Financial Services Authority as single real estate regulator in British Columbia
The BC Financial Services Authority (BCFSA) has taken its first steps toward becoming the single regulator for real estate.
As the single regulator, a change expected to assist in combating money laundering, the BCFSA will take responsibility for real estate licensing, conduct, investigations, and discipline.
Since 2016, the Office of the Superintendent of Real Estate and the Real Estate Council of British Columbia have both played a vital role in overseeing the real estate industry. Moving forward, both agencies will be integrated within the BCFSA.
The Ministry of Finance is targeting fall 2020 to bring forward new legislation, while establishing an integrated real estate and financial services sector regulator is anticipated in spring 2021.