More backlash into the potentially shady practices of New Coast Realty, the brokerage firm which has been sanctioned by the Real Estate Council of BC.
The opposition NDP are calling for more action from the province, with Vancouver-Mount Pleasant MLA Melanie Mark suggesting the file made a criminal one.
“We need a fraud investigation by the police… The owner notes in his training that it’s best to sell only to other New Coast agents so that they can fraud their clients more easily.”
Housing Critic David Eby echoed those concerns, suggesting he had taken concerns about the firm to the Real Estate Council several times only to be rebuffed.
“So despite notorious, unethical, and illegal behaviour the Real Estate Council says they won’t be auditing past New Coast home sales. Just future sales. So why is this government tollerating a system where there’s nobody who will audit past sales by a firm like New Coast Realty?”
The provincial government remains confident in the Real Estate Council of BC’s investigation into New Coast’s questionable practices.
Finance minister Mike de Jong says he wants to allow the Council to complete their probe before any new steps are decided.
“…And to ensure that the appropriate steps are taken that will guarantee the public interest is protected and that people can have confidence that the realtor they retain is acting in their best interest.”
Over the weekend, New Coast Realty was given a set of conditions to operate, including the imposition of a new managing broker approved by the Council.
The move came after an audio recording of the company’s owner instructed sales teams to talk clients into selling their homes for less.
That was so agents could set the table for future sales at higher prices, commissions, and bonuses.
New Coast issues statement
“New Coast Realty’s agents and management work hard to serve the best interests of our clients and to respect our professional obligations while doing so. New Coast denies the allegations made by the Globe and Mail, which are based on excerpts of a recorded conversation taken out of context. New Coast is cooperating with the Real Estate Council in reviewing these matters and looks forward to answering the unfair accusations which have been made.”