B.C.'s new superintendent of real estate vows change

B.C.'s new superintendent of real estate said changes are coming on how the real estate profession is regulated in British Columbia.

Micheal Noseworthy, a former lawyer from Newfoundland and Labrador who has held a number of positions in the Yukon government, started in his new position as superintendent this week.

"This is a huge reset. This is a significant you could say unprecedented change in how the real estate profession is regulated in British Columbia."

After a series of scandals rocked the real estate industry earlier this year including stories about so-called shadow-flipping and other questionable practices the province ended self-regulation by B.C.'s Real Estate Council, and appointed a superintendent to oversee the council.

Noseworthy noted the government has made a series of changes from the recommendations of an independent advisory group appointed to reviewing the real estate industry.

He said the government closed the loophole allowing shadow-flipping, and fines for real estate agents engaged in unethical practices were raised from $30,000 up to $250,000 per individual agent, and $500,000 for brokerages.

Noseworthy added more changes are coming.

"My office has been given new powers and new ability to do things like make rules and oversee the activities of the council," he said.

As for whether the real estate industry would welcome his presence, Noseworthy was optimistic and said realtors who act in the best interests of their clients will be happy to see the new changes.

"My sole job is to protect the public. I'm not here for realtors or the industry, I'm here to protect consumers and to make sure that British Columbians are protected when they're making the biggest purchase they make in their lives."

The province also recently appointed 9 new members to the B.C. Real Estate Council.

With files from The Early Edition

To hear the interview, click on the link labelled Micheal Noseworthy, B.C.'s new superintendent of real estate