The B.C. Government has appointed a superintendent for real estate in response to the “shady activities” of relatively few realtors primarily in Vancouver. Mr. Michael Noseworthy's task is to restore consumer confidence in the industry which was scarred by the opportunistic and unethical conduct of those realtors who engaged in shadow flipping. The Real Estate Council of B.C. which was the self-regulatory body responsible for dealing with shadow flipping in the first place simply did not have to tools or authority necessary to address this problem.
On August 2, 2016 in response to the out of control market throughout Greater Vancouver and especially in the City of Vancouver, the Provincial government first enacted the foreign-buyer tax of 15% sending the market into a tail spin. This seemingly impulsive and desperate measure caused all sorts of pandemonium and impacted many buyers and sellers as there was no grandfathering provision. We are still feeling the affects of the tax and its repercussions have not yet diminished in fact they seem to be gaining momentum.
I've never understood why the authorities have not gone after the individual perpetrators of shadow flipping. Why do they paint the whole industry as “marred” when in fact many realtors watched from the sidelines wondering when something was going to be done with these individuals who were hijacking our profession and defaming all of us with their greedy and unethical conduct?
Now we have an new overseer who is going to supervise our behaviour and pursue our profession. I wish Mr. Noseworthy well in his pursuit but implore him not to treat realtors as wayward children who need severe discipling and tight control of their behaviour. Most of us really do put our clients best interest first and those who do not deserve to be severely reprimanded or even permanently expelled from the industry.
My concern is that enforcing more bureaucracy to chastise the unscrupulous few will impact the law-abiding and ethical majority of realtors who do their best every day. Finally, expanding bureaucracies have a tendency to negatively interfere with the natural forces of the market place. I hope this will not be the case here but history teaches us otherwise.
Please comment. I'd love to read your thoughts.