Office of the Superintendent of Real Estate
The Office of the Superintendent of Real Estate (OSRE) is a regulatory agency of the B.C. government that protects citizens who are buying, selling or renting a home. OSRE carries out the duties of the Superintendent of Real Estate.
OSRE provides oversight and support to the real estate industry in B.C. Under the Real Estate Services Act, the Real Estate Development Marketing Act and the Strata Property Act, OSRE exercises statutory jurisdiction and takes enforcement action against misconduct.
Real estate services
Individuals and brokerages providing real estate trading or management services must be licensed with the Real Estate Council of British Columbia (unless otherwise exempted). OSRE protects consumers from unlicensed real estate services activity under the Real Estate Services Act.
Real estate development marketing
Under the Real Estate Development Marketing Act, OSRE regulates the marketing of multi-unit real estate developments. Real estate developers must provide full information and deposit protection to consumers before selling a unit in B.C.
Strata corporations are created by filing a strata plan with a Land Title Office in B.C. OSRE undertakes important functions under the Strata Property Act which are critical to the creation of strata titles, and which entrench property owners’ rights to rent their strata property.
Policy & Oversight
In 2016, an independent advisory group, led by the Superintendent of Real Estate, made recommendations to enhance protections for real estate consumers in B.C.
As a result of the recommendations, the Province has ended self-regulation of the real estate profession. Rule-making powers have been transferred from the Real Estate Council to OSRE. Changes to provincial legislation have increased OSRE’s oversight of the real estate industry.
In the new regulatory framework, OSRE will set standards of conduct for real estate licensees and evaluate the Real Estate Council’s delivery of its consumer protection mandate.