2016-07-26-RESA-Amendments-News-Release

For the complete news release, click here.

For immediate release

BCREA and REALTORS® Continue to Support Consumer Protection and Confidence

Vancouver, BC – July 26, 2016. BC REALTORS® recognize the importance of consumer protection, and generally support the proposed amendments to the Real Estate Services Act (RESA), announced on July 25.

The proposed amendments lay the foundation for the implementation of several of the recommendations made by the Industry Advisory Group several weeks ago, to which many REALTORS® around the province responded positively.

"The BC Real Estate Association is ready to assist the new Superintendent of Real Estate and the Real Estate Council of BC in implementing any and all changes to our licensing and practice regime," says British Columbia Real Estate Association (BCREA) President Deanna Horn. "There are some significant changes here and in the IAG report. As the details are discussed, we look forward to opportunities for input, to help avoid any unintended negative impacts on consumers or the market, as a whole."

BCREA and the 11 regional real estate boards in BC have a long history of supporting REALTOR® professionalism and advocating for the protection of consumer interests, including working with the Real Estate Council of BC to completely revise the award-winning Applied Practice Course (an obligatory course for all new licensees), clarifying agency obligations between REALTORS® and their clients, and developing new continuing professional education courses on compliance.

In addition, over the past 18 months, there has been an initiative underway to amalgamate real estate boards in the province to reduce overlap and maintain high and consistent professional standards. This would also help address the current fragmented decision making that slows the industry's ability to foresee and address issues in a timely manner.

"Every day, the majority of BC's 20,000 REALTORS® demonstrate their professionalism to their clients," says President Horn. "That's been my experience for more than 30 years, and that makes me proud to be a REALTOR®."

Bill 28, Miscellaneous Statutes (Housing Priority Initiatives) Amendment Act, 2016, also proposes a new 15% Property Transfer Tax on foreign nationals and foreign-controlled corporations for properties in the Greater Vancouver Regional District, and the creation of a Housing Priority Initiatives Fund. BCREA will take a few days to examine those proposals before commenting.

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View a recent video from President Horn, which explains that REALTORS® support consumer protection.

BCREA is the professional association for over 20,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province's 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.

For more information, please contact:

Norma Miller
Manager of Government Relations
Direct: 778.773.1400
Email: [email protected]

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