Single Regulator to Oversee Real Estate Sector
Photograph by Tierra Mallorca
The provincial government is moving to implement one of the main recommendations from a report on regulating real estate sales.
The province is taking steps to make the BC Financial Services Authority the single regulator for real estate.
Creating a single regulator was a central recommendation in Dan Perrin’s Real Estate Regulatory Structure Review in September 2018.
It was echoed in the Expert Panel on Money Laundering Report in May of 2019.
As a single regulator, the BC FSA will take responsibility for real estate licensing, conducting investigations, and discipline.
Finance Minister Carole James says the BC Financial Services Authority, Office of the Superintendent of Real Estate and the Real Estate Council of BC can combine their expertise to protect consumers.
BC FSA chair Stanley Hamilton says it builds on the important work already in progress at the Authority and consumers will benefit from an unprecedented depth of expertise and experience.