Real Estate Advisor with Engel & Völkers Dundarave, West Vancouver, Canada

'We are going to end the right of the B.C. real estate sector to self regulate,' premier says

"The real estate sector has had 10 years to get it right and they haven't."

By Jason Proctor, Karin Larsen, CBC News

B.C. Premier Christy Clark promised to crack down on the real estate practice of 'shadow flipping,'  at a Friday morning announcement in Vancouver's Stanley Park.

B.C. Premier Christy Clark says the government is ending self regulation for the B.C. real estate industry.

"The real estate sector has had 10 years to get it right on self regulation and they haven't," said Clark at a Vancouver new conference. 

Clark said the right to regulate the industry will be taken away from the Real Estate Council of B.C.and put into the hands of a newly established and dedicated superintendent of real estate.

"The point of regulation is to protect people, to protect consumers," she said. "Self regulation is a privilege."

The announcement comes a day after a special advisory group issued a damning report on a decade of self regulation, which recommended several measures, including raising maximum fines for misconduct from $10,000 to $250,000 for agents. Read More

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