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2024 Real Estate Brokerage Data Call Requirements Regulatory Statement
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REGULATORY STATEMENT NUMBER: RESA 23-023
TITLE: 2024 Real Estate Brokerage Data Call Requirements
LEGISLATION: Real Estate Services Act (“RESA”)
DATE: January 10, 2024 (updated)
DISTRIBUTION: Managing Brokers, Associate Brokers, and Brokerages Providing Trading Services
Purpose
This Regulatory Statement establishes the form and content for BC Financial Services Authority’s 2024 Real Estate Brokerage Data Call.
Background Information
Through the 2024 Real Estate Brokerage Data Call, 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 2023 Data Calls and will help inform potential future measures by BCFSA in relation to market-driven risks consumers may be facing within B.C.’s real estate market.
Section 93.1 of the Real Estate Services Rules requires licensees to provide to the Superintendent of Real Estate information maintained in licensees’ records, in accordance with any requirements specified by the Superintendent.
Requirements
This 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. 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.
Brokerages’ participation in this Data Call will be 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 make a submission reporting no transactions.
The specific information which brokerages are required to report is listed below:
| Data Requested | Description | Purpose |
| Brokerage Licence Number | The licence number of the brokerage or the branch office who listed the subject property | Identifier |
| Property address | The address of the listed property, including Parcel ID. | Geographic tag — allows for regional/sub-regional analysis and linkage to BC Assessment Data |
| Local real estate board or association where the property is located | The name of the local real estate board where the subject property is located | Geographic tag — allows for regional analysis |
| Date of listing agreement | Effective date on the MLS listing contract | To obtain metrics on market conditions |
| List price on date of offer acceptance | The list price of the subject property on the date of offer acceptance | To obtain metrics on market prices |
| Date of offer acceptance | The date on which the seller accepted the offer | To obtain metrics on market conditions |
| Firm contract date | The date on which the contract of purchase and sale became firm | To obtain metrics on contract conditions and buyer due diligence |
| Sale price | The final sale price of the property | To obtain metrics on market prices |
| Unconditional offer | Information on whether the accepted offer was unconditional | To obtain metrics on contract conditions and buyer due diligence |
| Home inspection condition | Information on whether the accepted offer included a condition precedent for a home inspection | To obtain metrics on contract conditions and buyer due diligence |
| Financing condition | Information on whether the accepted offer included a condition precedent for confirmation of financing | To obtain metrics on contract conditions and buyer due diligence |
| Insurance condition | Information on whether the accepted offer included a condition precedent for confirmation of insurance | To obtain metrics on contract conditions and buyer due diligence |
| Other conditions | Information on whether the accepted offer included any conditions precedent other than a home inspection, financing, and insurance | To obtain metrics on contract conditions and buyer due diligence |
| PDS incorporated into final contract | Information on whether a Property Disclosure Statement (“PDS”) was completed (not struck out) and incorporated into the final contract | To obtain metrics on contract conditions and buyer due diligence |
| Total number of offers received | The total number of offers received on the subject property | To obtain metrics on market conditions |
| Price of highest not-accepted offer | The price of the highest offer that the seller did not accept | To obtain metrics on market conditions |
Additional Information
The final data workbook and additional data call instructions will be released in January.
For more information on this Data Call, please see the resources below: