Superintendent Releases New Rules: Changes will come into effect March 15, 2018

Superintendent Releases New Rules

Changes will come into effect March 15, 2018

The Real Estate Council of BC, as the licensing and regulatory body for the province’s 25,000 licensed real estate professionals, welcomes the new Rules published today by the Superintendent of Real Estate.

The Council is committed to ensuring that licensees receive the information they need to understand how to comply with the new rules. As part of its mandate to protect the public, the Council is developing materials for consumers to explain how the Superintendent’s changes will impact them, and to support consumers to make informed decisions when buying or selling property.

“The Superintendent is introducing significant changes to the way that BC’s real estate professionals conduct business,” says Real Estate Council Chair Robert Holmes. “Our role is to protect consumers by ensuring that when the Rules come into effect, all real estate licensees understand how to comply with the new requirements, and to get information into the hands of consumers that they can use to make solid choices when working with a licensee. “

The Rules, which come into effect on March 15, 2018, will increase the number and frequency of disclosures that real estate licensees must make to consumers. Under the new rules, limited dual agency will be prohibited in almost all cases.

The Council is developing new mandatory forms which will be used by real estate licensees to make the required disclosures. Information on the rule changes announced today is available now on the Council’s website, including:

• Updated Rules
• What’s Changing: An Overview of New Consumer Protection Rules
• New Rules: Information for Consumers
• New Rules: Information for Licensees

Licensees will receive further information and expanded resources to help them understand these changes over the next several weeks.

Anyone with questions about the Superintendent’s rule changes is encouraged to submit their queries to the Council, using an online form. The Council will post responses to questions in its online FAQs and will develop further information resources, including videos and infographics, based on the questions received.

Learn More

• See the announcement from the Superintendent of Real Estate

This information is provided to you by the Real Estate Council of British Columbia (RECBC).

Your feedback is always welcome and can be sent to info@recbc.ca.