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Premier Christy Clark announced the government is ending self-regulation for BC’s real estate industry. The Premier said the right to regulate the industry will be taken away from the Real Estate Council of BC and put into the hands of a newly established and dedicated superintendent of real estate, while also announcing the government will implement 28 recommendations from the Council’s recent independent advisory group report.

The government also plans to revamp the Real Estate Council, which is currently made up of 14 industry members and three government employees, by replacing a majority of the members with people from outside of the industry.

The issues of housing supply and real estate regulation promise to be crucial ones with an election looming in BC next year.

BOMA will be working with the Province over the coming months to ensure the concerns of the commercial real estate industry are well represented.

Feel free to share any concerns or questions with BOMA BC Director of Government Affairs Muneesh Sharma at muneesh@boma.bc.ca.