Council Meeting Highlights
At their July 2018 meeting, Council members approved new Administrative Penalties Policies, now posted online.
Council members directed staff to consult with stakeholders in order to develop new versions of the Disclosure of Representation in Trading Services and the Disclosure of Risks to Unrepresented Parties forms specific to the needs of prospective tenants, for use by rental property management licensees. For more information about this planned consultation process, read the Stakeholder Engagement page.
See the Council Meetings page for the upcoming meeting schedule and minutes of the July 2018 Council meeting.
Enhancing Protection for Real Estate Consumers
The third report on the progress of the Council’s implementation of the recommendations made by the Independent Advisory Group (IAG) is now available on our website. The report outlines the considerable steps the Council has taken up to March 31, 2018, including:
- Launched an Anonymous Tipline to facilitate reporting of licensee misconduct.
- Commissioned an independent review of educational requirements including a survey of real estate licensees and initial recommendations on the competencies required for effective professional practice at initial licensing and for continued practice.
- Developed and approved four new mandatory consumer disclosure forms required under the Superintendent’s agency and disclosure rules.
- Developed a new mandatory continuing education course in collaboration with UBC Sauder School of Business, Real Estate Division.
- Created and published Sanctions Guidelines to inform licensees and the public and guide discipline committees regarding the considerations involved in determining appropriate penalties for misconduct.
The Council is committed to implementing all of the recommendations of the IAG. We will continue to take steps to make these changes and enhance public trust in the real estate industry.
Find all the implementation progress reports on the Independent Advisory Group page.
The Council’s Annual Report for the 2017-2018 fiscal year is now available on our website. The report covers the 9-month period from July 1, 2017 to March 31, 2018, as the Council has adjusted its fiscal year end from June 30 to March 31, in order to align its financial reporting with Government Service Plan requirements as a Crown Agency.
The report, Building Trust, reflects the Council’s continued commitment to safeguarding the public interest in the real estate industry. Not only does the report provide financial statements and statistical information, it also outlines the Council’s initiatives towards promoting public trust, such as:
- removing barriers to reporting misconduct,
- increasing investments in technology,
- repealing pre-screening processes,
- increasing the transparency of our processes, and
- ensuring that complaints are dealt with appropriately, efficiently and effectively.
In the coming year, we will work diligently to continue to ensure that licensees are provided with resources to help them comply with enhanced agency and disclosure requirements, and to build consumer awareness of the Council’s services.
Highlights of the 2017-18 Annual Report:
Appointment of New Council Members
The Council is pleased to welcome two new members, who were appointed by the Honourable Carole James, Minister of Finance, on July 12, 2018. Linda Allen of Victoria and Neal J. Nicholson of Coquitlam will join the 12 current members in overseeing the Council’s policy implementation and direction, and setting strategic direction for the Real Estate Council of BC.
This addition brings the total number of serving Council members to fourteen and provides an increasingly diverse range of knowledge and skill. All members of Council are publicly appointed.
Learn more about Council members on the Real Estate Council Members page.
Real Estate Foundation of BC 2017-18 Annual Report
The Real Estate Foundation of BC (REFBC) is pleased to announce that it has released its 2017-18 Annual Report and Audited Financial Statements. Download the report to learn about REFBC’s grants, projects, and operations.
In its 2017-18 reporting period, REFBC supported BC communities by:
- granting more than $6.6 million to support land use and real estate related research, education, and policy analysis,
- releasing five public reports,
- hosting several working groups and collaboratives, and
- beginning to make impact investments.
REFBC receives income from the interest earned on pooled brokerage accounts. That money is returned to BC communities through its grants programs. Since 1988, REFBC has approved more than $80 million in grants. To keep-up-to-date on REFBC’s work, sign up for their e-newsletter.