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Governments are re-shaping real estate

See below for a message from the REBGV President, Jill Oudil, and what effect it can have for you! 

 

Original article HERE

 

BC’s Office of the Superintendent of Real Estate (OSRE) is overseeing changes that’ll have a profound impact on our profession. The OSRE has begun implementing the 28 recommendations that the Real Estate Council of BC's Independent Advisory Group (IAG) made last year.

 

To date, the OSRE has implemented recommendations to:

  • raise English proficiency standards for new entrants to the profession;
  • overhaul the composition of people who sit on Council; and
  • increase the maximum fine to $250,000 for licensees and to $500,000 for brokerages.

The most recent announcement was a ban on limited dual agency in the province.

 

Beginning January 15, 2018, you’ll no longer be able to provide agency representation to two parties in the same transaction. This means you won't be able to represent a buyer and a seller in a deal, or represent two competing buyers in the same transaction.

 

The OSRE exempted remote areas underserved by real estate licensees. The BC Real Estate Association (BCREA) advocated for this exemption and we're pleased it’s in the new rules. Double-ending will also be allowed within the rules, as will the practice of designated agency, wherewo licensees in the same brokerage represent different parties in a transaction.

 

Members are asking us questions about how the new rules will affect their responsibilities to clients and customers, particularly with respect to teams and commercial real estate. We're working with BCREA to surface your questions and concerns, get the answers you need and, where complexities continue to exist, forward them to the superintendent.

 

You can also give feedback on these changes directly to the OSRE until October 6. Click hereto do so.

(Read more about this change and the actions we’re taking in response in the week’s GR Voice article here.)

The remaining IAG recommendations will be implemented. It’s a matter of when and how.

 

We hosted a productive meeting with the superintendent and his team earlier this year. They expressed a willingness to maintain a regular dialogue to ensure they understand our perspective on the changes they’re making. We’ll look for every opportunity to continue these discussions in the weeks and months ahead.

 

We’re working with BCREA to understand the implications around each of the recommendations, identify the potential impact on our members, meet with government officials, and coordinate our advocacy efforts. Click here to read a letter BCREA sent Finance Minister Carol James on this issue.

 

We’re in a period of significant government intervention. National, provincial, and local politicians of all political stripes are responding to public concerns about housing affordability and a perceived lack of fairness and transparency in how the real estate transaction is conducted.

 

On these issues, governments at all levels have public support for change:

  • Last year’s foreign buyer tax was popular, as was the City of Vancouver’s empty homes tax.
  • In its bid to stave off potential mortgage debt issues, the federal government has made it harder for people to get a mortgage six times in the last nine years. They’re proposing regulation changes again, this time targeting people renewing uninsured mortgages.
  • The new provincial government will spend $208 million to build 1,700 new affordable rental housing units over the next 10 years.

Our philosophy on government policy is simple: REALTORS® support measures that protect the public and strengthen accountability for those in our profession who act outside the public interest. We also support measures that improve housing affordability and build better communities in a meaningful, lasting, and sustainable way. 

We assess the merits of every proposed policy against these criteria.

 

We can’t be successful in our government advocacy work without your support. In this time of change, it’s important that you read our communications and give your feedback as we continue to work on your behalf.

If you have questions or comments, you can reach me at president@rebgv.org.

 

Sincerely,

Jill Oudil
President
Real Estate Board of Greater Vancouver 

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