Update from the Superintendent of Real Estate
The Role of Managing Brokers in BC’s Changing Real Estate Landscape
In recent months, staff from my office have been working in close collaboration as a team with staff from the Real Estate Council and the Ministry of Finance to review the role and responsibilities of managing brokers in BC’s changing real estate landscape. The purpose of this project is to ensure that the role continues to support regulatory protections for consumers and fosters a strong culture of professionalism among real estate licensees in light of significant changes to industry business practices over the last decade.
In order to ensure that any changes that are proposed are effective and reflect what is actually happening on the ground, a direct consultation with the managing broker community was needed. This particular consultation was conducted with the objective of gathering information that will allow us to make enlightened changes. This is why we have sought out the viewpoints of a wide variety of managing brokers, and will continue to seek out the opinions of interested and affected groups in future consultations as well.
Recently, the consultation team held meetings in Prince George, Kelowna, Cranbrook, Vancouver, and Victoria to engage managing brokers to validate and further explore the issues, challenges, and potential solutions identified through an information-gathering survey that was conducted in September of this year. I would like to thank everyone who participated in the survey and participated or expressed interest in participating in a roundtable session. I appreciate that you have contributed your time to provide your feedback and engaged with staff to help shape the project.
Regardless of whether or not they were able to attend a session, all managing brokers have been invited to submit written feedback on the meeting materials, which have now been posted on the project website alongside a summary report highlighting the results of the survey.
The outcomes of the roundtables, as well as the information gathering survey, will be used to develop a discussion paper with high-level options that will be released in spring/summer 2019. Additional engagement activities are planned to gather feedback on the discussion paper from licensees, industry stakeholders, and the public.
For further information on the project and upcoming engagement opportunities, I encourage you to visit the project website.
New strata assignment requirements for developers
Licensees should be aware of new requirements for developers associated with the introduction of the new Condo and Strata Assignment Integrity Register by the provincial government. Effective January 1, 2019 developers who market residential strata lots for sale or long-term lease must:
- collect information about assignments of purchase agreements, including key terms of each assignment agreement and the name and social insurance number or business information of the parties to the assignment;
- include terms and a notice in their purchase agreements and disclosure statements to inform purchasers of the new collection and reporting requirements; and
- report this information quarterly through the online Condo and Strata Assignment Integrity Register operated by the Land Title and Survey Authority for the Ministry of Finance’s Property Taxation Branch. Please note, the register will be available in February 2019.
Superintendent of Real Estate
For additional information, please see: