Province introduces changes to real estate to better protect British Columbians

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VICTORIA, B.C. – The Province has announced that it is introducing changes to real estate to better protect British Columbians and combat money laundering.

According to the Government, residents can now buy and sell their homes with renewed confidence and protection as the B.C. Financial Services Authority takes its first steps toward becoming the single regulator for real estate.

Minister of Finance, Carole James, says the new legislation will give people the assurance they deserve while continuing to create world-leading protection against money laundering and other criminal activity in the province’s real estate sector.

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Creating a single regulator was one of the central recommendations from Dan Perrin’s Real Estate Regulatory Structure Review in September 2018 and was echoed in the Expert Panel on Money Laundering Report in May 2019.

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