The B.C. government has announced new rules it says will cut down on shady real estate deals.
Superintendent of Real Estate Michael Noseworthy says changes set to take effect March 15, 2018 include better informing buyers about how much compensation realtors are entitled to as well as restricting so-called “dual agency”.
B.C. will become the first province in Canada to ban dual agency (also known as double-ending) which is when real estate agents from representing both buyers and sellers on the same sale.
“People are going to know and have assurances and have a legal framework in place that ensures that when they’re paying commission to someone that that person has a duty to act in their best interest and only in their best interest throughout the transaction,” says Noseworthy.
The B.C. Real Estate Association (BCREA) says just five per cent of its membership acts for the buyer and seller and that usually happens in smaller towns, where there are fewer real estate agents compared to larger urban areas.
The changes stem from recommendations made last year by an independent advisory panel created by the former B.C. Liberal government.
Last modified: November 18, 2017