(Twitter - @OSRealEstateBC)

New rules would ban Realtors from representing both buyers and sellers

B.C. superintendent of real estate continues to act, following report into ‘shadow flipping’

New rules proposed by the B.C.’s superintendent of real estate could ban Realtors from representing buyers and sellers at the same time.

Key changes outlined in a proposal released Thursday include prohibiting the practice of dual agency and increasing mandatory licensee disclosures regarding representation and remuneration.

Dual agency, or limited dual agency, is a licensed Realtor representing both a buyer and seller in a transaction, or two or more competing buyers.

The ban would be exempt for Realtors in remote and under-served locations.

The proposed changes stem from recommendations issued in a report to the Real Estate Council of BC in June 2016, which examined the framework for real estate in the province.

The report was prompted by allegations that some real estate agents were flipping homes multiple times before a deal closed, also known as “shadow flipping,” that drove up prices and commissions.

The report also found that a Realtor representing more than one party in the transaction of a property could hinder their ability and duty to act in the best interests of the client.

But while the proposed ban on dual agency addresses a push for more transparency, Real Estate Board of Greater Vancouver president Jill Oudil insists the changes could give consumers less choice.

“We believe there are other circumstances where consumers should have the choice to consent to limited dual agency so long as they can demonstrate that their consent is informed,” Oudil said in a statement.

“People who’ve built a longstanding relationship with a Realtor shouldn’t be forced to find alternative representation in a transaction against their wishes.”


@ashwadhwani
ashley.wadhwani@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Tour de White Rock, other events still on, despite waterfront delays

City staff hopeful Memorial Park could be half complete by Canada Day

White Rock to share water-treatment technology

Research findings to be up for perusal at Jan. 25 open house

Crash at 108th Avenue and Whalley Boulevard in Surrey

Emergency crews are on scene after two-vehicle collision

Machete-wielding man arrested in North Delta

Police chased the man down Kittson Parkway before arresting him

Surrey man charged in Walmart fire and grocery store robbery

Police say Richard Read charged in two separate incidents that happened minutes apart on April 20th

FURRY FRIDAY: Surrey animal shelter’s adoptee of the week has sad back story

Meet Eclipse, this week’s featured animal currently at Surrey Animal Resource Centre

RCMP nail sex toy thief

Shop owner plays a role in arrest

Ice-cream-eating bear draws controversy

An Alberta Wildlife Park posted a video this week of one of their bears going through a Dairy Queen drive-through

Police arrest pair after ‘high-risk vehicle takedown’

Vancouver police say replica handgun found in alleged suspects’ vehicle

Fernie, RCMP go to court over city log books in fatal ammonia leak probe

Log books center stage in clashing of investigations between the city and RCMP

B.C.’s biggest pot plant planned for Oliver

Co-founder Tony Holler said the 700,000 sq. ft. facility would produce 100,000 kg of pot per year

High-end whisky seized in B.C. bar raids

Raids end in seizures at Victoria, Nanaimo and Vancouver whisky joints

E-cig likely the cause of townhouse fire

Smoke and fire damage but no one was hurt in Chilliwack

Train derails in Northwest B.C.

CN reports no injuries or dangerous goods involved after coal train derailment.

Most Read