Regime Change: Real Estate Regulation
September 30 signalled the next phase of real estate regulation in this province. On that date, the Superintendent of Real Estate was given the authority to exercise greater oversight over the Real Estate Council of BC, including the ability to make rules governing licensees.
In addition, all members of the Real Estate Council of BC who had been elected by licensees were dismissed. Following a gap of seven business days, nine new members of Council were appointed on October 12. New Council members include two licensees: Gerry Martin of BC Farm and Ranch Realty Corp. and Sukh Sidhu of RE/MAX Little Oak Realty.
On October 19, Micheal Noseworthy will become the next Superintendent of Real Estate. Mr. Noseworthy brings experience as a regulator and public sector leader to his new role, having recently served as a senior government regulator in Yukon, including Superintendent of Real Estate.
BCREA looks forward to working with the Superintendent and the Real Estate Council over the next months and years to ensure that changes to real estate practice enhance consumer protection and also meet the needs of real estate licensees. Of the dozens of changes proposed this year, BCREA has identified the following three priorities:
- Limited dual agency
The proposal to ban the practice of limited dual agency without considering the impact on consumer choice, small communities, commercial practitioners or established professional relationships could result in an increasing number of consumers choosing to act without professional representation, rather than engage the services of licensees. BCREA strongly recommends that limited dual agency still be allowed through express consent by all parties. - Administrative burden on brokers
Multiple recommendations from the Independent Advisory Group propose measures that would have a cumulative and significant impact on broker workload, without getting to the heart of the matter. More effective and consistent oversight by managing brokers is a key component of enhanced consumer protection, and BCREA proposes a comprehensive examination of brokerage issues to find the best solutions that still support competitive diversity and consumer choice. - Council composition
Council members are appointed, instead of elected. We strongly support transparency, and the appointment of individuals who are thoroughly familiar with the practice of real estate in BC and who have current industry experience and expertise.
The full submission is available on BCREA's public website.
