Premier Christy Clark and Finance Minister Mike de Jong

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.

 

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Victoria police say the number of business break and enters in the city has been rising for the last four months. (Twitter/VicPD)
Business break and enters on the rise in Victoria

Sophisticated techniques used to defeat alarm systems, police say

December and January, so far, have seen their share of rain. (Black Press Media file photo)
Potential for snow in Greater Victoria after unusually wet December, January

Winter is on the way, says Environment and Climate Change Canada

Firefighters respond to a fire on Heatherly Road in Colwood Jan. 19. (Photo courtesy of View Royal Fire Rescue)
Two people escape injury in Colwood house fire

Heatherly Road fire started on a covered porch

Stair care in Colwood
Colwood Coun. Michael Baxter says Latoria Creek Park is now more enjoyable and safe to take a stroll through due to the latest upgrades completed on the staircase. Four long sets of nature stairs now include slip-proof metal steps. The elevated staircase also allows for better air flow to slow the rotting process, and metal handrails to prevent splinters. (Aaron Guillen/News Staff)
Colwood unveils massive upgrade to popular park staircase

Upgrades include slip-proof metal steps, metal handrails and raised design

A female prisoner sent Langford police officers a thank-you card after she spent days in their custody. (Twitter/West Shore RCMP)
Woman gives Victoria-area jail 4.5-star review in handwritten card to police after arrest

‘We don’t often get thank you cards from people who stay with us, but this was sure nice to see’: RCMP

Provincial health officer Dr. Bonnie Henry prepares a daily update on the coronavirus pandemic, April 21, 2020. (B.C. Government)
B.C. adjusts COVID-19 vaccine rollout for delivery slowdown

Daily cases decline over weekend, 31 more deaths

Island Health chief medical officer Dr. Richard Stanwick receives a first dose of Pfizer vaccine, Dec. 22, 2020. (B.C. government)
B.C. turns to second doses of COVID-19 vaccine as supplies slow

Pfizer shipments down until February, to be made up in March

B.C.’s Ministry of Advanced Education and Skills Training announced funding to train community mental health workers at four B.C. post-secondary institutions. (Stock photo)
B.C. funding training of mental health workers at four post-secondary institutions

Provincial government says pandemic has intensified need for mental health supports

A health-care worker prepares a dose of the Pfizer-BioNTech COVID-19 vaccine at a UHN COVID-19 vaccine clinic in Toronto on Thursday, January 7, 2021. THE CANADIAN PRESS/Nathan Denette
No Pfizer vaccines arriving in Canada next week; feds still expect 4M doses by end of March

More cases of U.K. variant, South African variant found in Canada

Health-care workers wait in line at a UHN COVID-19 vaccine clinic in Toronto on Thursday, January 7, 2021. THE CANADIAN PRESS/Nathan Denette
Canadians who have had COVID-19 should still get the vaccine, experts say

Pfizer-BioNTech and Moderna vaccines were found to have a 95 per cent efficacy

An empty Peel and Sainte-Catherine street is shown in Montreal, Saturday, Jan. 9, 2021, as the COVID-19 pandemic continues in Canada and around the world. THE CANADIAN PRESS/Graham Hughes
Poll finds strong support for COVID-19 curfews despite doubts about effectiveness

The poll suggests 59 per cent remain somewhat or very afraid of contracting COVID-19

Egg producers in B.C. aren’t obligated to reveal their production sites. (Sarah Simpson/Citizen)
Officials say there’s not enough Vancouver Island eggs to meet demand

BC Egg Marketing Board doesn’t regulate labelling, supply needed from off-Island

A Courtenay resident labours to remove the snow build-up from around her car in February 2019. The area may see snow throughout the coming weekend. Black Press file photo
Snow, winter might not be done with Vancouver Island quite yet

Flurries, snow and cold temps predicted for the weekend for mid-Island

Most Read