Premier Christy Clark and Finance Minister Mike de Jong

B.C. taking over regulation of real estate

Premier Christy Clark says realtors have had a decade to govern themselves, and have failed to do it

A new Superintendent of Real Estate will take over regulation of the B.C. industry, Premier Christy Clark said Wednesday.

Clark and Finance Minister Mike de Jong said a the current industry-led Real Estate Council of B.C. will be replaced by a board with a majority of “public interest, non-industry members,” and fines for real estate misconduct are to be increased.

Clark said the maximum fine for individuals will go to $250,000, and twice that for real estate brokerages. The government is adopting all the recommendations of an independent advisory group, including banning realtors from representing both buyer and seller in a transaction.

“The real estate sector has had 10 years to get it right on self-regulation and they haven’t,” Clark said.

Clark said there will be more changes announced in the next few weeks to help people get into the real estate market in urban areas where house prices are spiralling.

In his latest budget, de Jong increased the property purchase tax exemption level from $475,000 to $750,000 for new homes only, and increased the tax rate from two to three per cent on the value of homes in excess of $2 million.

Clark was non-committal on a proposal by the City of Vancouver to impose a tax on vacant homes. She said the province is studying whether it has a role to play in such a tax, and repeated the federal housing minister’s position that all levels of government are needed to deal with housing affordability.

 

Just Posted

Painting collage brightens space at Parksville’s MAC

Donna Matilla and Tony Martin fill the room with vibrant colours in new exhibit

Parksville Qualicum Beach legions set to launch Poppy Campaign

Annual fundraiser to run from Oct. 25 to Nov. 11

Bear sightings up significantly in Parksville Qualicum Beach area

Fruit trees number one food attractant, says conservation officer

Parksville Qualicum Beach crime report: Thieves pilfer laptops, tools, big-screen TV, cash and more

Oceanside RCMP received 256 complaints between Sept. 29 and Oct. 5.

Qualicum Bay writer Linda Tenney dies after battle with cancer

Celebration of life set for Nov. 2 at Lighthouse Community Centre

Second young woman dies after rollover crash near Williams Lake

‘Someone’s going to get her heart, which is awesome, because she has the best heart in the world’

Google searches for ‘how to vote’ surge on Election Day

Interest spikes despite social media campaign by Elections Canada

Union says Western Forest Products refuses to budge from ‘unreasonable concessions’

According to a press release, both parties met on Oct. 16, 18, 19, and 20.

Alberta man pleads guilty, fined for hunting without a licence in North Island

It’s the responsibility of each hunter or angler to know whether they are considered a B.C. Resident.

B.C. mayor apologizes for removal of Queen’s portrait from council chambers

‘I prefer to be inclusive of the many aspects of our history’

Environment Canada issues gale warnings for western Vancouver Island

Gale warnings in effect for most of Vancouver Island and west coast Mainland

Report suggests new BC Ferries terminal near YVR

Metro Vancouver currently has two ferry terminals at northern and southern reaches

B.C. woman must pay $1,000 after unleashed dog bites another

Owner should never have left Bibi unattended, tribunal member wrote

Most Read