BC is launching a review of the province’s real estate regulators to “make sure that British Columbians are effectively protected,” announced Finance Minister Carole James, this week.
“Buying and selling property can be stressful,” James said. “People need to trust the professionals they are working with.”
She added that it’s the government’s duty “to make sure the regulatory system is protecting people and functioning effectively.”
James said the review will examine the roles and responsibilities of the Real Estate Council of British Columbia and the Office of the Superintendent of Real Estate.
Topics under review include the appropriate structure and composition of the regulators, how they should communicate, mechanisms for resolving disputes, and how to divide responsibility for matters such as licensee qualifications and rulemaking.
Dan Perrin, of Perrin, Thorau and Associates will lead the review.
The province said the review will help ensure BC’s regulatory system is protecting consumers in the real estate market.
The government said that upon its completion, the process will provide recommendations to the Minister of Finance for consideration by June 15 of this year.