The Real Estate Council of BC says that it supports the move and wants to be allowed to increase its fines for real estate agents and brokerages who breach the rules. The Independent Advisory Group initiated by Council in February 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. It is due to make recommendations in April.
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The Greater Vancouver Real Estate Board has voted in favour of higher fines for realtors who violate its code of ethics. The larger penalties will apply to around 12,500 real estate agents in the Greater Vancouver area.