Real Estate Services Rules Amendments

BCFSA conducted a 60-day public consultation on proposed amendments to the Real Estate Services Rules (“Rules”) that will establish a regulatory framework for real estate teams and align brokerage trust accounting rules with federal requirements.

Strengthening Real Estate Teams Regulation

Real estate teams (“teams”) are a popular option for B.C. consumers who are buying, selling, or leasing real estate. Teams offer consumers the expertise of a group of real estate licensees working together to provide real estate services to clients. BC Financial Services Authority (“BCFSA”) is seeking to improve consumer protection by clarifying the role and duties of teams and team members through proposed amendments to the Real Estate Services Rules (“Rules”).

Pooled Trust Account Reporting Requirement Changes

Upcoming amendments to Canada Deposit Insurance Corporation (“CDIC”) deposit insurance protection rules take effect on April 30, 2022. These changes will mean that professional trustees may be eligible to designate certain accounts at federally regulated financial institutions as professional trustee accounts and benefit from streamlined information reporting requirements. The proposed amendment will reduce unnecessary duplication between the Rules and CDIC’s rules.

BCFSA’s Consultation Process

The consultation period is now closed. The consultation was part of BCFSA’s commitment to enhance the regulation of real estate services in B.C. by introducing amendments that promote transparency and strengthen consumer protection.

During the 60-day consultation period from February 23 to April 24, 2022, BCFSA invited feedback from B.C. consumers and licensees on proposed amendments to the Rules respecting teams and trust accounting.

To learn more about the Real Estate Services Rules amendments, please review the annotated draft Rules and accompanying FAQs.