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(Vancouver, B.C.) – As part of its efforts to modernize regulatory practices and better understand trends in the province’s residential real estate market, BC Financial Services Authority (“BCFSA”) is requesting information from listing brokerages about residential sales of existing and newly built residential properties.
The data collection covers the periods from February 22-28, 2021, and February 21-27, 2022, and is targeted to explore how often buyers make unconditional offers as well as how many offers are received on average for home sales.
This request comes after the Minister of Finance instructed BCFSA in November 2021 to examine current real estate market conditions and practices, including blind bidding, to further boost consumer protection.
BCFSA has been consulting with key industry stakeholders on consumer protection issues and will report back to the Minister of Finance with its findings and advice in spring 2022, including a summary report of the data results and key findings.
For more information on this data request and why it is important, please check out the resources below:
- Brokerage Data Request Instructions;
- Frequently Asked Questions;
- Recording of the January 27, 2022 Managing Broker Webinar;
- PowerPoint Presentation from the January 27, 2022 Managing Broker Webinar;
- Cooling-Off Period and Consumer Protections; and
- Cooling-Off Period Terms of Reference and News Release.
Managing brokers with questions about the data request are encouraged to reach out to BCFSA’s Practice Standards Advisors by email at [email protected] or by phone at (604) 660-3555 or toll free (866) 206-3030.
BC Financial Services Authority (“BCFSA”) is a Crown regulatory agency of the Government of British Columbia. BCFSA oversees the financial services sector which includes pension plans, mortgage brokers, real estate services, real estate development marketing, and financial institutions (credit unions and insurance and trust companies). BCFSA also administers the Credit Union Deposit Insurance Corporation of British Columbia (“CUDIC”).
Communications Manager, (778) 783-4057, [email protected]