I’m reading through the report right now, and will likely have to write up a bunch of posts on this, but… in case you were not aware, the provincial government (that’s the equivalent of the state government here in the US) of British Columbia just dropped a bomb on the real estate industry.
You can read the following stories, and then keep looking for others:
- Realtors should face fines up to $250K for misconduct, B.C. report recommends
- “We are going to end the right of the B.C. real estate sector to self regulate,” premier says. “The real estate sector has had 10 years to get it right and they haven’t.”
- Five things you need to know about Tuesday’s B.C. real estate report
And here’s the link to the full Independent Advisory Group report. I’m also embedding it below.
I expect to have some thoughts (maybe quite a lot of thoughts) on this in the future, but you really ought to read this report if you’re in organize real estate in North America. I know a few REALTOR organizations are doing strat planning sessions now and over the next couple of months — this report ought to be front-and-center in those sessions.
If you believe that this will be just an isolated little blip in British Columbia, because of the insanity that is Vancouver… well… you go ahead and keep on believing.