Premier Declares ‘We are going to end the right of the B.C. real estate sector to self-regulate’

The Premier of B.C., Christy Clark reported that she is about to intervene in regulating the city’s real estate industry.

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

The Premier said that the regulation rights will be taken away from the Real Estate Council and handed over to the government.

“The point of regulation is to protect people, to protect consumers,” she said. “Self-regulation is a privilege,” she added.

This announcement was made shortly after a special advisory group was hired to do some in-depth research and realized the problems the market is facing.

The panel realized that some agents were practicing the act of “shadow flipping” and they had to be stopped by increasing the fine to $250,000.

In an attempt to regulate the city’s industry, Clark said that her government has planned to take immediate action if the rights are handed over to them.

The Premier added that she’s currently tying a new superintendent.

“It is primarily important that we protect consumers,” Clark said. “But the role of the real estate council and regulation is also to protect the vast majority of realtors who are honest, hardworking people from having their reputations tarnished by a few shady operators.”

Some continue to question why the government was totally oblivious to these practices, otherwise known as “double-ended” wherein the agent pretends to be both the buyer and owner in order to have the privilege to resell contract assignments without the owner having a clue.

Finance Minister Michael de Jong stressed that the public had every right to question why the government decided to intervene if these new policies are not in their favor.

With B.C’s election approaching, the issues of housing supply and real estate regulation seem to be a hot topic of debate.

Clark added that her government aims to introduce several measures to these matters within the coming months, and promise to direct their efforts and resources to increase housing supply and make it make sure first-time home-buyers are able to buy houses at affordable rates as well as “making sure that the dream of home ownership in British Columbia remains in the realm of possibility for the middle class.”