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Unethical Realtor Fines Increase From $10,000 To $30,000

With Vancouver’s real estate market blazing, there’s never been a better time to be a realtor in the city, but some are allegedly taking advantage of their clients, which has led to a public outcry.

In addition to ongoing investigations, the Vancouver Real Estate Board has increased maximum fines for unethical realtors from $10,000 to $30,000.

The increase was ratified at the board’s Annual General Meeting, granting agents, managing brokers and firms to be fined up to $90,000 in total. Previously, agents could be a fined a maximum of $10,000, and brokerages a maximum of $20,000.

Despite allegations of shadow flipping, Vancouver Real Estate Board President Dan Morrison says the increase in fines is something the board has been looking at for a little over a year, given it’s been 12 years since the initial $10,000 penalty was introduced.

The Vancouver Real Estate Board is 1 of 11 across the province, with each board carrying its own rules, bylaws, and members.

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