B.C To End Self-Regulation of Real Estate Industry

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This is likely much more important to us than our clients, but in case you missed it yesterday…

http://www.canadianrealestatemagazine.ca/news/b-c–to-end-self-regulation-of-real-estate-industry-after-damning-report-209687.aspx

See also today’s Press Release from the Office of the Premier https://news.gov.bc.ca/releases/2016PREM0074-001180

The word on the street is that we in the strata world – particularly those companies doing a respectable and honest job in the strata world – should not be particularly effected nor should there be concern with the planned changes in our regulation authority. These actions by the Provincial Government are aimed primarily at the Trading Services/Realtor ™ side of our industry and Stratawest is always in favour of any action taken to better inform and protect the consumer.

It is believed that there will be little diminishment in the REC itself after the ‘overhaul’ takes place and that the REC will largely be business as usual for us – it is thought they will still be in charge of licensing, re-licensing, education, etc.; HOWEVER, ‘rule-making’, regulatory and enforcement responsibilities are intended to be carved out and put under the direction of the Superintendent of Real Estate.

We have had numerous discussions with SPABC, CHOA and other industry stakeholders and we are on the same page that this will be good for the industry in that the real concerns of brokerages or individuals not playing within the rules should be more fully addressed. We work very hard to strictly abide by all legislated requirements and undertake to fulfill all of our duties in a competent and ethical manner, so any tide that forces the rest of the boats up or under is good for business and for the profile of the strata management industry.

So there you go – by all accounts (as of end of business today) there is not yet another enormous wave on the horizon for the strata management industry to try and surf and all is well in the world.