Amendments to improve oversight for real estate, financial services
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Creating a single regulator for real estate was a key recommendation from the Real Estate Regulatory Structure Review in 2018, as well as the Expert Panel on Money Laundering in BC Real Estate in 2019.
BCFSA currently regulates B.C.’s financial services market, including credit unions, trust companies, registered pension plans, insurance companies and mortgage brokers.
The amendments introduced to the Real Estate Services Act will give BCFSA authority with respect to:
- education and licensing for real estate professionals;
- establishing rules governing the conduct for real estate professionals; and
- investigation and discipline for licensed and unlicensed individuals.
The province is making legislative amendments to pave the way for BCFSA to become the single regulator for real estate in B.C. later in 2021.
Learn More:
Real Estate Regulatory Structure Review
BC Financial Services Authority
