Finance Minister Carol James. (Contributed/BC Government)

B.C. real estate regulator to undergo NDP review

B.C. real estate agents were self-regulated until 2016, when BC Liberals appointed superintendent

The NDP government is launching its own review of B.C.’s real estate regulators, two years after they were overhauled by the previous Liberal government.

The review will examine the roles and responsibilities of the Real Estate Council of BC and the Office of the Superintendent of Real Estate, to be led by former public servant Dan Perrin, the province said Wednesday.

“Buying and selling property can be stressful, and people need to trust the professionals they are working with,” Finance Minister Carole James said in a news release.

“Our duty as a government is to make sure the regulatory system is protecting people and functioning effectively.”

READ MORE: New rules to ban Realtors from representing both buyers and sellers

READ MORE: Proposed rules will impact rural realtors

B.C. real estate agents were self-regulated from 2005 until 2016, when then-premier Christy Clark appointed a new, dedicated superintendent of real estate to oversee the real estate council.

This followed revelations of a practice in Metro Vancouver called shadow-flipping, in which real estate agents and allied speculators insert themselves as middlemen in property deals to exploit local sellers and offshore buyers.

Clark had said the real estate sector had 10 years to successfully adopt self-regulation, and failed.

Recommendations from the review will be delivered to the finance ministry by June 15.


@ashwadhwani
ashley.wadhwani@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

OUR VIEW: Let’s find Surrey pellet-gun punks

Those who do have information – if they are also possessed of a conscience – must contact police

Coldest Night an event for warm hearts

Sources’ White Rock event one of 130 walkathons across Canada on Feb. 23

VIDEO: A new Hive climbing/fitness facility coming to Surrey in 20,000-sq.-ft. space

‘Bouldering’ and other activities planned at site near Pattullo Bridge

MK Delta Lands development another step closer to breaking ground

Delta needs Metro Vancouver’s okay before swapping hundreds of acres and adding it to Burns Bog

Guatemala mission offers hope, health

Peninsula team to visit remote villages, build a home, in Piedra Blanca

VIDEO: Canada’s flag turns 54 today

The maple leaf design by George Stanley made its first appearance Feb. 15, 1965

Eight cases of measles confirmed in Vancouver outbreak

Coastal Health official say the cases stem from the French-language Ecole Jules Verne Secondary

Prominent B.C. realtor says he doesn’t know how child porn got on his computer

Closing arguments heard in Ian Meissner’s Chilliwack trial for accessing, possessing child porn

Plecas won’t run in next election if B.C. legislature oversight reforms pass

B.C. Speaker and Abbotsford South MLA says he feels ‘great sympathy’ for Jody Wilson-Raybould

Workshop with ‘accent reduction’ training cancelled at UBC

The workshop was cancelled the same day as an email was sent out to international students

Former B.C. premier Gordon Campbell accused of sexual touching

Accuser went to police, interviewed by Britian’s Daily Telegraph

Avalanche control planned tomorrow on Highway 1

The highway will be closed in the morning east of Revelstoke

Judge rules Abbotsford home must be sold after son tries to evict mom

Mom to get back down payment and initial expenses

Mayors approve SkyTrain extension to UBC

Next step is a business plan and public consultation

Most Read