B.C. real estate agents will be generally banned from acting as dual agents for both buyers and sellers under tough new rules drafted by the Office of the Superintendent of Real Estate and obtained by Postmedia News.
The draft rules were based on recommendations from the report of an independent advisory group released in June 2016 to address problems in B.C.’s real estate industry. Those problems included some realtors putting their own interests ahead of clients, some not abiding by rules around reporting requirements to prevent money laundering, realtors failing to disclose assignment of contracts (known as shadow flipping).
The draft rules will be provided to realtors and the public, with superintendent Michael Noseworthy open to feedback over the next month.