A Vancouver realtor says he’s in favor of all 28 recommendations proposed by an Independent advisory group to address unscrupulous realtors, though warns it could boost prices.
Realtor Mike Stewart says adopting new rules means time and time is money.
“The one negative thing is that it could increase the cost of housing.”
One of the 28 proposals in the report recommends banning double-end deals, where an agent represents both the buyer and the seller.
But Stewart says requiring both sides to have agents could drive up prices in a bubbling market.
“Anytime you have more regulations, you have more costs because it takes time to obey all the new rules, understand the new rules and it takes time to obey them, potentially could increase the cost of real estate.”
He says experienced buyers often negotiate to the seller’s agent to get a better deal but…
“It’s extra regulation that requires people to get representation but when you’ve got a savvy sophisticated buyer who doesn’t need representation and their able to negotiate something with the people they are purchasing with than that might increase real estate prices.”
Stewart says banning dual agency provides better opportunities for agents entering the market.