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Have you had a chance to see what sector participants like yourself shared about their perspectives on BCFSA’s activities, communications, and processes? Earlier this year, BCFSA collected perspectives on its overall effectiveness and impact on regulated entities and individuals, including real estate. The 2023 Sector Insights Survey was completed by 2,589 respondents between January and February 2023, and BCFSA released overall findings in a recent news release.Findings from 2023 Sector Insights Survey
Below are highlights from the survey findings specific to the real estate segment:
- A majority (61 per cent) of licensee respondents reported that they are familiar with BCFSA’s regulatory roles and responsibilities, and 66 per cent noticed differences in communications since BCFSA’s integration.
- Between 63 – 78 per cent of licensee respondents rated their interaction with BCFSA Team Members over the past year as professional across activities such as webinars and courses, as well as during reviews, audits, examinations, and investigation experiences.
This data indicates that since BCFSA’s integration, there is a strong level of awareness and familiarity with the roles and responsibilities of BCFSA as the provincial financial regulator. Furthermore, the overall perception of professionalism in interactions with BCFSA Team Members and industry is positive.
Education was identified as a key area of interest for real estate licensees according to the Sector Insights Survey, revealing the need for strong support so that licensees receive the training and continuing education high standard of service to consumers. Respondents expressed an overall satisfaction with continuing education content, registration processes, and course availability. More than half (56 per cent) of respondents agreed that the course(s) they had taken prepared them to provide competent and professional services and kept their knowledge and skills up-to-date.
Findings from the 2023 Sector Insights Survey will help inform future planning by BCFSA, with a focus on:
- Continuing to increase opportunities for engagement with industry stakeholders;
- Enhancing communication channels; and
- Addressing key challenges, including adapting to changing market conditions and ensuring real estate licensees benefit from timely, relevant continuing education.
Thank you to the respondents who took the time to complete the survey.
For more information about the survey, including responses to key survey questions detailed by segment, please see Detailed Survey Results: BCSFA 2023 Sector Insights Survey.