B.C. to end self regulation of real estate industry after damning report

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British Columbia is ending the self-regulation of the real estate industry in a move Premier Christy Clark says is aimed at protecting consumers.

Clark says the province will hire a new superintendent of real estate, who will take over the rule-making authority held by the B.C. Real Estate Council.

The announcement comes the day after an independent advisory group tasked with restoring consumer confidence in the industry released a report with 28 recommendations, including hefty fines for misconduct.

Clark says the report shows that self-regulation of the industry must end because consumers are being put at risk and the reputations of honest agents are being tarnished.

She says the government will also implement many of the recommendations made by the advisory group, such as prohibiting a single agent from acting for both the buyers and sellers in a transaction.

The government will also revamp the B.C. Real Estate Council and replace a majority of the members with people from outside of the industry.

(Canadian Press)

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