Premier Christy Clark and Finance Minister Mike de Jong

B.C. taking over regulation of real estate

Premier Christy Clark says realtors have had a decade to govern themselves, and have failed to do it

A new Superintendent of Real Estate will take over regulation of the B.C. industry, Premier Christy Clark said Wednesday.

Clark and Finance Minister Mike de Jong said a the current industry-led Real Estate Council of B.C. will be replaced by a board with a majority of “public interest, non-industry members,” and fines for real estate misconduct are to be increased.

Clark said the maximum fine for individuals will go to $250,000, and twice that for real estate brokerages. The government is adopting all the recommendations of an independent advisory group, including banning realtors from representing both buyer and seller in a transaction.

“The real estate sector has had 10 years to get it right on self-regulation and they haven’t,” Clark said.

Clark said there will be more changes announced in the next few weeks to help people get into the real estate market in urban areas where house prices are spiralling.

In his latest budget, de Jong increased the property purchase tax exemption level from $475,000 to $750,000 for new homes only, and increased the tax rate from two to three per cent on the value of homes in excess of $2 million.

Clark was non-committal on a proposal by the City of Vancouver to impose a tax on vacant homes. She said the province is studying whether it has a role to play in such a tax, and repeated the federal housing minister’s position that all levels of government are needed to deal with housing affordability.

 

Just Posted

Measles case confirmed within Fraser Health region

One case within Fraser Health is related to the outbreak in three Vancouver schools.

Harrison Festival to share the culture behind the music

Festival director Andy Hillhouse will be talking about nationalism in music, starting March 1

Risk of ‘deadly avalanches’ leads to warning for B.C.’s south coast

Weak layer of snow on Vancouver Island, Lower Mainland could trigger an avalanche

Another snowfall warning for Lower Mainland

Another 5-10 cm expected for Metro Vancouver, Fraser Valley and Sunshine Coast

Saskia and Darrel kick off spring tour with Chilliwack concert

Stories of the Great Plains delivered in Gaelic, French and more

Fashion Fridays: Must have wardrobe basics

Kim XO, helps to keep you looking good on Fashion Fridays on the Black Press Media Network

Skier dies at Revelstoke Mountain Resort

Cause of death has not been released

National Energy Board approves Trans Mountain pipeline again

Next step includes cabinet voting on the controversial expansion

Cryptocurrency exchange CEO who suddenly died leaves Kelowna house in will

Gerald Cotten, holding the keys to money tied up in his virtual currency exchange, died in December.

Regulator’s report, coming today, unlikely to settle Trans Mountain pipeline battle

The Trans Mountain pipeline will remain a controversial topic both in the political ring and out

5 to start your day

Australian woman dies in avalanche at Whistler, two boys OK after falling through Coquitlam lake and more

Australian woman killed in avalanche at Whistler

The woman and her partner were reportedly rescued by ski patrol, but she did not survive

B.C. legislature moving suspended staff controversy to outside review

Whale watching, Seattle Mariners trips billed as emergency preparedness, Speaker Darryl Plecas says

Trudeau tells Canadians to listen to clerk in SNC-Lavalin matter

Privy Council clerk Michael Wernick delivered a blunt assessment at the House of Commons justice

Most Read