Premier Christy Clark says the real estate industry has had ten years to get it right when it comes to self-regulation, and has failed.
In her most decisive move yet on the housing affordability crisis, Clark says the government is stepping in, and self-regulation is going away.
“And that will include transferring all authority for regulation, for penalties and rule-making away from the Real Estate council, and put it directly in the hands of the Superintendent.”
The move comes on the heels of a report from the so called “shadow flipping probe” Independent Advisory Group, which made 28 recommendations to address ethical and transparency issues in the industry.
Despite the move, Clark says she’s still moving ahead with the report’s suggestion that the Real Estate Council be re-balanced to reduce the influence of industry.
At a time when many Vancouver residents can no longer afford to buy a home or live here, Clark calls self-regulation a privilege, not a right.
“Every element is important, and protecting consumers is vitally important especially in this market where everything is moving so quickly, and people are telling us that they feel like they’ve been taken advantage of, that there are shady practices.”
Clark says the job ad for the superintendent position has already been posted.