With the country’s record population growth comes a labour shortage in certain professions – real estate being one of them. In light of this, British Columbia’s recent International Credentials Recognition Act was introduced.

Act to help fill labour gaps faster

The Act is meant to attract immigrants by fast-tracking the recognition of foreign credentials in certain fields (there are 29). The goal is to fill professions experiencing a shortage – real estate included.

“Skilled professionals from around the world move to B.C. hoping to put their skills to good use, but instead face huge obstacles and an often-confusing process to get their credentials recognized,” says Premier David Eby in a news release.

“With the skills shortage we have in this province, we cannot afford to leave anyone on the sidelines. That’s why we’re taking action to close the gaps in the system so people can get to work faster, fill in-demand jobs and provide much-needed services to people in B.C.”

Why real estate if no shortage?

It may sound surprising that real estate is included since B.C. is world-renowned for the industry. The province is home to about 29,100 real estate professionals, according to the BC Financial Services Authority.

In fact, the organization notes huge annual growth last year of 6 per cent – about three times the healthy 2 per cent population growth. That’s about one in 102 people in the industry, higher than the Greater Vancouver area last year (one in 146). In an average month, a home is sold for every four B.C. agents and brokers.

So, there’s clearly no shortage like other sectors are experiencing. Then why has the province included real estate agents, associate brokers and managing real estate brokers?

There may be many thoughts and theories, one being to gain more voices and impact policy for the industry to maintain a thriving market.