On Friday, fresh rule changes to the Real Estate Services act that target dual agency came into effect.
Dual agency is a common practice in real estate transactions, occurring when a realtor represents more than one party, such as the buyer and the seller, in the transaction.
Experts say the new rules will “profoundly change” how realtors work with consumers.
The ban was recommended by Real Estate Council of British Columbia's (RECBC) Independent Advisory Group in 2016 and under Friday's official prohibition on dual agency, a real estate agent cannot represent two clients with competing interests at the same time.
“BCREA, together with the Real Estate Council of British Columbia (RECBC), has been hard at work to update the Applied Practice Courses for new licensees. BCREA has also been updating its continuing education courses and nearly two dozen standard legal forms that have been impacted by the changes,” said British Columbia Real Estate Association (BCREA) CEO Darlene Hyde.
“The new rules governing real estate practices mark a significant shift in how REALTORS® in BC work with their clients. It’s important that consumers know what to expect when the changes come into effect.”
However, an exception to that rule will apply to extremely remote locations poorly served by realtors.
According to the Real Estate Council of B.C., the new rule changes will better protect buyers and sellers.