“After weeks of acrimonious headlines and months of finger-pointing, there’s been a few developments that should eventually help ease skyrocketing Vancouver home prices.
Triple the fine
At the end of March, the president of Real Estate Board of Greater Vancouver (REBGV), the provincial trade association that represents British Columbia’s realtors, wrote an open letter to B.C. Premier Christy Clark, criticizing the government’s decision to take steps to end the controversial practice of shadow flipping. During that same week, REBGV members (all of whom are licensed realtors) gathered at their annual general meeting. At the meeting, 80% of the members voted to increase the fines for realtor misconduct.
Up until now, the maximum fine that could be levied against a realtor that had ethically or legally strayed from regulations that govern their conduct was $10,000. Starting early April, this fine tripled to $30,000, said new REBGV president, Dan Morrison. His rationale: “The penalty of $10,000 is almost becoming the cost of doing business to some people. We need to raise that, because it’s not much of a deterrent right now.” The change to these fines came 18 months after the issue was first raised with REBGV.”
Full article here: http://www.moneysense.ca/spend/real-estate/buying/new-developments-in-b-c-s-real-estate-market/