Dual Agency Law Changes

Dual Agency Law Changes

Sep 15, 2017 | Local, Real Estate

Michael Noseworthy, British Columbia’s superintendent of real estate, has put in place changes that will see the end to dual agency. This practice, also called ‘double-ending’, is when one real estate agent represents both the buyer and the seller in a single sale.

Currently, limited dual agency is legal, with one agent able to represent both parties as long as both are aware that the agent is doing so and are made aware of the commission the agent will make. The new rules will outlaw this practice completely, except in the case of rural communities where there aren’t enough agents to service all listings.

However, the BC Real Estate Association states that dual agency sales only account for 5% of all sales, with the vast majority of these taking place in rural communities that won’t be affected by this change.

While the new conditions could sound worrying since some agents are voicing concern for buyers, with the percent of dual agency sales as low as it is currently, it’s unlikely the changes in January 2018 will have much effect on the Okanagan market.

Additional Reading

Warm Winter Market

Warm Winter Market

    As temperatures drop and the snow makes its way into the hills, the opposite seems to be happening for the Kelowna real estate market. Despite our low housing inventory, prices continue to rise! “Home prices in B.C. rose 19% year-on-year in October, but...

Enjoying the View

Enjoying the View

    The last couple years have been both unpredictable and surprising for all of us, including the Okanagan real estate market. At a time when the world came to a halt, Canadians took this forced pause as an opportunity to re-evaluate their lifestyles and...

Soaring Sky High

Soaring Sky High

    Kelowna’s housing market continues to exceed all expectations moving into the fall. Inventories are at an all time low and outside interest has never been higher; a combined effect that continues to drive prices up, as well as new construction and...

250-470-0377