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BC Financial Services Authority Seeks to Strengthen Regulation of Real Estate Teams

Regulator Invites Feedback on Proposed Real Estate Services Rules Amendments

Vancouver, B.C. – BC Financial Services Authority (“BCFSA”) is taking action to further strengthen protection for real estate consumers. The organization is inviting British Columbians to give their feedback on proposed amendments to the Real Estate Services Rules (“Rules”) that will clarify the role and duties of real estate teams and team members.

Real estate teams are a popular option for B.C. consumers who are buying, selling, or leasing real estate. They offer consumers the expertise of a group of real estate licensees working together to provide real estate services to clients. However, despite the popularity of teams, there is a lack of regulation and guidance regarding this business practice, which poses risks to consumers. This has prompted BCFSA to consider amending its Rules to better protect consumers.

BCFSA’s proposed amendments are intended to strengthen the regulatory framework for real estate teams by requiring that:

  • All teams register with BCFSA;
  • Teams include two or more licensed members;
  • Team members provide services through their team only; and
  • Team members clearly identify their team name in all advertising.

BCFSA is also proposing Rules amendments to align trust account reporting requirements for real estate brokerages with upcoming changes to Canada Deposit Insurance Corporation (“CDIC”) deposit insurance protection rules. The amendments would eliminate unnecessary duplication and streamline information reporting requirements for brokerages, without decreasing the level of protection for real estate consumers.

The consultation on the proposed Rules amendments is open and will run until April 24, 2022.

Visit BCFSA’s website to learn more about the changes and to provide input on the proposed Rules:


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”).

Media Contact:

Warren Mirko
Communications Manager, (778) 783-4057, [email protected]

Visit: www.bcfsa.ca