Government Announces Regulatory Review

Review of Regulatory Framework Announced

Earlier today, the Minister of Finance, Carole James, announced that the Province will launch a review of the real estate regulatory framework to enhance consumer protection.

The Real Estate Council of BC and the Superintendent of Real Estate welcome the review, which is intended to clarify the roles and responsibilities for each organization. The review will help to ensure that regulation of the real estate industry is effective and efficient, and that real estate consumers can have confidence in the regulatory framework that protects their interests.

“The Council welcomes the opportunity to contribute in any way we can to the process of reform started in 2016. Effective regulation of the real estate industry and proper protection of consumer interests are goals everyone can agree on. We will gladly participate in the review process.” said Council Chair Robert Holmes, Q.C.

“This review will be focused on the roles and responsibilities of the Council and the Office of the Superintendent of Real Estate, and does not include our ongoing regulatory reforms — we remain committed to implementing the recommendations of the Independent Advisory Group, including the changes being made by the Superintendent to the Rules that come into force on June 15. We look forward to working with Mr. Perrin to ensure that consumers are protected by a high-performing regulatory model that delivers outcomes that are fair, effective, and of the highest quality.” said Jon Vandall, Deputy Superintendent of Real Estate.

For further information about the review, please see the Province’s news release.

Today’s announcement of a regulatory review will not impact the rule changes which come into effect on June 15, 2018.

Office of the Superintendent of Real Estate

Suite 2800 — 555 West Hastings Street, Vancouver, BC, V6B 4N6

Tel: 604 660-1883 Toll Free: 1 855 999-1883

RealEstate@gov.bc.ca