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

College buys a yurt to boost student success

Round tent-like structure part of college instructional shift

Soup kitchen sees “groundswell of community support”

Donations toward looming tax bill push non-profit back in the black

Terrace husband and wife honoured for saving each other’s lives

BC Ambulance presented each a Vital Link Award for separate incidents of CPR

Council supports lobby for fair share of cannabis tax revenue

The City of Terrace is throwing its support behind a West Kelowna… Continue reading

Airport registers modest passenger increase

Manager anticipates further growth in 2018 as expansion project nears completion

Airport registers modest passenger increase

Manager anticipates further growth in 2018 as expansion project nears completion

High-end whisky seized in B.C. bar raids

Raids end in seizures at Victoria, Nanaimo and Vancouver whisky joints

Double-doubles and demonstrations: Employees rally outside Tim Hortons

Protests held in response to Ontario franchise owners cutting employee benefits and breaks

Train derails in Northwest B.C.

CN reports no injuries or dangerous goods involved after coal train derailment.

Las Vegas shooter acted alone, exact motive still undetermined: Sheriff

Stephen Paddock was behind the gunfire that killed 58 people including two Canadians

Botox, bomb shelters, and the blues: one year into Trump presidency

A look into life in Washington since Trump’s inauguration

Christopher Garnier appealing murder conviction in death of off-duty cop

Jury found Garnier guilty in December, rejecting his claim she died accidentally during rough sex

Transportation watchdog must revisit air passenger obesity complaint

Canadian Transportation Agency must take new look at Gabor Lukacs’ complaint against Delta Air Lines

Gas plants verdict coming down today; ex-premier’s top aides to learn fate

Verdict to be delivered on senior staff to former Ontario premier Dalton McGuinty

Most Read