The BC Financial Services Authority (BCFSA) says it will provide greater protection for consumers when it becomes the single regulator for real estate.
The regulator will take responsibility over real estate licensing, conduct, investigations and discipline, following recommendations made by Dan Perrin’s Real Estate Regulatory Structure Review in September 2018 and echoed in the Expert Panel on Money Laundering Report in May 2019.
“Buying a home is one of the most significant purchases people make in their lifetime, and by working together, the BC Financial Services Authority, Office of the Superintendent of Real Estate and the Real Estate Council of BC can combine their expertise to better protect consumers,” said Carole James, Minister of Finance. “Through legislation, we are giving people the assurance they deserve, while continuing to create world-leading protections against money laundering and other criminal activity in our real estate sector.”
BCFSA officially became a Crown agency on November 1, 2019 and currently responsible for regulating mortgage brokers, private pension plans and financial institutions.
The province’s current real estate regulators - the Office of the Superintendent of Real Estate (OSRE) and the Real Estate Council of British Columbia (RECBC) – will be integrated into BCFSA, probably by spring 2021.
“We welcome the changes announced today to ensure that the regulatory framework provides effective consumer protection and to increase public confidence in the broader financial services sector,” said Micheal Noseworthy, superintendent of OSRE.
Elain Duvall, chair of RECBC added that the changes will be good for both consumers and the real estate sector.
“As we work towards the establishment of a single regulator, public protection will continue to be the Real Estate Council of British Columbia’s primary focus,” she said.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate