B.C. government introduces new housing market rules on shadow flipping and foreign data collection. The new regulation under the Real Estate Services Act will require real estate agents and licencees to include, in every contract, a prohibition on the assignment of the contract by the purchaser unless the seller consents to such assignment and […]
The Real Estate Council of B.C. and the B.C. Financial Institutions Commission have appointed a powerful advisory committee to look into allegations of real estate licensee misconduct. Drawing deeply on the leaders of the B.C. Securities Commission, Central 1 Credit Union, Society of Notaries Public and others, the advisory committee has set a deadline of mid-April for an interim report and the end of May for a final report with recommendations. Carolyn Rogers, the Superintendent of Real Estate and the CEO of the Financial Institutions Commission, was appointed last week by the Real Estate Council of B.C. to look into allegations of “shadow flipping,” in which some real estate agents are using a little-known “assignment contract” to secretly flip properties for higher prices without the knowledge of their listing clients.