The year 2016 is turning out to be an interesting year what with almost 20% increase in complaints regarding suspected dealings in the real estate market of B.C.
As advised by an Independent Advisory Group, 28 recommendations have been suggested with maximum fines of up to $500,000 for misconduct by real estate companies and up to $250,000 for personal real estate agents.
It has been observed that the council only relies on complaints with more than 436 complaints been recorded in 2014-15 as compared to 413 complaints in 2012-13 which is almost a 20% increase.
The majority of the complaints have been due to conflicts of interest about an agent or agents who have only looked out for their own benefits rather than that of their client. Not only that, most of these complaints have originated from Metro Vancouver, one of the hottest markets of the real estate sector.
One of the many IAG’s was also to include closer scrutiny of new real estate license applicants and also a call for all offers received on the same be filed for review by the council.
The RECBC has appointed a task force headed by David Peerless to act on the recommendations and with the help of the task force be able to assemble a panel and provide a plan of action as soon as possible.
It has been an interesting year for the real estate market in Vancouver BC in terms of sky high prices, rental agreements, affordable housing and now even the real estate agents.