As of August 1, 2021, the Real Estate Council of British Columbia (“RECBC”) and B.C.’s Office of the Superintendent of Real Estate (“OSRE”) integrated with the BC Financial Services Authority (BCFSA), to become the sole regulator for real estate professionals.
This change now means that there is a single regulator of B.C.’s financial services sector overseeing real estate services (including Strata), credit unions, trust and insurance companies, mortgage brokers, and pension plans.
There are no changes to the legislated requirements. The Real Estate Services Act, Regulations and Rules remain the governing legislation for the industry. The Real Estate Services Rules have been renumbered to align with provincial drafting standards; however, there are no changes to the conduct requirements for licensed real estate professionals.
Along with the integration, BCFSA has launched a new website and will be unveiling a modernized regulatory management system in September. The new system will optimize and automate certain submissions and filing processes. Specifically, the new system will help to improve information quality, data collection, document management, reporting, and accessibility as well as boost overall regulatory efficiency and effectiveness.
Strata corporations may have reference to the RECBC in their Bylaws, Rules, Policies, Contracts, and other documentation. We have been advised that making updates is not necessary; however, moving forward, it is important to reference the correct regulator. This will no doubt take a little getting used to.