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BC Financial Services Authority is consulting on proposed changes to the administrative penalty framework for real estate licensees.
The proposed amendments are intended to speed up the outcomes of compliance and enforcement processes — they will allow BCFSA to increase its focus on more complex cases while ensuring that contraventions are responded to in a fair, consistent, and proportionate way.
The administrative penalty framework supports BCFSA’s mandate by providing measured and proportionate response to particular instances of non-compliance with the Real Estate Services Act (“RESA”), and its associated regulations and rules. To learn more, see:
- Phase 1: Administrative Penalty Technical Working Group
(April – May 2023)
- Phase 2: Public Consultation
(September — November 2023)
- Phase 3: Implementation
BCFSA is releasing proposed amendments to the Real Estate Services Rules (the “Rules”) for public and licensee comment. The proposed Rules amendments are intended to update the real estate services Administrative Penalty framework (sections 26 and 27 of the Rules) in light of 2021 amendments to Sections 56 and 57 [Administrative Penalties] of the Real Estate Services Act (“RESA”).
See additional information on these proposed amendments here:
BCFSA is seeking feedback on the proposed Rules. The consultation period will close on November 26, 2023.
If the Minister of Finance consents to the amendments, BCFSA intends to bring the Rules amendments into force in July 2024.
On October 24, 2023 BCFSA hosted a virtual information session for managing and associate brokers to learn more about the consultation on changes to BCFSA’s Administrative Penalty Framework.
As the first phase of its consultation approach, BCFSA established a Technical Working Group (“TWG”) of leaders from B.C. real estate organizations who provided feedback on proposed changes to the administrative penalty framework. TWG meetings took place in Spring 2023.
Further details regarding the goals and timelines for the TWG are available in the Terms of Reference.
Feedback from the Technical Working Group helped inform the development of the proposed Rules amendments released for consultation in Fall 2023.
- British Columbia Real Estate Association
- Landlord BC
- Professional Association of Managing Agents
- Real Estate Brokers Association
- Real Estate Errors and Omissions Insurance Corporation
- Strata Property Agents of BC
How to Participate
Please submit your comments through the Consultation Feedback Form. The consultation period will close on November 26, 2023