(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

B.C. freestyle skier wins gold

Cassie Sharpe of Comox shines in the halfpipe

Icy conditions lead to Parksville crash

Sub-freezing overnight temperatures forecast for rest of week

Qualicum Beach Fire & Ice Festival snuffed out

Committee announces termination of event after 25 years

Parksville-Qualicum MLA says throne speech thin on detail

Stilwell: Government lacks economic development plan to pay for promises

VIDEO: Vaudeville variety show in Errington kicks off

Raunchy comedy, impressive singing, sultry dances and more feature in show

Moose creates uber Canadian Olympic moment

A Calgary man shares a truly Canadian moment on Twitter of a Moose enjoying the Olympics

The Wounded Warrior Run makes it to Woss

Feb. 20 marks the Woss to Sayward leg of the run

B.C. drunk driver unknowingly drags snowmobiles along highway

North District RCMP stopped a driver Sunday near Prince George whose two sleds had fallen off a flat deck trailer and were being dragged along behind his truck.

Canada reacts to Cassie Sharpe’s Olympic gold

From Prime Minister Trudeau to Ryan Reynolds, congratulations abound

Vancouver Island job market ever-evolving

Various sectors driving employment in region will be represented at Black Press career fair in Comox Feb. 8

BCHL Today: Shorthanded scoring binge for Victoria Grizzlies and Krall named POW

BCHL Today is a (near) daily look at whats going on around the league and the junior A world.

Search continues for B.C. woman missing in Mexico

Gloria Anne Miller was last seen Thursday, Feb. 15 diving in Puerto Vallarta

OLYMPIC ROUNDUP: Canada rounds out Day 11 earning gold in 2 more events

Comox Valley’s Cassie Sharpe and fan-favourites Tessa Virtue and Scott Moir all earned golds

Most Read