Real Estate Regulators Support Government Action on Money Laundering in Real Estate

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Vancouver, September 27, 2018- The Real Estate Council of BC (RECBC) and the Office of the Superintendent of Real Estate (OSRE) welcome today’s announcement by the provincial government to take action to address the risks of money laundering in real estate.

As provincial regulators with a mandate to protect the public interest by regulating the conduct of real estate professionals under the Real Estate Services Act, we welcome these measures to strengthen protection for real estate consumers, along with the recommendations contained in the regulatory review report released today.

“We fully support the Government’s goal of creating world class regulatory standards in BC,” said the newly appointed Chair of RECBC, Elain Duvall. “On behalf of the Real Estate Council, I want to thank Dan Perrin for this thorough and timely report with recommendations that will benefit the public. We appreciate Government’s willingness to act on these important issues.”

Superintendent of Real Estate Micheal Noseworthy said, “We welcome recommendations to improve the regulatory framework for real estate in British Columbia and look forward to working with Government and our colleagues at the Real Estate Council of BC to better protect consumers.”

RECBC and the Superintendent will review the recommendations released today in the Real Estate Regulatory Structure Review prepared by Dan Perrin. Both look forward to the opportunity to provide input to the Expert Panel on Money Laundering in Real Estate and to working with Government to achieve its commitment to tackling speculation, fraud and money laundering in real estate.

RECBC and OSRE also look forward to collaborating with Government on proposed changes to the regulatory regime to ensure that real estate consumers are well protected. In the interim, the two organizations will be working together closely to coordinate policy priorities and to continue to implement the operational changes currently underway across RECBC.

RECBC and OSRE are committed to ensuring that real estate services regulation in British Columbia is effective, transparent and fair. Our goal is to ensure a strong, safe real estate marketplace in BC, where consumers can have confidence in the advice and services of licensed real estate professionals.