Here is the link to the Report of the Independent Advisory Group On Conduct and Practices in the Real Estate Industry in British Columbia, issued today, June 28, 2016.
For your convenience, we copy the Executive Summary below.
II // EXECUTIVE SUMMARY
Current conditions in British Columbia’s real estate market, in particular a prolonged period of extreme price escalation, are extraordinary. They are attracting attention locally and globally. The causes of these conditions, whether they will continue, and what should be done to respond, are all topics of diverging views and passionate debate.
Among the many challenges that have emerged as a consequence of these conditions is the ability of the regulatory regime governing real estate licensees to respond, and to continue to protect the public interest. This report responds to that challenge.
It begins with a brief overview of the history of real estate licensee regulation to assist the reader in understanding how we got to where we are today. The report then describes how the current regulatory regime works and the key players in that regime. Next it addresses the weaknesses and limitations of the current regime and finally, makes recommendations for improvement.
In recent months some members of the public have questioned whether the real estate industry should continue to self-regulate. Ultimately that is a decision that only government can make.
The key recommendations contained in this report, 28 in total, focus on improving the
existing regulatory regime, and the regulator, to act in the public interest.
The recommendations are directed toward the Real Estate Council of British Columbia
and Government of British Columbia, and will require a coordinated effort by both to be
implemented quickly and effectively. Through this coordinated effort, the Independent
Advisory Group believes that public trust and confidence in the regulation of real estate
licensee conduct in British Columbia can be restored.