(Twitter - @OSRealEstateBC)

New rules would ban Realtors from representing both buyers and sellers

B.C. superintendent of real estate continues to act, following report into ‘shadow flipping’

New rules proposed by the B.C.’s superintendent of real estate could ban Realtors from representing buyers and sellers at the same time.

Key changes outlined in a proposal released Thursday include prohibiting the practice of dual agency and increasing mandatory licensee disclosures regarding representation and remuneration.

Dual agency, or limited dual agency, is a licensed Realtor representing both a buyer and seller in a transaction, or two or more competing buyers.

The ban would be exempt for Realtors in remote and under-served locations.

The proposed changes stem from recommendations issued in a report to the Real Estate Council of BC in June 2016, which examined the framework for real estate in the province.

The report was prompted by allegations that some real estate agents were flipping homes multiple times before a deal closed, also known as “shadow flipping,” that drove up prices and commissions.

The report also found that a Realtor representing more than one party in the transaction of a property could hinder their ability and duty to act in the best interests of the client.

But while the proposed ban on dual agency addresses a push for more transparency, Real Estate Board of Greater Vancouver president Jill Oudil insists the changes could give consumers less choice.

“We believe there are other circumstances where consumers should have the choice to consent to limited dual agency so long as they can demonstrate that their consent is informed,” Oudil said in a statement.

“People who’ve built a longstanding relationship with a Realtor shouldn’t be forced to find alternative representation in a transaction against their wishes.”


@ashwadhwani
ashley.wadhwani@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Good fencing makes good neighbours— especially when your neighbours are bears

Workshop in Pass Creek this weekend to promote benefits of proper protection for livestock

Starbucks baristas in Trail donate $7,000 in tips

Funds will go toward the breakfast program in five Kootenay Columbia elementary schools

Feeling the heat

What you see: If you have a recent photo to share email editor@trailtimes.ca

Air time at Trail Sk8 Park

The Trail Sk8Park is located near the Gyro Park boat launch

B.C. MP’s climate-change alarmism challenged

Letter to the Editor from Thorpe Watson, PhD, Warfield

People flocking to Vancouver Island city to see hundreds of sea lions

Each year the combination of Steller and California sea lions take over Cowichan Bay

Canadians more prepared for weather disaster than financial one: poll

RBC recommends people check their bank app as often as the weather app

B.C. dog owner sues after pet killed in beaver trap

A Kamloops man is suing the operator of a trapline north of the city after his dog died

Heading soccer balls can cause damage to brain cells: UBC study

Roughly 42 per cent of children in the country play soccer, according to statistics from Heritage Canada

Supreme Court hears case on migrant detainees’ rights to challenge incarceration

Currently, migrants who do not hold Canadian citizenship can only challenge detention through an immigration tribunal or a judicial review.

Canada Post issues new offer to employees as eBay calls on Ottawa to end strikes

Ebay is calling on the federal government to legislate an end to the Canada Post contract dispute, warning that quick action is needed to ensure retailers don’t lose out on critical Black Friday and Cyber Monday sales.

No G20 member has climate plan strong enough to meet Paris targets: report

Canada’s push to be a world leader in the fight against climate change may be hampered by its distinction for producing the most greenhouse gas emissions per person among the world’s 20 largest economies.

Talent show: B.C. girl, 8, memorizes entire periodic table

Grade 4 student Maya Lakhanpal heads to B.C. talent show finals with unique talent

B.C. teacher suspended 5 days for touching colleague’s buttocks

Lancer Kevin Price of Chilliwack has handed the retroactive suspension for 2017 incidents

Most Read