British Columbia vows to tighten oversight of real estate industry

British Columbia said on Wednesday it will end self-regulation in its real estate sector and dramatically boost fines for misconduct, amid public frustration over skyrocketing housing prices and reports of shady practices by some agents.

The move by the Canadian province comes the day after an independent advisory board released a blistering report on shortcomings in its real estate industry and recommended sweeping changes to how the sector is regulated.

Premier Christy Clark, speaking to reporters in Vancouver, said all regulatory and rule-making powers will be transferred to a dedicated superintendent of real estate, to be hired by the province immediately.

"The real estate sector has had 10 years to get it right on self-regulation and they haven't. So we are going to end that privilege," said Clark.

She also pledged to take immediate action on the advisory board's other recommendations, including boosting the maximum penalties for misconduct to C$250,000 ($191,703) from a current C$10,000 for individual licensees, and to C$500,000 from C$20,000 for brokerages.

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