Real Estate Industry No Longer Self-Regulated

Since 2005, the real estate industry has been self-regulated by the Real Estate Council. The Council is made up of 16 members, including members appointed by the provincial government. The Council has a broad mandate which includes licensing, relicensing, education, compliance and discipline.

After a recent report from an Independent Advisory Group (IAG), Premier Christy Clark has decided to put an end to the present model, replacing the Real Estate Council with a Superintendent of Real Estate who will take over the Real Estate Council’s regulatory duties.

There will be other changes too. Premier Christy Clark announced that she will adopt all of the recommendations in the IAG’s report. These include putting an end to dual agency; increasing maximum fines for misconduct; closer scrutiny of license applicants; and requiring offers received on a real estate transaction to be filed and retained for potential review.

For further information, please see: https://news.gov.bc.ca/releases/2016PREM0074-001180

The content made available on this website has been provided solely for general informational purposes as of the date published and should NOT be treated as or relied upon as legal advice. It is not to be construed as a representation, warranty, or guarantee, and may not be accurate, current, complete, or fit for a particular purpose or circumstance. If you are seeking legal advice, a professional at Pushor Mitchell LLP would be pleased to assist you in resolving your legal concerns in the context of your particular circumstances.

It is prohibited to reproduce, modify, republish, or in any way use content from this website without express written permission from the Chief Operating Officer or the Managing Partner at Pushor Mitchell LLP. Third party content that references this publication is not endorsed by Pushor Mitchell LLP and in no way represents the views of the firm. We do not guarantee the accuracy of, nor accept responsibility for the content of any source that may link, quote, or reference this publication.

Please read and understand our full Website Terms of Use and Disclaimer here.

Legal Alert, Pushor Mitchell’s free monthly e-newsletter