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Realtor rules ripple effect

New provincial rules will change how real estate agents in British Columbia can represent their clients – and the impact will be significant in the Okanagan.

The government announced changes last week aimed at enhancing consumer protection, with the most significant of them banning a practice known as “dual agency.”

Dual agency lets a realtor represent both the buyer and the seller in the same transaction. Many see the practice as problematic, because it puts realtors in a situation where they are unable to act in both clients’ best interest.

Others have argued the practice is useful in specific situations. However, even those who see a place for dual agency admit it has its share of problems.

Regardless, the practice will soon be banned in British Columbia, and that is going to mean big changes for many local realtors.

For more on how common dual agency is in the Okanagan, as well as why one realtor thinks the ban is the right move, check out the full story on Castanet's sister business news website, Okanagan Edge.



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