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Data Call Seeks Information on HBRP Notices and Residential Real Estate Sales
BCFSA is requesting data from B.C. brokerages to gather information about the residential real estate market. This new data call builds on the February 2022 Data Call and will help inform BCFSA about the risks consumers are facing within B.C.’s real estate market and how they are using the new Home Buyer Rescission Period (“HBRP”).
From February 19, 2023, to March 18, 2023, we are seeking information on two topics: residential real estate sales and HBRP notices.
Residential Real Estate Sales
As the regulator for B.C.’s financial services sector, including real estate, it is important for BCFSA to understand current real estate market conditions and practices, including market-driven risks to residential real estate consumers.
The data collected will contribute to BCFSA’s evidence-based policy and decision making to help protect British Columbians during life’s most important financial decisions – like buying or selling a home.
HBRP Notices
On January 3, 2023, B.C.’s new “cooling-off period” – the HBRP – became mandatory in all residential real estate transactions. Licensees are obligated to help their clients understand how the new process works and what it means for their real estate transactions.
The data call includes a request for information on HBRP notices so that BCFSA can conduct an early check-in on how the HBRP is being used.
Who Should Respond
Not all trading services brokerages may have data to report. However, BCFSA expects all trading services brokerages to provide a response, regardless of whether there is data to report. The deadline to respond is March 31, 2023.
Please refer to the Brokerage Data Request Instructions, Frequently Asked Questions, and attend the January 26 Managing Broker Webinar for further information on how to complete the data call.