Fee changes will support continued improvements to strengthen regulatory compliance, services
February 1, 2021 – Licensing fees collected by the Real Estate Council of BC (RECBC) will be changing on April 1, 2021. The fees, which are paid every two years by real estate professionals, will be increasing by $200. This fee increase will help to sustain and improve RECBC’s oversight of the real estate sector. RECBC receives no public funding.
The increase follows a 30-day consultation period during which more than 1,100 real estate professionals, members of the public, and other stakeholders took the opportunity to give their feedback to RECBC on the proposal to raise fees. Two-thirds of respondents indicated in an online consultation survey that after reading the consultation whitepaper, they understood the regulator’s need to raise fees.
“While RECBC isn’t required to consult before making changes to fees, we recognized that 2020 was a challenging year for many businesses, and so we felt that the most transparent way of proceeding was to conduct a consultation before implementing any increase. We’re very encouraged that the responses demonstrate a widespread understanding of the reasons for making this fee change,” noted RECBC CEO Erin Seeley. “At RECBC we are always striving to make regulation of the real estate sector as efficient and cost effective as possible.”
Licence fees enable RECBC to regulate real estate professionals across the sector, including trading services (real estate sales), strata management and rental property management. There are more than 25,000 licensed real estate professionals in BC.
More information on the results of the consultation is available in the 2021 Licensing Fee Consultation Summary Report, available on the RECBC website. A further report, detailing and responding to feedback received during the consultation on key areas for the regulator to focus on in the future, will be forthcoming in March 2021.
Complete information on licensing fees, including the components of the licensing fees collected by RECBC, is available on the Fees page of the RECBC website.