Real Estate Agent

In British Columbia, real estate agents are licensed and regulated by the BC Financial Services Authority (BCFSA) under the Real Estate Services Act (RESA). The BCFSA assumed this regulatory role on August 1, 2021, when the former Real Estate Council of BC (RECBC) merged into it. Agents must meet BCFSA's education, licensing, and conduct requirements to practise legally in the province.

In BC, every real estate agent must hold a valid licence issued by the BCFSA under RESA, but not every licensed agent is a REALTOR®. The REALTOR® trademark is owned by the Canadian Real Estate Association (CREA) and may only be used by licensed agents who are also CREA members through a local real estate board. Non-CREA members cannot use the REALTOR® trademark and do not have access to CREA member-only services such as REALTOR.ca or certain MLS® system privileges.

Under RESA and the Real Estate Services Rules, BC licences are issued in three categories of real estate services: trading services (buying and selling), rental property management services, and strata management services. An agent may hold a licence in one or more of these categories depending on their qualifications and the services they provide. Each category has its own educational prerequisites set by the BCFSA.

Yes. Under RESA and the Real Estate Services Rules, a licensee must make full written disclosure to all parties whenever they are providing trading services to both a buyer and a seller in the same transaction, a situation known as limited dual agency — which is now severely restricted in BC. BCFSA rules generally prohibit a single agent from acting for both buyer and seller in a residential transaction, and an agent must explain any agency relationship or conflict in writing before proceeding.

Under RESA, a licensed real estate agent who receives deposit funds on behalf of a client must place those funds into a designated trust account without delay. The trust account rules are set out in RESA and the Real Estate Services Rules, and the BCFSA supervises compliance with these requirements. Mishandling trust funds is a serious regulatory offence that can result in suspension or cancellation of a licence.

Under RESA and the Real Estate Services Rules, a licensee is prohibited from receiving remuneration from more than one party in a transaction without the informed written consent of all parties involved. This disclosure and consent requirement is designed to protect consumers and ensure transparency about who is paying the agent and how much. Agents must provide a written disclosure of all remuneration arrangements before any agreement is entered into.

BC real estate agents are subject to the Personal Information Protection Act (PIPA) of BC, which governs how private-sector organizations collect, use, and disclose personal information. An agent must identify the purpose for collecting personal information, obtain the client's consent, and protect that information with reasonable security safeguards. If an agent sends unsolicited commercial electronic messages, they must also comply with Canada's Anti-Spam Legislation (CASL), which requires express or implied consent before sending such communications.

Yes. When a real estate agent assists in the sale of a strata lot, they should ensure the buyer receives the disclosure documents required under the Strata Property Act (SBC 1998, c. 43), including Form B (Information Certificate) and Form F (Certificate of Payment), as well as other strata corporation documents such as bylaws, rules, minutes, and the depreciation report where applicable. These documents give the buyer essential information about the strata corporation's financial health, bylaws, and any outstanding liabilities. The Strata Property Act governs these requirements, not any condominium act, as BC has no statute by that name.

A BC real estate agent should inform buyers that Property Transfer Tax (PTT) is payable under the BC Property Transfer Tax Act on most real property transfers, calculated at 1% on the first $200,000 of fair market value, 2% on the portion from $200,000 to $2,000,000, 3% on the portion from $2,000,000 to $3,000,000, and an additional 2% on the residential portion exceeding $3,000,000. Exemptions may be available, including the First-Time Home Buyers' Program (full exemption for eligible purchasers on properties up to $835,000 as of 2026) and the Newly Built Home Exemption (up to $1,100,000). Agents should refer clients to the BC Ministry of Finance or a tax professional for advice specific to their circumstances.

Yes, a BC real estate agent may assist in selling property that forms part of a deceased person's estate, but the authority to instruct the agent comes from the legally appointed executor or administrator of the estate, as determined under the Wills, Estates and Succession Act (WESA) of BC. The agent should confirm that probate has been granted or that the representative has the legal authority to deal with the property before proceeding. The transaction is otherwise governed by RESA and the standard requirements applicable to any property sale in BC.