Victoria – The Province is launching a review of B.C.’s real estate regulators to make sure that British Columbians are effectively protected.
That announcement came Wednesday from BC Finance Minister Carole James.
“Buying and selling property can be stressful, and people need to trust the professionals they are working with,” said James. “Our duty as a government is to make sure the regulatory system is protecting people and functioning effectively. We’re launching a review of the province’s real estate regulators, to make sure they’re acting in the best interest of British Columbians.”
The review will examine the roles and responsibilities of the Real Estate Council of British Columbia and the Office of the Superintendent of Real Estate.
Topics under review include the appropriate structure and composition of the regulators, how they should communicate, mechanisms for resolving disputes, and how to divide responsibility for matters such as licensee qualifications and rule making.
The purpose of this review is to ensure B.C.’s regulatory system is protecting consumers in the real estate market. The review will provide recommendations to the Minister of Finance for consideration by June 15, 2018.
FYI:
* Dan Perrin, of Perrin, Thorau and Associates Ltd., will lead the review.
* Perrin is an experienced former public servant and has completed several other reviews for government.
Steve Lerigny, Executive Officer with CADREB – Chilliwack Real Estate Board told FVN:
This was a concern that was highlighted after the announcement of the first Regulatory changes, the Superintendent did a consultation and the RE Council came out with the interpretations. These two offices seem to be in conflict with each other.
Here is the discussion paper from BCREA BC Real Estate Associtation
- Government news release (Review of real estate regulators to strengthen protections): https://news.gov.bc.ca/releases/2018FIN0014-000654
- BCREA position on real estate regulatory redesign: http://bcrea.bc.ca/docs/government-relations/2018-04regulatoryredesignposition.pdf
