Virani

BC Financial Services Authority To Be Created By Spring 2021 To Regulate BC’s Real Estate Sector.

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

BC has been under pressure to deal with money laundering in the province’s real estate market, which has inflated home prices by at least 5%. Creating a single regulator was a key recommendation for cracking down on money laundering in the sector.

Currently oversight and enforcement of regulations in BC’s real estate sector remains the joint responsibility of the Real Estate Council of BC and the Superintendent of Real Estate. Both have been mandated to work closely to crackdown on money laundering.

On Nov 1, the province created the BC Financial Services Authority as a Crown agency to continue the regulation of the province’s financial institutions, mortgage brokers and private pension plans. This Crown agency consists of an independent board of directors, effectively to take over from the Financial Institutions Commission under the Ministry of Finance.

Carole James who is BC’s Finance Minister unveiled plans for the new regulator to be created by the spring of 2021. Her reason for the lengthy rollout is mainly due to the fact that “ it will take some time to transition to make sure that the Crown Corporation is ready to take on that responsibility. ” She added, “For example, we don’t want to have a gap in disciplinary hearings. We also need to give the financial services agency some time to get up and running.”

According to B.C. Superintendent of Real Estate Michael Noseworthy, the change should make for better consumer protection “to increase public confidence in the broader financial services sector.”

Our team of real estate professionals has years of experience and first-hand knowledge about the market. We thrive on working with homeowners to help them achieve their dreams, whatever the season or style of home. For more information, please call us on 604 913 1000 or 604 695 1000, or email us.

More to explorer

Are You A Homeowner? Don’t Make These Mistakes During The Summer If you are a homeowner, summer does not mean lazy days

WE’RE HERE TO HELP

Connect With Us

Let's Chat


MESSAGE SENT!

Thanks for contacting us!
We will get in touch with you shortly
I consent to be contacted by Virani Real Estate Advisors and I agree to the Privacy Policy.

Let's Chat


MESSAGE SENT!

Thanks for contacting us!
We will get in touch with you shortly

Continue Browsing
I consent to be contacted by Virani Real Estate Advisors and I agree to the Privacy Policy.

105 – 100 Park Royal S West
Vancouver, BC, Canada
Tel: 604 913 1000


MESSAGE SENT!

I consent to be contacted by Virani Real Estate Advisors and I agree to the Privacy Policy.

This website uses cookies including third-party cookies, which allow us to obtain information about your visit to the website. Please review our Privacy Policy if you would like to learn more about the cookies used on this website. By continuing to use Virani’s website, you consent to the use of cookies.

Let's Chat


MESSAGE SENT!

Thanks for contacting us!
We will get in touch with you shortly

Continue Browsing
I consent to be contacted by Virani Real Estate Advisors and I agree to the Privacy Policy.