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As you’re aware, the government is continuing to implement the 28 recommendations that the Real Estate Council of BC’s Independent Advisory group made in 2016. On March 15, 2018, a ban on limited dual agency and new disclosure requirements will take effect.
We encourage you to read the below message that the BC Real Estate Association (BCREA) issued today. It outlines some of the steps they’re taking to engage and influence government during this period of change.
We’ll communicate more on this topic in the weeks ahead.
Responding to rule changes
As you know, the Real Estate Council of British Columbia is preparing to implement the rule changes to eliminate limited dual agency and require additional disclosures. Those changes take effect on March 15, 2018, and the decision to change the rules came from the Office of the Superintendent of Real Estate, which has oversight over the Council.
These changes will have significant impacts on many REALTORS®. The Council’s weekly Real Advice emails provide fresh reminders of that fact. BCREA has two lawyers independently examining the Council’s information to identify interpretations that will have significant, negative impacts on consumers and REALTORS®.
We continue to raise concerns and point out negative consequences of the Council’s implementation plans. When we provide feedback to the Council, BCREA’s objective is to be as constructive as possible. We agree with the Superintendent and the Council that consumer protection and professionalism are both important. Also important are stability and confidence in the marketplace and in REALTORS®, and the consumer’s right to choose who they work with.
To be clear, the Council has given no indication they’re willing to change anything. Even so, the Real Advice emails invite responses (1-877-683-9664 or [email protected]), and we encourage you to take advantage of that. We have several weeks before the changes take effect, but responding quickly is still a good idea. The more feedback the Council receives, the better—especially if you can demonstrate how consumers will be affected.
Over the last 18 months or so—before the rule changes were made—BCREA and the 11 real estate boards around the province advocated strongly for REALTORS®. We met and communicated with the Superintendent, Council and provincial elected officials, and consulted with REALTORS® (something we’re still doing). There’s no guarantee we can change the outcome, but have, are and will continue to work on your behalf.