The B.C. government is launching a review of the province’s two key real estate regulatory groups, in order to "make sure that British Columbians are effectively protected," finance minister Carole James announced April 18.
The review will examine the Real Estate Council of British Columbia and the Office of the Superintendent of Real Estate's roles in the real estate market and whether they are living up to their responsibilities.
In a press release, the minister said, “Topics under review include the appropriate structure and composition of the regulators, how they should communicate, mechanisms for resolving disputes, and how to divide responsibility for matters such as licensee qualifications and rule making.”
Minister James added, “Buying and selling property can be stressful, and people need to trust the professionals they are working with.
“Our duty as a government is to make sure the regulatory system is protecting people and functioning effectively. We’re launching a review of the province’s real estate regulators, to make sure they’re acting in the best interest of British Columbians.”
The review, which will be led by former public servant Dan Perrin of Perrin, Thorau and Associates Ltd., has a deadline to provide recommendations to the Finance Ministry by June 15, 2018.