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

RDOS to study sites for composting facility

Penticton and Okanagan Falls landfills will be examined

Regional District of Okanagan Similkameen works to control mosquito populations

Control efforts in the region have been starting earlier each year

Reports of chaos in Penticton, involving police cruiser and possible shots fired

Residents also reported hearing shots fired at the same time as the crash

Driver held at gunpoint, car-jacked on East Side Road

Penticton RCMP are asking for the public to keep an eye out for the suspect, stolen vehicle

Penticton care aide training centre a first for the Interior

SafeCare BC Satellite Training Centre is now open in Penticton to help continuing care aides

VIDEO: A moment to remember during the World Lacrosse Men’s Indoor Championship in B.C.

Diego Hernandez Valenzuela’s team lost, but he felt like a winner Saturday

B.C. VIEWS: School officials join fact-free ‘climate strike’

Students, public get distorted picture of greenhouse gases

Latimer surveyed much of Summerland

Civil engineer was also responsible of community’s irrigation system

Caught on Camera: Boat catches fire at Okanagan marina

The cause of the fire is unknown at this time, no injuries were reported as a result of the blaze

Handgun crackdown, health spending and transit plans latest campaign promises

Friday was the end of a busy week on the campaign trail

B.C. woman photographs massive ant swarm on Abbotsford driveway

She asked what the ants were doing? The answer: war

Iconic 90s TV show ‘Friends’ celebrates 25th anniversary

The iconic, decade-long television show aired its first episode 25 years ago today

Police arrest B.C. phone scammer linked to illegal call centres in India

Person arrested in Burnaby here on a work visa, says police

Most Read