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Tougher Rules to Protect Home Buyers, Sellers in Manitoba

May 20, 2014 3:36 PM | News

By Tyler Sutherland

House For SaleThe Manitoba government is proposing legislation that would better protect home buyers and sellers in the province.

Meant to ensure transparency and fair service, a code of conduct would guide responsible services and avoid conflicts-of-interest, like the advertisements and marketing of homes-for-sale would have to be accurate and truthful.

“A home is the biggest purchase most families make in Manitoba. Our legislation will require agents to act in the best interests of families to protect their investments,” said Tourism, Culture, Heritage, Sport and Consumer Protection Minister Ron Lemieux.

Lemieux said homebuyers and sellers can face multiple bids or agents will represent both the buyer and the seller, which creates confusion over divided loyalties and uncertainty about what fees will be charged.

Legislation would also put a cap on realty commissions and hike fines for any breach of terms up to $500,000.

“As a profession, we have provided considerable input, advice and recommendations over a number of years of consultation,” said Brian M. Collie, CEO of Manitoba Real Estate Association. “Many of our recommendations are already implemented and we also look forward to continuing this partnership to ensure that buying and selling homes and properties in Manitoba is a positive community-building experience.