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On August 1, 2021, BCFSA became the single regulator for the financial services sector in B.C., including real estate services. Ensuring public protection and promoting confidence in B.C.’s real estate market is a key priority.
As part of the decision to introduce a mandatory cooling off period for residential real estate transactions, the Minister of Finance has asked BCFSA to consult with key industry stakeholders and experts to determine the parameters of this new measure. The Province has also instructed BCFSA to look into and consult on other potential changes to help protect consumers, including the practice of blind bidding. BCFSA will report back to the Minister of Finance with its findings and advice in early Spring 2022.
In the coming weeks BCFSA will be engaging with industry associations, including real estate boards. For those seeking to provide input, you may email [email protected]. All communications received will be forwarded to the Ministry of Finance for consideration.