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July 2, 2016 | Volume 28| Number 23 Phone: 604-502-6100 | Fax: 604-501-6111 | Email: voicerealtyads@gmail.com
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B.C. to end self regulation of real estate industry did not call for an end to the overall concept of self-regulation. It said the broader question of self-regulation was for the government to decide. Ms. Clark said the province will begin the task of overhauling the regulatory system in the coming weeks. The new system will see a dedicate superintendent of real estate take over all duties related to regulation, rule-making and discipline. The real estate council will still exist, but it, too, will be restructured to ensure the majority of its members come from outside the industry. Currently, just three of the council’s 17 seats are people from outside the real estate or property management sectors. The premier said the government will
B.C. Premier Christy Clark says the province will remove the real estate industry’s ability to regulate itself, a day after a report recommended wide-ranging change to how the housing industry is governed in a time of skyrocketing prices and new revelations about the unscrupulous practices of some real estate agents. Ms. Clark said the real estate industry has had a decade to figure out how to regulate itself, but it has failed. "The point of regulations to protect people, to protect consumers,” the premier told a news conference in Vancouver. However, while the panel noted there is a public perception that the real estate council “is unable or unwilling to take strong action” to protect consumers, it
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implement all of the panel’s recommendations. They included significantly higher fines – up to $250,000 for real estate agents and half a million dollars for brokerages – to enforce a raft of new rules, including a new code of ethics and a prohibition on so-called “double end” deals that see the same agent act for both the buyer and seller. "It is very important, primarily important that we protect consumers,” said Ms. Clark. “But the role of the real estate council and regulation is also to protect the vast majority of realtors – who are honest, hard-working people – from having their reputations tarnished by a few shady operators.”
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