March 25, 2020, Vancouver, BC - As British Columbians adapt to the new reality of social isolation and the closure of many services to fight COVID-19, increasing pressures are being placed on strata and rental property management companies. The Office of the Superintendent of Real Estate (OSRE) and the Real Estate Council of BC (RECBC) ask all British Columbia strata owners and tenants to have patience during these difficult times and to recognize that strata and rental property management companies are currently facing operational pressures that may impact their ability to respond to non-urgent matters.
Erin Seeley, the CEO of RECBC, noted “Strata and property management companies throughout BC are working extremely hard to maintain essential services to their clients, while implementing enhanced hygiene measures to prevent transmission of the virus and protect the safety of residents. We strongly recommend that they continue to prioritize the health and safety needs of residents, and of their own staff. This may mean that non-urgent matters will take lower priority.”
In recognition of the exceptional circumstances and the additional business pressures that brokerages are under, the regulators have extended the deadlines for regulatory reporting requirements for brokerages during this crisis.
Micheal Noseworthy, the Superintendent of Real Estate, said “We are temporarily extending the deadlines for yearly filings known as Accountant’s Reports, to allow additional time for brokerages as they deal with the challenges of the current environment. This means that brokerages with filings due between March 1 and April 30 will have until June 1, 2020 to file their reports with RECBC.”
Brokerages with filings due between March 1 and April 30 will be contacted directly by RECBC with more information about the temporary extension. To ensure ongoing public protection, RECBC will continue to strategically target audit activities based on risk and may request documentation and reports from brokerages as required.
OSRE and RECBC continue to work with the strata management and rental property management industries to ensure continuity of services during these difficult times, and to discuss the operational challenges being experienced by these businesses with government partners.
Please visit RECBC’s COVID-19 and Real Estate pages for key updates, resources and frequently asked questions in response to this pandemic. The content is evolving as the pandemic situation changes. Please also note response times from RECBC may be slower than normal as a result of COVID-19.