The Premier just announced at 12:45 that they government will be taking action based on the report delivered on the industry yesterday.
A few major highlights:
- DUAL AGENCY will be abolished
- REC will be dissolved and regulation assumed by the SUPERINTENDANT OF REAL ESTATE.
- FINES will be increased to $250k for Realtors and $500k for brokerages.
If you are on a TEAM, the announcement on Dual Agency will likely cause the most issues… but remember, that old “sub-brokerage” model… some thought should be given again to that structure (now… in combination with designated agency) for larger teams where the new dual agency prohibitions will be an issue.
Given the tone of the news conference, more announcements are forthcoming.
Love to chat more, but it’s the end of June and I got files to close,
As Dorie the realtor would say… Just keep listing… listing… listing
Kelowna Real Estate Lawyer, Peter Borszcz