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Data collected from brokerages will shed light on current residential real estate market conditions and practices.
BC Financial Services Authority (“BCFSA”) is conducting a data call with real estate brokerages to gather information about the residential real estate market. This data call builds on a similar exercise conducted in spring 2022 and will collect information about market-driven risks for residential real estate consumers. BCFSA will also collect early information about the use of the Home Buyer Rescission Period, or “cooling-off period,” which came into effect January 3, 2023.
The data collection covers the period of February 19, 2023, to March 18, 2023. The information will help BCFSA understand current real estate market conditions and risks to support BCFSA’s evidence-informed policy and decision-making.
The deadline for trading services brokerages to respond is March 31, 2023. BCFSA expects all trading services brokerages in British Columbia to provide a response, even if they have no data to report.
For more information, please check out the resources below: