B.C. real estate loses self-governance

Changes outlined Wednesday by Premier Christy Clark put an end to the days of self-regulation for B.C.’s real estate industry as a new dedicated superintendent of real estate will now be responsible for regulating the industry instead of the B.C. Real Estate Council.

Tom Davidoff, a professor of economics at UBC’s Sauder School of Business said the announcement fails to consider other factors driving up housing prices, including foreign capital, although it might make people trust their realtor more.

High prices aren’t due to Vancouver having an “unusually sleazy market,” Davidoff told The Province.

The story also appeared in the Calgary Herald and Regina Leader Post.

In a Times Colonist article, UBC real estate expert Tsur Somerville said regardless of who does the policing, the key is to be aggressive about carrying out the report’s recommendations.