A loophole which has allowed offshore companies to submit bids on B.C. properties could soon become a thing of the past.
An investigation by The Globe and Mail found the Chinese firm vanfun.com was helping unlicensed foreign agents to take advantage of a regulatory gap in selling B.C. homes without provincial licensing.
But now, the Ministry of Finance says the Superintendent of Real Estate Michael Noseworthy, who starts his new job next week, will be reviewing that practice.
A statement from the Ministry of Finance cautions local sellers who may accept offers from overseas, because it’s outside the legal jurisdiction.
The statement is also reiterating the facilitation of unlicensed real estate services is banned in the province and cease and desist orders have already been levied against vanfun.com.
Noseworthy’s appointment comes after the Province announced earlier this year it would be ending self-regulation of the real estate profession.