Enhanced Consumer Protection on the Way

During the last week of June, the Independent Advisory Group (IAG) made 28 recommendations that focus on improving the existing regulatory regime, and the regulator, to act in the public interest. Chaired by Superintendent of Real Estate Carolyn Rogers, the IAG was created by the Real Estate Council of BC following media reports, and concerns expressed by the public and elected officials.

The following day, Premier Christy Clark announced that her government would end self-regulation for real estate licensees by creating a dedicated Superintendent of Real Estate. Premier Clark also made clear that the government accepted all of the IAG recommendations.

The Premier's announcement is expected to fast track some of the recommendations of the IAG, perhaps during the short summer sitting of the legislature. It's important to note, though, that the implementation of the remaining IAG recommendations rests with the Real Estate Council of BC—they aren't yet in force.

The BC Real Estate Association (BCREA) responded quickly to both announcements, stating that the Association supports measures that improve consumer protection, and REALTORS® take pride in their profession. While the recommendations are directed at the Real Estate Council of BC, BCREA looks forward to working with the 11 real estate boards and the Council to determine how best to implement the recommendations and how BCREA can assist.

More information:

• Independent Advisory Group report (June 28, 2016)
• BCREA welcomes recommendations to increase consumer protection (news release, June 29, 2016)
• Government ends self-regulation, strengthens consumer protection in real estate industry (news release, June 29, 2016)
• BCREA supports public protection and consumer confidence (news release, June 30, 2016)