Printed . This content is updated regularly, please refer back to https://bcfsa.ca to ensure that you are relying on the most up-to-date resources.
Earlier this year, BC Financial Services Authority (“BCFSA”) hosted a 60-day public consultation to collect feedback from B.C. consumers and licensees on proposed amendments to the Real Estate Services Rules (“Rules”). The proposed Rules will establish a regulatory framework for real estate teams and align brokerage trust accounting rules with federal requirements. A total of 1,252 individuals participated in the consultation and we also received written feedback from real estate industry stakeholders.
Thank you to everyone who provided feedback during the consultation. Moving forward, BCFSA will seek consent from the Minister of Finance to make the new Rules. Subject to ministerial consent, we intend to bring the Rules respecting teams into force April 1, 2023, and the Rules respecting trust accounting on October 1, 2022. BCFSA will provide additional guidance and education on the proposed Rules to support implementation and to ensure that the transition is smooth for B.C.’s real estate licensees.
To learn more about what we heard during the consultation, please see the consultation summary reports released July 20, 2022.