Premier Christy Clark and Finance Minister Mike de Jong

B.C. taking over regulation of real estate

Web Lead

  • Jun. 29, 2016 6:00 p.m.

A new Superintendent of Real Estate will take over regulation of the B.C. industry, Premier Christy Clark said Wednesday.

Clark and Finance Minister Mike de Jong said a the current industry-led Real Estate Council of B.C. will be replaced by a board with a majority of “public interest, non-industry members,” and fines for real estate misconduct are to be increased.

Clark said the maximum fine for individuals will go to $250,000, and twice that for real estate brokerages. The government is adopting all the recommendations of an independent advisory group, including banning realtors from representing both buyer and seller in a transaction.

“The real estate sector has had 10 years to get it right on self-regulation and they haven’t,” Clark said.

Clark said there will be more changes announced in the next few weeks to help people get into the real estate market in urban areas where house prices are spiralling.

In his latest budget, de Jong increased the property purchase tax exemption level from $475,000 to $750,000 for new homes only, and increased the tax rate from two to three per cent on the value of homes in excess of $2 million.

Clark was non-committal on a proposal by the City of Vancouver to impose a tax on vacant homes. She said the province is studying whether it has a role to play in such a tax, and repeated the federal housing minister’s position that all levels of government are needed to deal with housing affordability.

 

Just Posted

Second fire hall referendum confirmed

Creston residents will have another chance to vote on the borrowing for a new fire hall.

Michelle Mungall on maternity leave

The Nelson-Creston MLA will return by the end of September

Valley Mudders invites new members

While the stereotypical image of a potter is someone sitting at a wheel spinning pots, a look at the displays of various members’ work shows that most of the output is hand-built.

Design phase of Creston Community Park well underway

The contract for detailed design services for the new skatepark has been awarded to van der Zalm + Associates Inc. and New Line Skateparks Inc., both firms in Langley, BC.

RDCK seeking public input on agriculture in the Creston Valley

Community input will help inform changes to zoning regulations in Electoral Areas A, B and C.

Trudeau asks transport minister to tackle Greyhound’s western pullout

Prime Minister Justin Trudeau says he’s asked Transport Minister Marc Garneau to find solutions in Greyhound Canada’s absence.

Kitten OK after being rescued from underground pipe in B.C.

An adventurous feline has been rescued after getting trapped in an underground pipe in Kamloops, B.C.

A day after back-tracking, Trump defends summit performance

Amid bipartisan condemnation of his embrace of a longtime U.S. enemy, Trump at first sought to end 27 hours of recrimination by delivering a rare admission of error Tuesday.

Thai soccer players rescued from cave meet the media

Members of the Thai youth soccer team who were trapped in a cave have left the hospital where they have been treated since their rescue.

Elon Musk apologizes for calling cave rescue diver a ‘pedo’

Musk called a British diver involved in the Thailand cave rescue a pedophile to his 22.3 million Twitter followers on July 15.

Trudeau shuffles familiar faces, adds new ones to expanded cabinet

Justin Trudeau shuffles his front bench Wednesday to install the roster of ministers that will be entrusted with leading the Liberal team into next year’s election.

Hub for mental health and addictions treatment opens at B.C. hospital

St. Paul’s Hospital HUB is an acute medical unit that includes 10 patient beds

Restaurant Brands International to review policy over poaching employees

One of Canada’s largest fast-food company to review ‘no-poach’ franchise agreements

Calgary family’s vacation ends in tragedy on Texas highway

Three people died and four others were injured in the crash

Most Read