Jun
28
British Columbia Panel Urges Higher Fines for Errant Brokers
By-
Penalties for misconduct ‘simply not credible,’ group says
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Increase to maximum of C$500,000 for brokerages recommended
Real estate brokers who engage in misconduct may face as much as a 25-fold increase in penalties in British Columbia, where its biggest city, Vancouver, is one of North America’s hottest housing markets.
The maximum fine on a brokerage should be increased to C$500,000 ($384,000) from C$20,000, said an independent group tasked with finding ways to better regulate an industry that’s been accused of fomenting the run-up with unethical practices. The cap for an individual agent should be raised to C$250,000 from C$10,000, the group said…
British Columbia Panel Urges Higher Fines for Errant Brokers
