New rules for BC real estate agents aim to protect buyers from shady deals

By

VANCOUVER (NEWS 1130) – BC is about to become the first province in Canada to ban most real estate agents from representing both buyers and sellers on the same sale.

Superintendent of Real Estate Michael Noseworthy says changes set to take effect March 15 include better informing buyers about how much compensation realtors are entitled to, as well as restricting so-called “dual agency”.

“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.

Exemptions will be allowed in situations involving properties so remote, it’s difficult to find a second agent.

The changes stem from recommendations made in June of last year by an independent advisory panel ordered by the former BC Liberal government after several questionable real estate deals were exposed by the media.

“There’s going to be more clarity about what sorts of duties a consumer’s paying that commission owes and that, I think, is the real benefit that this will bring about to consumers,” Noseworthy adds.

RE/MAX realty’s Western Canada representative Elton Ash says some changes announced today are needed, but some people trying to buy or sell a home may not like them.

“It does take away the choice of the consumer if they have their home listed with a realtor to continue dealing with an individual they’ve always dealt with and trust,” he says. “They’ll have to deal with a completely different person that perhaps they’ve never known.”

Ash says other provinces, including Ontario, are closely watching what happens in BC, so it may not be long before they also restrict dual agency as well.

Top Stories

Top Stories

Most Watched Today