New BC real estate rules
New rules approved by the Superintendent of Real Estate to enhance consumer protection in the real estate industry come into effect June 15, 2018.
Overview of Changes:
- Real estate professionals are banned from practicing dual agency (representing both sides of the same deal – e.g. a buyer and seller, two buyers or a landlord and tenant).
- An exemption to the ban has been established for remote locations underserved by real estate professionals, where it is not feasible for parties to a trade to be represented by separate real estate agents.
- Real estate professionals are required to give consumers more information about the services they can expect, the fees/benefits brokerages may earn from the sale, risks they should be aware of and where to go if they have a complaint.
"These changes have been designed to reinforce a real estate agent's duties and obligations to their clients and to ensure that agents are always acting in their client's best interests," said Micheal Noseworthy, British Columbia's Superintendent of Real Estate.
Robert Holmes, Chair of the Real Estate Council of BC added, "With these new rules, BC consumers can be confident they are receiving clear information to help them make informed decisions, and getting the representation they need to safely navigate real estate transactions."