Licensing fees collected by the Real Estate Council of BC will be changing in April due to adjustments made by both the Real Estate Compensation Fund Corporation and the Superintendent of Real Estate. As a result:
- Renewal fees for individuals remain unchanged:$1330.
- Renewal fees for brokerages will decrease:$1330, from $1480.
- Application fees for new licences will increase:$1660 for individuals, $1860 for brokerages.
A complete listing of the changes to licensing fees is available on the Council’sLicensing Fees
The Real Estate Compensation Fund Corporation administers the Real Estate Special Compensation Fund, which provides financial protection to consumers who have lost money entrusted to a real estate licensee. All real estate licensees contribute to the Compensation Fund through the licensing fees collected by the Council.
The Compensation Fund’s Board has determined that the Fund size is sufficient to allow it to stop assessing existing licensees at this time.
Beginning April 1, 2017:
- individuals or brokerages renewing licences will not pay a Compensation Fund assessment: a reduction of $100 for individuals, and $250 for brokerages.
- new individual applicants will pay a one-time fee of $300.
- new brokerage applicants will pay a one-time fee of $500.
The Real Estate Council collects fees on behalf of the Superintendent of Real Estate. Changes in 2016 to the Real Estate Services Act established a dedicated Superintendent of Real Estate with an expanded mandate to strengthen governance of the real estate profession and enhance consumer protection.
- To ensure the office of the Superintendent of Real Estate has the resources necessary to meet this expanded mandate, the Superintendent’s assessment will increase by $100, to $150.
To find out more about what you pay for through your licensing fee, and how fees will change in April, check out these resources on the Council’s website:
If you have a question that is not covered in the FAQ, contact the Council at 604-683-9664, toll-free 1-877-683-9664, or by email at [email protected].
This information is provided to you by the Real Estate Council of British Columbia (RECBC).
Your feedback is always welcome and can be sent to [email protected].