BC Government Makes Changes to Support REFBC

Newly passed legislation will help the Real Estate Foundation of BC (REFBC) to better achieve its mission and build stronger partnerships across the province.

Bill 8 (Real Estate Services Amendment Act, 2023) alters the composition of the Foundation’s seven-member Board of Governors and enables REFBC to operate at arm’s length of government.

The Province is transferring one of its Board appointments to the BC Non-Profit Housing Association (BCNPHA). Going forward, the Province of BC will continue to appoint three members of the Board. The remaining three seats will continue to be appointed by the Union of BC Municipalities, the BC Real Estate Association, and the Real Estate Institute of BC.

As part of the changes, the Minister of Finance is also relinquishing the power to direct the Foundation to carry out activities of the government’s choosing.

These amendments will help REFBC strengthen its credibility as an independent philanthropic organization and improve its ability to collaborate and partner with First Nations, non-profits, and other organizations and receive, manage, and distribute philanthropic resources. The selection of the BCNPHA as an appointing body to the Board also recognizes the important role of social housing and social purpose real estate in advancing REFBC’s mission.

“We are thrilled that the Government and Minister of Finance have listened to our concerns and recognized that the Foundation can be a more effective and impactful community partner as an arms-length philanthropic organization,” said Mark Gifford, CEO of REFBC. 

“We are looking forward to welcoming the appointment of the BC Non-Profit Housing Association to our Board of Governors,” said Stacey Tyers, Chair of REFBC’s Board of Governors. “The BCNPHA is an organization aligned with REFBC in terms of its mission and values, and we have enjoyed a long history of working together.”

“We’re excited to deepen our relationship with REFBC as an appointing body for its Board of Governors,” said Jill Atkey, CEO of the BCNPHA. “We look forward to continued collaboration in support of safe, affordable housing solutions for everyone.”

REFBC is a philanthropic organization working to advance sustainable, equitable, and socially just land use and real estate practices across BC. The Foundation funds projects, connects people, and shares knowledge. Since 1988, REFBC has granted more than $100 million to projects benefiting communities across BC.