In March, amendments to the Real Estate Services Act (RESA) received Royal Assent, paving the way for a single financial services regulator in BC, including real estate. On May 19, the British Columbia Financial Services Authority (BCFSA) announced that the Office of the Superintendent of Real Estate (OSRE) and Real Estate Council of BC (RECBC) would be integrated into the BCFSA this summer.
The BCFSA says the creation of a single regulator – which, in addition to real estate services, already includes credit unions, trust companies, insurance companies, mortgage brokers and pension plans – will “simplify accountabilities and enhance regulator oversight through more effective business processes, investigations, and enforcements.”
The new regulatory model will be organized functionally with departments overseeing the entire financial sector.
In 2019, then Minister of Finance Carole James announced her government’s intention to carry out the amalgamation. This is the second restructuring of the real estate regulatory system in five years. BCREA welcomes opportunities for efficiencies and we look forward to a collaborative and productive relationship with the BCFSA as we continue to advocate for a regulatory environment that is informed by the REALTOR® perspective and results in increased consumer confidence.
Over the coming weeks, BCREA will continue work with the BCFSA, OSRE and RECBC to understand the impact of the changes and to provide input at every opportunity, ensuring the collective voice of BC Realtors is heard throughout the next stages of the regulatory shift.
To learn more about what you can expect with the move to a single regulator, click here.
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