Changes coming to real estate industry oversight

The BC Financial Services Authority is set to take on oversight of the province’s real estate industry. By bringing the Real Estate Council of BC and the Office of the Superintendent of Real Estate under the BCFSA, the province hopes to reduce money laundering by better coordinating the financial services sector.

The amendments to the Real Estate Services Act are expected in late-2021, and will give BCFSA authority for:

• education and licensing for real estate professionals
• establishing rules governing the conduct for real estate professionals
• investigation and discipline for licensed and unlicensed individuals.