Ban moves ahead in B.C. against same real estate agent for buyer and seller

New real estate consumer protection rules to take effect in March

Real estate agents will no longer be able to act on behalf of both buyers and sellers in B.C. as of next March, the province has announced.

The practice, known as dual agency, remains legal everywhere else in Canada.

The government proposed the new real estate consumer protection rules in September, sparking pushback from the B.C. Real Estate Association. President Jim Stewart say the regulations would limit choice for clients.

READ MORE: New rules would ban Realtors from representing both buyers and sellers

The province acknowledges that problem for buyers and sellers in remote communities, so have made an exemption for cases where “a particular property is so remote as to make finding another agent extremely difficult.”

Still, Stewart said clients who have forged a close relationship with their agents will lose out under the new regulations, as they’ll be prohibited from working with only agents they trust.

Other rules being brought in include requiring better disclosure of real estate licensee remuneration, and making sure consumers know their rights and warn them of the risks.

The new rules stem from recommendations issued in a report last year to the Real Estate Council of BC, 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.

Just Posted

WATCH: Tofino byelection candidates respond to community concerns at forum

Tofino will vote in a municipal byelection on Nov. 2.

NDP leader Jagmeet Singh to campaign in Port Alberni

Singh joins Courtenay-Alberni candidate for rally to kick off final weekend before election

Tofino byelection candidates explain why they’re running

Town to vote on Nov. 2 to fill council seat left vacant by tragic death of Coun. Dorothy Baert

West Coast becoming a vibrant bike community

“This area has everything and more to offer for riding enthusiasts of all diverse ages.”

YouTube video of Revelstoke grizzly bear goes viral

Why did the grizzly bear cross the railway tracks?

Elizabeth May confirms plan to eliminate fish farming in open ocean pens

Green Party leader stops in Qualicum Beach as part of Island campaign

STRIKE: WFP and USW are back at the table for mediation

“No further updates until either an agreement is reached or one party or the other breaks off talks”

Green Party leader Elizabeth May rolls through Vancouver Island to boost a party stronghold

Mocks media, evokes Martin Luther King, Nelson Mandela and promises change

Japanese buyer expands wood pellet contract with B.C.’s Pinnacle

Mitsui and Co. increases contract with Interior energy producer

RCMP members search shore along Stories Beach near Campbell River

Ground search not thought to be related to Oct. 16 homicide: RCMP

ELECTION 2019: Have Justin Trudeau’s Liberals really cut middle-class taxes?

Conservative Andrew Scheer vows to cut bottom bracket, NDP’s Jagmeet Singh targets wealth tax

Woman charged with numerous drug offenses stemming from a raid earlier this year at Island property

Police make arrest on an outstanding warrant dating back to January

B.C. RCMP officer suing the force for malicious prosecution

Cpl. Tammy Hollingsworth cleared of wrongdoing after misconduct hearing

Most Read