The B.C. Real Estate Association is pushing back against a proposed ban on the controversial practice of allowing realtors to represent both sellers and buyers of a property.

The proposed ban on dual agency — also known as double-ending — is the most significant change among a number of rules proposed Wednesday by the B.C. government’s Office of the Superintendent of Real Estate. The draft rule changes, meant to protect consumers and improve transparency in B.C.’s red-hot real estate market, have been provided to realtors and the public for comment over the next month.

Dual agency has been restricted or banned in some U.S. states, and Ontario has also proposed a ban on it.

In an interview on Thursday, the B.C. Real Estate Association’s CEO, Robert Laing, said realtors worry that banning dual agency will hurt both consumers and realtors.

“Our biggest concern is the consumer’s right to make a choice about who they work with is being taken away from them,” Laing said. “The superintendent is trying to protect the consumers, but we think he is forgetting that in a free-enterprise market the consumer needs choice.”

 

http://vancouversun.com/news/local-news/realtors-group-criticizes-proposed-ban-on-dual-agency 

Read full post

Vancouver's second-last downtown gas station sold to a development company for a bargain price of $72 million, and now its last fuel centre is on the market.

CTV News reports the Esso station located at the intersection of Burrard and Davie Street is listed without an asking price, but adds that it will likely sell for a similar price as its former competitor.

 

The city's skyline continues to expand, and may do so at the expense of commuters or visitors in and around the downtown core due to an increased inaccessibility of fuel. However, this surplus of earnings may prove valuable to land owners.

 

“[Unlike real estate,] pumping gasoline is not a very high margin business,” said Tsur Somerville, director of the University of British Columbia Centre for Urban Economics, to CTV News.

 

http://www.huffingtonpost.ca/2017/04/17/vancouver-gas-station-last_n_16063296.html?utm_hp_ref=ca-bc-business

Read full post

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. 

 

http://vancouversun.com/news/local-news/b-c-realtors-to-be-banned-from-dual-agency-as-part-of-rule-changes 

Read full post