Rules have now banned what’s called a dual agency deal where a realtor can’t represent both a seller and a buyer at the same time, according to a Global News article.
B.C. is the first province to ban this practice when rules come into effect on March 15, 2018.
The rules will also require real estate licensees to inform customers about the responsibility they owe to their clients as well as unrepresented parties before they work together.
Superintendent of real estate, Michael Noseworthy, said dual agency deals creates a potential abuse and conflict of interest, so it’s in the best interest of consumers to prohibit it.
The rules have mixed reactions within the housing industry. However, because the rules are in place doesn’t mean realtors won’t be able to find a way around them.