The new provincial government in B.C. wants a review of the real estate regulatory system. The NDP government wants to have its own report regarding the regulation of real estate, even though regulators faced a major overhaul two years ago under the Liberals. Apparently, the fledgling government wants to ensure regulators are acting in the best interests of British Columbia residents.
The Liberals initiated a probe into the regulatory system on the heels of allegations of misconduct and questionable practices. The report that came out of that investigation made 28 suggestions, one of which included the imposition of sizable, new fines for improprieties. At that time, changes included the province absorbing the Real Estate Council of British Columbia (RECBC) and the office of the real estate superintendent, so it could serve as a better watchdog.
The NDP government will be looking at these industry regulators structures and how they communicate and resolve issues. They will also be deciding on who does what in terms of licensing and making rules. Recommendations are expected to be ready by mid-June of this year. B.C.’s real estate council chairperson said both regulatory bodies are due for checks, adding that although changes were made, they were interim. He wants a system of three Es: Efficient, established and effective.
Some British Columbia residents may have questions about the possible changes in real estate that may be on the horizon. A lawyer might be able to assist with any contractual agreement issues or realtor issues that arise from any changes. Any sort of restructuring in the real estate industry may impact legalities.
Source: globalnews.ca, “Just 2 years after being restructured, B.C. real estate regulators face new NDP review – BC“, Simon Little Digital, April 18, 2018