analyzing data on residential sales, BCFSA will continue to compare year-over-year trends in market conditions and monitor the impact of various changes including consumer protection measures. The information will also help provide an early assessment of consumers’ use of the HBRP.

All trading services brokerages are expected to participate in the data call by responding to BCFSA’s information request. Those brokerages that, during the data collection period, have no sales and/or no clients impacted by the HBRP are asked to respond to BCFSA to indicate that they have no relevant information to provide.

Detailed instructions and a workbook for providing the data to BCFSA, a series of frequently asked questions, and the results from the 2022 data call are available on BCFSA’s website. BCFSA will also provide additional details about the data request at the January 26 managing broker webinar.

The deadline to respond is March 31, 2023.

BCFSA looks forward to continuing to work with real estate licensees and government to support evidence-informed policy and regulatory decisions.

Additional Information

This will be the second time that BCFSA has requested real estate transaction information directly from brokerages. Last February, BCFSA issued a voluntary request to trading services brokerages to submit data on real estate transactions, the results of which are linked below. This year BCFSA expects full participation and will follow up directly with brokerages who do not respond.

Under the Real Estate Services Act (“RESA”), and its associated regulation and rules, all real estate brokerages must maintain proper books, accounts, and other records. RESA also allows BCFSA to make real estate rules to require a brokerage to file or submit reports and other information.