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

Take it to the Top

Take it to the Top

    With another month gone by, so much has changed and things are moving faster than ever. Yet, the story remains the same: the Okanagan real estate market is still soaring with no signs of slowing down. Last year we saw average home prices go up steadily,...

Living in the Fast Lane

Living in the Fast Lane

    The Okanagan market continues to flourish with inventory at an all-time low and buying interest continuing to rise, specifically from larger urban centres. Now with the weather getting nicer, we’re also seeing a shift in focus from residential properties...

Budding Success

Budding Success

    It’s been one year since COVID-19 began affecting our lives here in the Okanagan, and it’s fair to say that nobody expected what followed. After an uncertain spring season in 2020, many Canadians took the time to reevaluate their lifestyles and living...

250-470-0377