B.C. real estate advisory group looking into predatory sales practices
A house “sold” sign is seen in this July 2012 file photo. (Richard Buchan/The Canadian Press)
The Canadian Press
Published Wednesday, March 16, 2016 7:37AM PDT
Last Updated Wednesday, March 16, 2016 7:38AM PDT
VANCOUVER - An advisory group looking into the practices of British Columbia real estate agents will examine whether the current rules are protecting consumers and public confidence.
Terms of reference for the group, chaired by Superintendent of Real Estate Carolyn Rogers, were released Tuesday.
The document shows that the group will look into the current rules that have caused concern among potential buyers and sellers, including misleading advertising, coercive or predatory sales practices, and the assignment of contracts.
The eight-person group will also look at how the rules are administered, and what the requirements and professional standards are for licensed realtors throughout the province.
The Real Estate Council of B.C. announced last month that it would create a body to look into allegations of conduct by some B.C. realtors, including the exploitation of a clause that allows a contract to be resold multiple times before a property deal closes, driving up prices and commissions.
The advisory group is scheduled to provide an interim report to the Real Estate Council of B.C. by April 8, and a full report with recommendations is expected by the end of May.