Who Regulates Real Estate Agents in BC and What Does BCFSA Do?
This answer covers the law of British Columbia.
BCFSA, the BC Financial Services Authority, regulates real estate licensees in British Columbia under the Real Estate Services Act. Since August 1, 2021 it has been the sole regulator, after the Office of the Superintendent of Real Estate and the Real Estate Council of B.C. integrated with it.
The Act is the law, and BCFSA is the body that applies it. BCFSA licenses and regulates real estate agents, rental property managers and strata managers, and also regulates real estate development marketing. The Act generally bars anyone from providing real estate services for pay unless licensed or exempt, and the exemptions include practising lawyers. The Act's powers are exercised by a Superintendent of Real Estate appointed by the Authority's board of directors.
If you have a concern, any person may make a written complaint to the superintendent about suspected professional misconduct or conduct unbecoming. Discipline can include a reprimand, suspension or cancellation. To check whether someone holds a licence, ask BCFSA directly, because the Real Estate Council no longer operates as a separate body.
Key takeaways
- BCFSA is the regulator of real estate licensees in BC under the Real Estate Services Act.
- The Real Estate Council of B.C. and the Office of the Superintendent of Real Estate integrated with BCFSA on August 1, 2021.
- BCFSA licenses real estate agents, rental property managers and strata managers.
- Anyone can make a written complaint to the superintendent about a licensee's suspected misconduct.