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Government Announcement on Real Estate Regulation
Vancouver, BC — On November 12, 2019, Minister of Finance Carol James announced the Province’s intention to move towards a single regulator model for the financial services sector including real estate.
The move to a single regulator will see the Office of the Superintendent of Real Estate (OSRE) and the Real Estate Council of British Columbia (RECBC) integrated within the BC Financial Services Authority (BCFSA). The rollout of an integrated real estate and financial services sector regulator will require legislative change and it is anticipated to be finalized for spring 2021.
As these changes happen, RECBC will continue to fulfil 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 combination of accountability and expertise within one regulator is good news for the sector and members of the public. We look forward to keeping licensees and stakeholders informed as we move forward with this important work.
