Council Supports Penalty Increases by Real Estate Board of Greater Vancouver

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March 27, 2016, Vancouver, BC — The Real Estate Council of BC supports the recent decision by the Real Estate Board of Greater Vancouver (REBGV) to increase the maximum fines applicable against member REALTORS® who violate the Board’s code of ethics. The REBGV’s increased fines will apply to the approximately 12,500 REALTORS® in the greater Vancouver area.

All members of the REBGV, along with the members of the other ten real estate boards in BC, are licensed and regulated by the Real Estate Council of BC. The Council sets standards of professional competency and conduct for the more than 22,000 real estate licensees across BC, and enforces those standards by auditing and inspecting real estate brokerages, investigating complaints, and imposing disciplinary sanctions against licensees who contravene the Real Estate Services Act. Discipline from the Council can include reprimands, remedial education, licence restrictions, fines, suspensions, and licence cancellations, and all disciplinary orders are published for the public’s benefit.

Currently, the maximum disciplinary fines the Council can impose are $10,000 for an individual and $20,000 for a brokerage. These maximum disciplinary fine limits are set by the Real Estate Services Act and any increase would require a legislative amendment. In late 2014 the Council approached government, suggesting an increase to the maximum disciplinary fine limits. The Independent Advisory Group initiated by Council in February 2016 and led by Carolyn Rogers, Superintendent of Real Estate for BC and CEO of the Financial Institutions Commission, is currently examining a range of issues affecting real estate regulation in BC, including the legislative limits on disciplinary fines. The Council looks forward to receiving the Group’s recommendations in April and to implementing measures to strengthen public protection.

Members of the public can submit their comments to the Independent Advisory Group by email to yourinput@advisorygroupbc.ca.

Anyone who is concerned that a real estate licensee has acted improperly is encouraged to contact the Council, by phone at 1-877-683-9664, or by email at info@recbc.ca. The Council investigates complaints it receives from both consumers and licensees.