Major Changes To BC Real Estate Announced

As some of you may know, the Superintendent of Real Estate has enacted new rules for BC Real Estate Agents that has changed the industry in a major way.  These changes are now in effect.  Specifically, the following changes have occurred:

1. Real estate licensees (agents) are now required to disclose even more information on commissions and fees-in particular, how the commission is to be divided between the listing brokerage and the cooperating (buyer) brokerage.  

2. Before working with consumers, agents must now inform them of their duties and responsibilities before any information (other than public info) is exchanged.  

3. Agents must inform unrepresented buyers of the risk of dealing with a licensee who is representing another party in a transaction.

4. Dual agency (helping a buyer and seller in the same transaction) is no longer allowed, except in very remote locations.  In other words, if you call a listing agent, they will no longer be able to represent you if you want to buy that property.  Therefore, they must let you know that they are only acting in their client's (seller) interest. They will suggest either calling another agent to represent you, or you will be informed of the risks of being unrepresented.

What does this all mean to the consumer?  First of all, it it obvious that the goal here is for consumers to have representation from a real estate agent with no conflicts of interest.  A listing agent clearly has a conflict, as they work for the Seller, so they will only be able to give you basic information.  A buying agent however will work in your best interests, and give you undivided loyalty and confidentiality when looking at properties.

At Victoriacondolistings, we help BUYERS by answering questions they have about specific properties as well as offering viewings of properties.  We can give you unbiased information because we are not the listing agents.  If we do happen to have a listing that comes up on our site, we will let you know right away and suggest another real estate agent to help you with that specific listing.  We strongly suggest that you choose a realtor to help you with your purchase, and choose an agent with specific experience and specialties dealing with condos and other strata property.  We have bought and sold over 250 properties and been in most of the buildings in Greater Victoria.  We would love the opportunity to work with you!