Update on New Rules Advocacy Work
The new Rules that are scheduled to come into effect on June 15 represent significant changes to real estate practice in BC.
BCREA believes the implementation of the new Rules should be delayed. Regulation is important, but implementing new Rules without allowing time for consumers and licensees to understand the changes is not in anyone's best interest.
We've also advocated for solutions to the ban on limited dual agency. The current exemption doesn't provide enough guidance for REALTORS® in rural and remote communities to be able to use limited dual agency with confidence. On top of that, a new exemption from the ban is needed for commercial transactions, as well.
BCREA Government Relations has actively advocated on behalf of REALTORS® to make sure the voices of real estate professionals are heard. In 2018 alone, BCREA developed a position paper on limited dual agency and met repeatedly with important decision makers including the Minister of Finance and the Superintendent of Real Estate. We also wrote eight letters to the government and regulators, and worked with the real estate boards to organize a REALTOR® call to action in February, which successfully convinced the Superintendent to delay the Rule implementation to June 15 (the original date was March 15). Unfortunately, a further delay appears unlikely.
You can find the materials BCREA has published on our webpage, which is linked below.
This is the first round of major Rule changes coming out of the 2016 Independent Advisory Group report–many more are on the way. BCREA understands a priority for the next set of new Rules is likely to be the practice of managing brokers. To prepare, we have already consulted with managing brokers and presented their feedback to the Superintendent. BCREA will continue to represent the interests of REALTORS® in these discussions.
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