Blog

Changes in BC real estate regulations come into effect this month

BC regulatory body aims to further protect consumers

 

 

BC’s Superintendent of Real Estate has approved amendments to the Real Estate Rules. Starting June 15, 2018, a number of new amendments will come into effect.

 

Most notably, that’s the date after which dual agency will no longer be permitted. Realtors will no longer be able to represent both a buyer and a seller at the same time in a single transaction.

 

As well, additional approved rules amendments incorporate the Real Estate Council of British Columbia's English language proficiency requirements for new applicants into the Rules; require that new remuneration disclosures to sellers include a dollar amount; and create new rules to address conflicts of interest where a licensee finds themselves potentially working with multiple parties that would constitute dual agency.

 

The Office of the Superintendent of Real Estate (OSRE) is a regulatory agency of the B.C. government that carries out the regulatory, oversight and enforcement duties of the Superintendent of Real Estate. The OSRE is putting these amendments in place to protect the public and increase consumer confidence.

 

 

How will these new changes affect consumers?

Except in the rarest of instances, the new prohibition on dual agency means that the licensee you’ve been working with can’t act for a buyer and seller on the same transaction. Unless you’re in a location where there are limited Realtors to choose from, this likely won’t have significant impact on you as a buyer or seller.

 

This and the other changes are for the protection of the consumer. If you have any questions regarding the new regulations, please feel free to get in touch.

 

As always, I’m happy to discuss any aspect of buying, selling, moving and living in the Comox Valley. Please contact me, check out my website or visit my Facebook page if you have any real estate questions.

Comments:
No comments

Post Your Comment:

* indicates required fields.
Your Name: *
Please note, your email will not be shown publicly
Your Email (will not be published): *
Comment: *
Please type the text as it appears above:
  TESTIMONIALS

See what Leah's past clients have to say about her professionalism and work ethic..

  MORTGAGE CALCULATOR

Before you start searching, find out how large of a mortgage you can comfortably afford..

  Brookfield Relocation

Transferring to or from the Comox Valley? Contact Leah for more information..

  Mortgage Calculator

Before you start searching, find out how large of a mortgage you can comfortably afford..

  Exclusive Features

Sign up to VOW and access: 333% more listing info, new listings sooner, save your searches & more..

  Home Evaluation

Recent trends and home sales gives me an accurate analysis of your homes worth..