In last month’s edition of the Business Gazette, I referred to the BC Superintendent of Real Estate taking away your right to choose your own representation. Industry has expressed considerable concern surrounding the implementation of the proposed new rules.
On February 14, 2018, the office of the Superintendent of Real Estate (OSRE) noted on its website that it is “aware of the considerable concern from industry surrounding the implantation of the new rules and the impending implementation date.” What does this mean for licensees and consumers?
Date Change – New rules related to dual agency and enhanced consumer disclosures will now come into force June 15, 2018.
Further proposed rules will be published for consultation by the Superintendent of Real Estate at www.gov.bc.ca/OSRE. I encourage all licensees and members of the public to contribute their thoughts on the proposed rules by submitting comments to the Superintendent during the consultation period. It may not affect you today, but when the time comes for you to buy your home, or sell your most valued asset, it will affect you.
I put it to you this way: Under the proposed new rules, if you want to make an offer on a property listed with your realtor, then your realtor will have to refer both you and the sellers to two different realtors. That will likely leave you with a realtor that neither of you have had a relationship with.
This is how it affects you, the consumer. It does not even touch how it affects the realtor who has worked hard to earn your trust, paid licensing fees, marketing and in some cases hired support staff, only to be left with no ability to continue with an existing client.
I am personally not aware of any other industry that restricts the freedom of consumers to have choice.
It’s interesting how we have a Canadian Charter of Rights and Freedoms that guarantees we have the right to live and seek employment anywhere in Canada, yet we have a government that is trying to tell us we no longer can choose who represents us when it comes to our real estate transactions.
Please voice your comments/questions/concerns to the following regulatory bodies: email@example.com or firstname.lastname@example.org
You can find more information by going to the Real Estate Council of B.C www.recbc.ca/ website and then click on “Consumer Information” and then in the drop-down box click on ‘New Consumer Info’.
You will also find “Info for Licensees”, “About the New Rules” and “Submit your Questions”.
Contact Bryce Hansen, RE/MAX Ocean Pacific Realty, direct at 250.702.6493 for more information or visit www.comoxvalleyrealestate.com.