Role of Managing Brokers in B.C.'s Changing Real Estate Landscape

The Office of the Superintendent of Real Estate (OSRE), in collaboration with the Real Estate Council of British Columbia (RECBC) and the Ministry of Finance, is undertaking work to review the roles and responsibilities of managing brokers in B.C.’s changing real estate landscape to ensure the role continues to support regulatory protections for consumers, and fosters a strong culture of professionalism among licensees.

Background

Managing brokers occupy a critical role in the industry and have formal responsibility for the business operations of their brokerage and the actions of the licensed and unlicensed staff who provide services on the brokerage’s behalf. OSRE is aware that changing business models and practices may be adversely influencing the ability of managing brokers to effectively uphold their regulatory duties.

Consultations

To ensure that challenges are being properly identified and the right potential solutions are considered, this multi-phase project will include a number of different opportunities for licensees, including managing brokers, to contribute their thoughts and feedback.

  • September 2018: Initial information-gathering survey to identify issues and challenges – complete
  • Fall/Winter 2018: In-person regional engagement sessions in Prince George, Kelowna, Cranbrook, Vancouver and Victoria and written feedback from managing brokers to further explore impacts and possible solutions with managing brokers – complete
  • Fall 2019: Discussion paper for feedback on potential short and medium-term actions and longer-term concepts for the future – consultation in progress. (Please note: This is not a consultation regarding amendments to the Real Estate Rules.)

Watch this site for updates as the project progresses and for information on stakeholder engagement opportunities.

Project Timeline

Managing Broker Consultation Timeline

Project Documents