Real Estate Council of B.C. fast tracks new measures in light of criticisms
Pressure over revelations of alleged malpractice by real estate agents forces action
Under intense pressure to show that real estate sales in the province — and Vancouver in particular — are conducted properly, the Real Estate Council of B.C. has fast-tracked a series of measures designed to restore confidence.
The regulatory body has faced severe criticism over allegations of misleading advertising, coercive or predatory sales practices and the assignment of contracts.
Just last month, Premier Christy Clark announced the government's intention to close a loophole that allowed so-called "shadow flipping" to take place, calling the practice "shady", and motivated by "pure, naked greed".
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That drew criticism from Dan Morrison, the new president of the Real Estate Board of Greater Vancouver, who accused the government of pre-empting the real estate sector's review of its own practices.
Meanwhile, an investigation launched last summer by the Financial Transactions and Reports Analysis Centre (FINTRAC) into allegations of money-laundering by real estate firms in Greater Vancouver, found dozens of instances where standards of record keeping and reporting were "significantly" below standards.
Fast-tracked
Today's announcement by RECBC relates to a review the council conducted in 2015 into how they handled complaints, investigations and discipline procedures, and was, "fast-tracked", the council states, "in light of recent reports around licensee conduct".
RECBC's ongoing internal review prompted by allegations of "shadow flipping" is supposed to be finished by the end of May.
The council is expected to provide recommendations around conduct requirements for real estate agents in the province and whether they are sufficient and effectively enforced.
The new measures announced today include the appointment of a staff lawyer to assist with investigations and the hiring of private investigators to assist council compliance officers "on matters deemed to pose significant public risk."