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Consultation on Proposed Amendments to Real Estate Data Collection Rules
Closed
Launched: 26 June 2023
Closed: 27 August 2023
BCFSA held a 60-day consultation from June 26 to August 27, 2023 on proposed amendments to the Real Estate Services Rules (“Rules”) that will strengthen and clarify BCFSA’s authority to collect real estate data.
Enhancing the ability to gather this information gives BCFSA a deeper understanding of current real estate market conditions and practices, including market-driven risks to residential real estate consumers. The data contributes to BCFSA’s evidence-based policy and decision-making to help protect British Columbians during life’s most important financial decisions – like buying or selling property.
The consultation also included proposed Rule amendments to enhance requirements for document retention and for disclosures of conflicts of interest to be in writing.
To learn more about the consultation, see the Rules Amendments Data Collection Advisory.
The consultation on Proposed Amendments to Real Estate Data Collection Rules is now closed. BCFSA thanks everyone who provided feedback.
The feedback was reviewed by BCFSA and was used in developing recommendations for the Minister of Finance regarding the proposed rule amendments. For a summary of the feedback, read the Consultation Summary Report.
The proposed Rule amendments were approved by the Minister of Finance and the new Rules come into force on February 1, 2024.
View the Final Rules