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Brokerage Data Request Instructions 2023
Brokerage Data Request Instructions 2023
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BC Financial Services Authority (“BCFSA”) is requesting information from real estate brokerages on:
- Sales of existing and newly built residential properties; and
- The use of the Home Buyer Rescission Period (“HBRP”), which came into effect January 2023.
Please review the following instructions to complete the Brokerage Data Request Workbook with information on residential real estate transactions at your brokerage for the period: February 19, 2023, to March 18, 2023.
There are two spreadsheets in the workbook:
- Residential real property sales (listing brokerages only); and
- HBRP notices (all trading services brokerages).
Send the completed workbook by email to [email protected] by Friday, March 31, 2023.
If trading services brokerages have no rescission notices or residential sales to report during the requested period (February 19, 2023, to March 18, 2023), BCFSA expects them to reply and advise that they have no relevant records.
How to Complete the Workbook
- Download the Brokerage Data Request Workbook from the BCFSA website. The workbook contains two spreadsheets:
a) Residential real property sale information (listing brokerages only); and
b) HBRP notice information (all trading services brokerages).
Be sure to review both spreadsheets to determine whether you have relevant information to submit. The spreadsheets are located in tabs, which can be found at the bottom of the workbook. - Branch offices should provide the information requested to your brokerage head office who will complete and submit the workbook to BCFSA. Brokerage head offices should use column E to add the branch office licence number associated with each sale or HBRP notice.
- Once completed, save the workbook with the name of your brokerage. For example, “XYZ_Realty.xls”.
- Send the completed workbook by email to [email protected] by Friday, March 31, 2023. You do not need to submit any other documents.
- If you have no residential sales from the time period (February 19, 2023, to March 18, 2023), send an email to [email protected] indicating “nil sales response” or write “nil sales” in the sales spreadsheet.
- If you have not represented any party where the contract of purchase and sale was rescinded by a home buyer rescission notice during the time period (February 19, 2023, to March 18, 2023), send an email to [email protected] indicating “nil HBRP Notices response” or write “nil HBRP Notices” in the spreadsheet associated with Home Buyer Rescission Period.
How to Complete the Residential Real Property Sales Spreadsheet (listing brokerages only)
For the purpose of this request, residential real property refers to existing and newly built dwellings including detached houses, semi-detached houses (e.g., duplexes), townhouses, apartments within a duplex or other multi-unit dwelling, a residential strata lot (condos), manufactured homes that are affixed to land, and a cooperative interest that includes a right of use or occupation of a dwelling.
For more information on the relevant residential real property, please refer to BCFSA’s Knowledge Base.
- Enter your brokerage name and head office licence number at the top of the spreadsheet. You can find the brokerage licence number using the Find a Professional on the BCFSA website.
- For each sale of residential property with a firm contract date between February 19, 2023, to March 18, 2023, where your brokerage, including any branch offices, was the listing brokerage, enter the information in the corresponding column in the residential real estate sale spreadsheet.
- Do not enter information for transactions:
a) Of pre-sale units subject to disclosures under the Real Estate Development Marketing Act);
b) Involving unrepresented sellers or where your brokerage otherwise represented the buyer only;
c) Of assignments of the contract of purchase and sale, regardless of whether you represented the assignor or the assignee; or
d) Involving commercial real estate (e.g., sales or multi-year leases involving primarily commercial properties). - Refer to the residential real estate sales reference table below for more details about the requested information and suggestions for locating the information in your records.
- When adding the information to the spreadsheets, begin on Row 9 and please follow the format of the example already added to Row 8.
- For the columns H to M use the drop-down menu to select “Y” (yes) or “N” (no). Collect and enter the information for all trades in residential real estate listed at your brokerage with a firm contract date between February 19, 2023, and March 18, 2023. Column B also has a drop-down selection menu related to the local real estate board or association area where the subject property is located.
Residential Real Property Sales Reference Table (listing brokerages only)
| Column | Description | Instructions | Potential Source of Information |
|---|---|---|---|
| A | Licence number (brokerage and branch) | Provide the licence number of the brokerage or the branch office who listed the subject property. | Find a Professional |
| B | Local real estate board or association where the property is located | Provide the name of the local real estate board where the subject property is located. Select from the drop-down menu. If it is unknown which board area the subject property is in, select “unknown”. | |
| C | Date of listing agreement | Provide the date on which the seller and the licensee entered into a listing agreement. | Listing agreement |
| D | List price on date of offer acceptance | Provide the list price of the subject property on the date of offer acceptance. | Listing agreement (including the most recent amendment) MLS System |
| E | Date of offer acceptance | For the accepted offer only, provide the date on which the seller accepted the offer. | Contract of Purchase and Sale |
| F | Firm contract date | Provide the date on which the Contract of Purchase and Sale became firm. For a subject-free or unconditional offer, this would be the date that the seller accepted the buyer’s offer. For a conditional offer, this would be the date when the buyer (and/or seller) removed all subjects. Ensure the firm contract date is between February 19, 2023, to March 18, 2023. | Contract of Purchase and Sale MLS System |
| G | Sale price | Provide the final sale price of the property. If the final sale price is different than the price in the accepted offer, list the final sale price only. | Contract of Purchase and Sale MLS System |
| H | Unconditional offer (Y/N) | Provide information on whether the accepted offer was unconditional. Select “Y” for “yes” or “N” for “no.” If the offer was unconditional, the next four columns do not need to be completed. | Contract of Purchase and Sale |
| I | Home inspection condition (Y/N) | Provide information on whether the accepted offer included a condition precedent for a home inspection. Enter “Y” for “yes” or “N” for “no.” | Contract of Purchase and Sale |
| J | Financing condition (Y/N) | Provide information on whether the accepted offer included a condition precedent for confirmation of financing. Enter “Y” for “yes” or “N” for “no.” | Contract of Purchase and Sale |
| K | Insurance condition (Y/N) | Provide information on whether the accepted offer included a condition precedent for confirmation of insurance. Enter “Y” for “yes” or “N” for “no.” | Contract of Purchase and Sale |
| L | Other conditions (Y/N) | Provide information on whether the accepted offer included any conditions precedent other than a home inspection, financing, and insurance. Enter “Y” for “yes” and “N” for “no.” You do not need to specify the content of these additional conditions precedent, if any. | Contract of Purchase and Sale |
| M | PDS incorporated into contract (Y/N) | Provide information on whether a Property Disclosure Statement (“PDS”) was completed and incorporated into the contract. Enter “Y” for “yes” and “N” for “no.” (Note: If the seller completed a PDS but it was not incorporated it into the contract, enter “N” for “no.”) | Contract of Purchase and Sale |
| N | Total number of offers received | Provide the total number of offers received on the subject property. | Disclosure to Sellers of Expected Remuneration |
| O | Price of highest not-accepted offer | Provide the price of the highest offer that the seller did not accept. | Disclosure to Sellers of Expected Remuneration |
How to Complete the Home Buyer Rescission Period Notices (HBRP Notices) Spreadsheet (all trading services brokerages)
- Open the fourth tab in the workbook, titled “HBRP Notices”. Enter your brokerage name and contact details at the top of the spreadsheet.
