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

International Women’s Day is March 8. (Internationalwomensday.com)
International Women’s Day 2021: #choosetochallenge

International Women’s Day is marked annually on March 8

Businesses in Williams Lake are invited to participate in a new sticker program that will help make their venues more accessible. (Williams Lake Accessibility Advisory Committee image)
‘Come On In’: New program aims to make Williams Lake businesses more accessible

Williams Lake Accessibility Advisory Committee (AAC) is leading the project

Celebrate women in leadership, March 8, International Women’s Day 2021 (Unsplash)
EDITORIAL: International Women’s Day 2021 shines spotlight on achievements, ongoing inequities

COVID-19 increased gender-based violence, economic stress, the burden of care giving for women

Amarjit Khakh of Williams Lake. (Photo submitted)
INTERNATIONAL WOMEN’S DAY 2021: Amarjit Khakh

Kindness and giving, key to full life

Sierra William (left) with her grandmother Eileen William. (Roger William photo)
INTERNATIONAL WOMEN’S DAY 2021: Sierra William

Xeni Gwet’in woman finds strength in tradition

Elvira D’Angelo, 92, waits to receive her COVID-19 vaccination shot at a clinic in Montreal, Sunday, March 7, 2021, as the COVID-19 pandemic continues in Canada and around the world. THE CANADIAN PRESS/Graham Hughes
‘It’s been a good week’: Tam hopeful on vaccines as pandemic anniversary nears

Tam says the addition of two new vaccines will help Canadians get immunized faster

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

A woman walks through Toronto’s financial district on Monday, July 30, 2018. A new poll suggests most Canadians believe there’s still a long way to go to achieve gender equality in this country. THE CANADIAN PRESS/Graeme Roy
Canadians, especially women, say gender equality not achieved in Canada: Poll

Poll results themselves underscore the challenge, with more men believing equality had been achieved

This image provided by Harpo Productions shows Meghan, The Duchess of Sussex, left, in conversation with Oprah Winfrey. (Joe Pugliese/Harpo Productions via AP)
Race, title and anguish: Meghan and Harry explain royal rift

Meghan said she struggled with concerns within the royal family about her son’s skin colour

Const. Allan Young. Photo: Abbotsford Police Department
Manslaughter charge laid in Nelson death of Abbotsford police officer

Allan Young died after an incident in downtown Nelson last summer

The Pfizer-BioNTech COVID-19 vaccine is administered to a personal support worker at the Ottawa Hospital on Tuesday, Dec. 15, 2020 in Ottawa. Doctors in Alberta have signed an open letter asking for prioritized vaccination of health-care staff who work directly with patients on dedicated COVID-19 units. THE CANADIAN PRESS/Adrian Wyld
COVID vaccines for seniors in B.C.: Here’s how to sign up

Seniors 90+, Indigenous seniors 65+ and Indigenous Elders can book starting March 8

(The Canadian Press)
‘Worse than Sept. 11, SARS and financial crisis combined’: Tourism industry in crisis

Travel services saw the biggest drop in active businesses with 31 per cent fewer firms operating

Pictures and notes in from friends and classmates make up a memorial in support and memory of Aubrey Berry, 4, and her sister Chloe, 6, during a vigil held at Willows Beach in Oak Bay, B.C., on December 30, 2017. THE CANADIAN PRESS/Chad Hipolito
Mother of slain daughters supports recent changes to Canada’s Divorce Act

Sarah Cotton-Elliott said she believed her children took a back seat to arranging equal parenting

Most Read