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Real Estate Board Hikes Fines For Badly Behaving Brokers

The Real Estate Board of Greater Vancouver voted to up the maximum penalty for realtors who violate its code of ethics, to $30k from $10k. The fine increase—REBGV’s first since 2004—was ratified by 80% of members at the board’s AGM last week, at which Dan Morrison (above) was installed as its new president, replacing Darcy McLeod. The idea to hike penalties has been discussed for 18 months, Dan told the CBC, noting the board found previous fines weren’t deterring "bad apples" from engaging in misconduct (such as mishandling deposits, or failing to disclose information to buyers). At a max of $10k, previous penalties were "almost perceived as a cost of doing business.” [CBC]

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