- Enter the information in the corresponding column for each accepted offer where your brokerage represented a buyer and/or a seller in a transaction where a rescission notice was issued under the Property Law Act and associated regulations.
- Refer to the HBRP Notices reference table (below) for more details about the requested information and suggestions for locating the information in your records.
- When adding the information into the spreadsheets, begin on Row 9 and please follow the format of the example already added to Row 8 on both spreadsheets.
- For several columns a small arrow will appear to the right of the cell, click and use the drop-down menu to select the appropriate answer (e.g., local real estate board or association where the subject property is located, property type).
Home Buyer Rescission Period Notices Reference Table (all trading services brokerages)
| Column | Description | Instructions | Potential Source of Information |
|---|---|---|---|
| A | Licence number (brokerage and branch) | Provide the licence number of the brokerage or the branch office that represented the buyer and/or seller in a transaction where a rescission notice was issued. If one branch office of the brokerage represented the buyer and another the seller, provide this information on two separate rows in the Workbook and capture the appropriate licence number. Under column (G) you will specify which party brokerage represented for each row. If your brokerage represented both the buyer and the seller through one office, use one row and select “both” under column (G). | Find a Professional |
| B | Local Real Estate Board or Association where the property is located | Provide the local real estate board or association where the subject property is located by selecting from the drop-down menu. If it is unknown which board area the property is in, select “unknown”. | |
| C | Residential real property type | Provide the type of residential real property that was subject to the rescinded contract. Use the dropdown menu to select the property type: - Detached house; - Semi-detached house (e.g., duplex); - Townhouse; - Apartment in a duplex or other multi-unit dwelling; - Residential strata lot (condos); - Manufactured home that is affixed to land; or - Cooperative interest that includes a right of use or occupation of a dwelling. | MLS System |
| D | List price on the date the offer was accepted | Provide the list price of the subject property on the date the offer was accepted. | Listing agreement Contract of Purchase and Sale MLS System |
| E | Accepted offer price | Provide the purchase price in the rescinded contract. | Contract of Purchase and Sale Disclosure to Sellers of Expected Remuneration |
| F | Date of offer acceptance | For the rescinded contract only, provide the date on which the seller accepted the offer. | Contract of Purchase and Sale |
| G | Which party the brokerage represented | Provide information on which party your brokerage represented. Use the dropdown menu to select the appropriate response. Select “buyer” if your brokerage represented the buyer, select “seller” if your brokerage represented the seller, or select “both” if your brokerage was acting for both the seller and the buyer. | Contract of Purchase and Sale Disclosure of Representation of Trading Services HBRP Notice |
| H | Date of rescission notice | Provide the date that the rescission notice was sent by the buyer (if known). If the date is not known, leave this field blank. | HBRP Notice |
| I | Amount payable on rescission (CAD) | The worksheet has been set up to automatically calculate the rescission fee amount based on the accepted offer price that you provide in column (E). The amount of the rescission fee that the buyer was required to pay is based on the agreed upon price between the buyer and seller. The fee is 0.25% of the accepted purchase price. | HBRP Notice Disclosure: Buyer’s Right of Rescission Contract of Purchase and Sale |
| J | Deposit provided (Y/N) | Provide information on whether the contract provides for a deposit to paid in relation to the accepted offer. Enter “Y” for “yes” and “N” for “no.” | Contract of Purchase and Sale Brokerage trust account records |
| K | Amount of deposit (CAD) (if applicable) | If applicable, provide the amount of the deposit provided for in the contract. If not applicable, enter “$0”. | Contract of Purchase and Sale Brokerage trust account records |
| L | Deposit held in brokerage trust account (Y/N) (if applicable) | Indicate whether the deposit, if one was provided, was held by your brokerage. Enter “Y” for “yes” or “N” for “no.” If no deposit was provided, enter “N” or leave field blank. | Contract of Purchase and Sale Brokerage trust account records |
More Resources
For more information about the brokerage data request, see our Frequently Asked Questions page.
If you have any questions about the request, please contact BCFSA’s Practice Standards Advisors via [email protected], or (604) 660-3555 (local) /(866) 206-3030 (toll-free).