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

Update: Highway 3 west of Keremeos open to alternating traffic

Details scarce about collision that has closed Highway 3 west of Keremeos

NHL alumni and Canadian country music stars gearing up for Okanagan charity extravaganza

A two-day May weekend event combines, hockey, golf, country music and a whole lot of fun

Behind the mask of the South Okanagan furries community

Penticton furries community member said it’s not a sexual thing

Festival planned for Easter weekend

Organizers preparing 10,000 eggs for hunt at Summerland’s Easter Egg-stravaganza

Summerland experiences effects of sudden warm temperatures

Water pools near sports fields; minor landslide affects Garnet Valley Road as snow melts

VIDEO: Restaurant robots are already in Canada

Robo Sushi in Toronto has waist-high robots that guide patrons to empty seats

Permit rejected to bring two cheetahs to B.C.

Earl Pfeifer owns two cheetahs, one of which escaped in December 2015

Real-life tsunami threat in Port Alberni prompts evacuation updates

UBC study says some people didn’t recognize the emergency signal

Care providers call for B.C. seniors’ watchdog to step down

The association also asks the province to conduct an audit and review of the mandate of her office

Okanagan librarian delves into trio of titles

Book Talk: Dark Matter, Lincoln’s Dreams and The Jealous Kind

Nitro Cold Brew Coffee from B.C. roaster recalled due to botulism scare

“If you purchased N7 Nitro Cold Brew Coffee from Cherry Hill … do not drink it.”

B.C. man gets award for thwarting theft, sexual assault – all in 10 minutes

Karl Dey helped the VPD take down a violent sex offender

Indigenous students recognized at ceremony at Okanagan College

The ceremony recognizes that students are getting an education while holding onto Indigenous background and teachings

Baby left alone in vehicle in B.C. Walmart parking lot

Williams Lake RCMP issue warning after attending complaint at Walmart Wednesday

Most Read