Tuesday July 13, 2021 | VICTORIA, BC
by Jalen Codrington | Island Social Trends
Beginning next month, British Columbia’s financial sector will transition to having only a single regulating body, as the B.C. Financial Services Authority (BCFSA) absorbs the current two real estate regulators.
Legislation to integrate the Office of the Superintendent of Real Estate (OSRE) and the Real Estate Council of British Columbia (RECBC) into the BCFSA was introduced in March 2021. Now, with the legislation passed, the organisations will be absorbed on August 1, 2021.
The move to integrate oversight of the real estate sector follows a long-running effort to combat money laundering in the province. In 2018, the Real Estate Regulatory Review recommended the creation of a single regulator of real estate to streamline regulation and clarify regulatory roles, noting that the existing system (in which the real estate industry is allowed to self-regulate) can make BC’s real estate market vulnerable to manipulation and abuse.
“Creating a modern, effective and efficient regulator is a big part of making sure people have consumer protection when buying or selling a home, while also building world-leading protections against money laundering and tax evasion,” said Finance Minister Selina Robinson in a recent BC Government news release.
Currently, BCFSA regulates credit unions, trust companies, registered pension plans, insurance companies, and mortgage brokers, as well as administering the province’s deposit insurance program. In integrating real estate, the BCFSA will add several responsibilities, including the education and discipline of real estate licensees.
Michael Noseworthy, current superintendent of real estate, wrote, “This is a significant and positive change to the regulation of the real estate sector. We will continue to work together to create a cohesive, efficient framework that protects consumers in British Columbia.”
~ Mary P Brooke, Editor
===== LINKS (provided by the Ministry of Finance):
Read more about the new organizational structure of BCFSA, to be in place on Aug. 1, 2021:
https://www.bcfsa.ca/pdf/news/BCFSAStatus05192021.pdf
Read about the amendments to enable the creation of a single regulator for B.C.’s financial services, including real estate:
https://news.gov.bc.ca/releases/2021FIN0017-000368
Read the final report from the Real Estate Regulatory Review:
https://news.gov.bc.ca/files/Real_Estate_Regulatory_Structure_Review_Report_2018.pdf
Learn about the Expert Panel on Money Laundering in B.C. Real Estate and read the report:
https://www2.gov.bc.ca/gov/content/housing-tenancy/real-estate-bc/consultations/money-laundering
===== OTHER REAL ESTATE LINKS:
BC Real Estate Association (BCREA)
Vancouver Island Real Estate Board (VIREB)
Victoria Real Estate Board (VREB)
