Should real estate have an independent regulator?

Should the real estate industry be subject to independent regulation? The NDP’s David Eby, well known for his views on housing, says that an independent regulator should be appointed following the revelations about New Coast Realty which were reported at the weekend and which the company denies.

Mr Eby told the Vancouver Sun that he raised concerns about the company in January and again in February. He says that the BC Real Estate Council did not have the power to audit New Coast and he wants a “proper investigation of what’s happening here.”

BC finance minister Mike de Jong says that the government’s superintendent of real estate ultimately oversees the BC Real Estate Council but he is awaiting a report from an independent advisory group which could lead to new laws regarding real estate regulation.

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