The British Columbia government is launching a review of the province’s real estate regulators to “make sure that British Columbians are effectively protected,” according to Finance Minister Carole James.
“Buying and selling property can be stressful,” James said. “People need to trust the professionals they are working with.”
She added that it was the government’s duty “to make sure the regulatory system is protecting people and functioning effectively.”
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 mechanisms for resolving disputes, the appropriate structure and composition of the regulators, and dividing responsibility for matters such as licensee qualifications and rulemaking.
Dan Perrin, principal of Perrin, Thorau & Associates, will lead the review.
The BC government said the review will help ensure that the province’s regulatory system is protecting consumers in the real estate market. Upon its completion, the review will provide recommendations to Carole for consideration by June 15.
Also read: Anonymous tip line for shady real estate agents live in BC
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