The Council appreciates the efforts being made by BCREA and its member boards to implement designated agency in the province. The Council believes that designated agency will be of great benefit to both real estate licensees and the public to whom those licensees provide services. Designated agency will result in fewer instances of dual agency by extending the benefits of full representation to parties who are involved in what are commonly referred to as in-house transactions.
The Council and BCREA have been working together on this project for the past two years. It is an excellent example of a collaborative effort involving the regulator and the professional association which represents a large majority of the trading services licensees in the province.
The Council particularly wishes to acknowledge, at this time, the Victoria Real Estate Board and its members for agreeing to participate in the pilot project. It is hoped this pilot project will help to fine tune an implementation process which can be used in the remainder of the province.