Consumer Rights and Real Estate Practice

Apr 01, 2018

CATEGORY:   
Posted by
Norma Miller
Senior Policy Analyst

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BCREA continues to advocate for a review on the impending ban on limited dual agency, which is scheduled to come into force on June 15, 2018.

Limited dual agency occurs when a REALTOR® represents more than one party in a real estate transaction, such as a buyer and a seller or two or more buyers. We believe the ban on limited dual agency will limit consumer choice, disrupt commercial real estate practices and negatively impact small communities across BC.

BCREA raised these concerns with the Minister of Finance and opposition critics in April, and we will continue to advocate for a review of the ban on limited dual agency to ensure the consequences are understood.

BCREA is also advocating on behalf of consumers and REALTORS® in the consultation on new Rules proposed by the Office of the Superintendent of Real Estate. The proposed new Rules cover conflicts of interest, continuing professional education, English language proficiency requirements and disclosure of remuneration to sellers.

While BCREA agrees with some of the proposed Rule changes, there are several which we believe could be improved to improve outcomes for both consumers and REALTORS®. Transparency in the property buying process is important. We urge the Superintendent to be mindful of the total impact of all the changes being made. BCREA also asks for recognition of differences between residential and commercial real estate.

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