RECBC Celebrates 60 Years
This year marks the 60th anniversary of the Real Estate Council of BC since it was established by the BC Government in 1958. In the years since those early beginnings, we have achieved some significant milestones in how real estate licensees are regulated and how the interests of real estate consumers are protected. The past few years in particular have been a period of rapid change, but as the timeline below demonstrates, regulation is always evolving to meet the changing needs and expectations of the public, and to keep up with change in industry practices.
We’re looking forward to working with our co-regulator, the Office of the Superintendent of Real Estate, the provincial government and our stakeholders including real estate licensees, to chart the future of public protection for real estate consumers in BC.
Significant Moments in Real Estate Regulation: 1958 – 2018
|1958||the Real Estate Act is passed and includes provision for a Real Estate Council with members elected from the real estate industry, representing all areas of the province.|
|1985||responsibility for licence issuance and administration is delegated to RECBC|
|1986||responsibility for disciplinary decision-making is delegated to RECBC, with provisions for appeals by both licensees and the Superintendent|
|1987||administrative responsibilities of the Superintendent’s office is delegated to RECBC|
|1994||RECBC begins licensing rental managers|
|1993||two public member positions are added to ensure that the interests of consumers remained foremost in RECBC’s work|
|2005||the Real Estate Services Act (RESA) and the Real Estate Development Marketing Act come into force, replacing Parts I and II of the Real Estate Act|
|2006||RECBC begins licensing strata managers|
|2007||RECBC introduces its Relicensing Education Program (REP) for all licensees in the province, requiring them to complete mandatory courses during each two-year licence period|
|2009||Personal Real Estate Corporations are introduced under RESA, allowing real estate licensees to take advantage of the benefits of incorporation|
|2016||RECBC initiates the Independent Advisory Group on Conduct and Practices in the Real Estate Industry to explore public concerns and review the regulatory framework|
|2016||changes to the Real Estate Services Act are passed, giving the Superintendent of Real Estate increased oversight and rule-making authority, and changing the governance of RECBC to a publicly appointed board|
|2018||RECBC becomes a Crown Agency and publishes its first government service plan|
|2018||Rules changes are introduced by the Superintendent of Real Estate banning dual agency in BC in order to protect real estate consumers by ensuring they receive the undivided loyalty of their agent.|
Government commissions a review to ensure that real estate regulation appropriately and efficiently protects participants in the real estate market. The Real Estate Regulatory Structure Review is released with six recommendations for changes.