Advisory

Purpose

BC Financial Services Authority is issuing this Advisory to notify managing brokers, associate brokers, and brokerages of the 2024 Real Estate Brokerage Data Call.

Background Information

BCFSA is collecting data from B.C. brokerages to gather information about the residential real estate market. This Data Call builds on the February 2022 and February 2023 data calls and will help inform BCFSA about risks consumers may be facing within B.C.’s real estate market.

The 2024 Real Estate Brokerage Data Call applies to all trading services brokerages representing sellers (i.e., listing brokerages) in residential real estate sales with firm contract dates between February 18, 2024, to March 16, 2024, inclusive. The specific data fields BCFSA is collecting can be found in the Regulatory Statement.

BCFSA will release the final data workbook and additional instructions in January. Brokerage submissions are due on or before March 31, 2024, and must be submitted via the IRIS portal.

BCFSA is bringing into force new Real Estate Services Rules, effective February 1, 2024, which will confirm that brokerages are required to provide such information to BCFSA, including personal information such as property addresses. For more information, see the December 13, 2023 Advisory.

Brokerages’ participation in this Data Call is mandatory and non-compliance may be subject to an administrative penalty or other enforcement action. If a brokerage does not have any relevant information to provide, it must still make a submission reporting no transactions.

BCFSA requires industry data to support its effective oversight of the financial services sector. Collecting additional information about real estate services and brokerage activities will support a strengthened basis for evidence-informed policy and regulatory decision-making. This will enable BCFSA to better assess market practices, compare year-over-year trends in market conditions, and evaluate policy or legislative changes in relation to the real estate segment and the overall financial services sector.

BCFSA is governed by the Freedom of Information and Protection of Privacy Act, which sets limitations and requirements related to BCFSA’s collection, disclosure, and use of personal information. For additional information on how BCFSA complies with these requirements, please visit BCFSA’s Privacy Policy.

2024 Data Call Information Session

On February 7, 2024, BCFSA will host a virtual information session covering key aspects and essential information related to the 2024 Real Estate Brokerage Data Call. Register now for this webinar to ensure you have a comprehensive understanding of how to submit your brokerage’s residential real estate data.

This one-hour session is intended for managing and associate brokers as well as any staff who assist with brokerage data collection and submissions.

2024 Data Call Information Session

Date: February 7, 2024
Time: 10 a.m. to 11 a.m. (PT)

Register Now

The information session will be recorded and made available for those unable to attend.

Additional Information

The final data workbook and additional Data Call instructions will be released in January.
For more information, please visit the resources below:

• 2024 Brokerage Data Call Regulatory Statement
• 2024 Brokerage Data Call Instructions
• 2023 Data Call Results

Managing brokers with questions about the Data Call are encouraged to reach out to BCFSA’s Practice
Standards Advisors:

• Email: [email protected]
• Phone: 604-660-3555 or toll-free 1-866-206-3030