Rob and Greg return with some news from north of the border and a discussion regarding what the real estate industry in the states might learn from recent regulations imposed in British Columbia.
Rob explains the dysfunction in the Vancouver housing market that led to disreputable behavior on the part of some realtors and the public outcry that followed. He and Greg also debate the likelihood of something similar happening here in the US. Listen in to understand the parallels between the systems in Canada and the US and how leadership in the industry could prevent an analogous government intervention here.
The similarities between the Canadian and US systems
The Trump administration’s position on regulation
Why regulations are more likely to be imposed on a state (rather than federal) level
The impetus behind the public outcry in British Columbia
Why the standard form contract clause allowing a buyer to assign the contract to someone else without seller approval was added initially
How price fluctuations in the Vancouver market led to the practice of shadow flipping
Why government intervention is rarely precision reform
How British Columbia changed the way the regulatory body works
The steep fines agents and brokerages face if found in violation
The likelihood of a similar phenomenon happening in the US
How the real estate industry could maintain its privilege to self-regulate
Connect with Rob and Greg: