The Real Estate Board of Greater Vancouver is tripling the maximum fines for unethical realtors from $10,000 to $30,000.
Newly-elected President Dan Morrison:
“We felt that was more in line with real estate conditions and housing prices in the last little while.”
He was also critical of Premier Christy Clark’s decision to ban shadow flipping.
“The Premier had put in place an advisory committee on how we could – what is actually the issue, and how we can do anything to prevent it in the future, and we thought that she kind of pre-empted that.”
Morrison said there were legitimate uses for the assignment clause that has been abused by some realtors in what has become known as the shadow flipping controversy.