A highly anticipated report on shady real estate practices in British Columbia will be released in full later today.
One recommendation from the independent advisory group is to boost fines for realtors guilty of defrauding or lying to clients.
“Right now it’s $10,000 and we are told it will be some number higher than $50,000 as the maximum”
Globe and Mail reporter Kathy Tomlinson says the group also wants BC’s private real estate boards to stop burying complaints from the public.
But Tomlinson says there are still a few things unclear.
“Wether or not they will deal with double ending will be very interesting, we don’t know that yet, and wether or not they will get into any other specific practices of realtors or just say we are just going to beef up this body to have more powers and better investigative tools”
The group was launched amid allegations that some real estate agents were flipping homes multiple times before a deal closed.