Less than two years after former premier Christy Clark ended the self-regulation of B.C.’s real estate industry, the NDP is launching its own review of real estate regulators.
“Our duty as a government is to make sure the regulatory system is protecting people and functioning effectively,” said Finance Minister Carole James in a media release.
“We’re launching a review of the province’s real estate regulators, to make sure they’re acting in the best interest of British Columbians.”
In June 2016, the BC Liberal government made real estate regulation a provincial job, arguing that the industry had lost the right to self-regulate.
The move came on the heels of an independent report into misconduct in the real estate industry and shady practices such as “shadow flipping,” which made 28 recommendations, including the implementation of hefty new fines.
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The province absorbed the Real Estate Council of British Columbia and the Office of the Superintendent of Real Estate as public bodies to oversee regulation of the industry.
The NDP said its new review will look at the roles and responsibilities of both of those bodies.
“Topics under review include the appropriate structure and composition of the regulators, how they should communicate, mechanisms for resolving disputes, and how to divide responsibility for matters such as licensee qualifications and rule making,” reads the ministry news release.
The review will be headed by former public servant Dan Perrin, with the firm Perrin, Thorau and Associates.
It is slated to return recommendations to by June 15.
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Chair of the Real Estate Council of BC says both them, and the Office of the Superintendent of Real Estate are due for a check-in.
“Changes were made then, but in many respects, those were just interim steps, and with two years more experience we’re going to be able to look back on that and the government will be able to determine what best to do for the public in relation to further reform,” Robert Holmes said.
He said he wants an established, effective, and efficient regulatory model.
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