In British Columbia, property agents must register with B.C.’s Ministry of Consumer and Business Services (MBS).
As a result, the number of agents is set to rise by 1,400 over the next five years.
The government is also proposing to change the rules governing agents who are not licensed.
The new regulations require agents to register and maintain their license, as well as provide the MBS with the names of the agents and the addresses where they work.
The regulations also mandate that agents obtain a professional development certificate, a licence and a liability insurance policy before starting their own business.
In Vancouver, the new rules will also apply to residential realtors.
Agents who are licensed in another jurisdiction will be able to do business in B.D.C., and agents who do not have a licence will be prohibited from doing business in the province.
Agents will also be able only in B-list properties.
The province has also proposed to amend the Residential Landlord and Tenant Act, which is currently in force.
In 2018, the government made changes to the Act that would require property agents to obtain a “tender of possession” certificate, as required by the act.
However, this certificate will be invalid for a period of six months from the date it is issued.
The legislation was passed by a margin of 71 votes to 37.
Vancouver real estate agent Robert Luebbe has been vocal in his opposition to the changes.
He told CBC News that he feels that the legislation is a complete waste of time and money, and that the government should be looking at other options.
“We should be focusing on the real estate market, we should be concentrating on housing affordability, we shouldn’t be making it a license issue,” Lueberbe said.
The real estate industry is one of the fastest-growing sectors in the country, with a growth rate of more than 12 per cent between January and August.
The industry employs more than 3,000 people in B.-list properties and more than 8,000 in B-, C- and D-listed properties, according to the Real Estate Board of Greater Vancouver.
The Real Estate Association of B.A.C. (RABBAC) estimates the industry generates $10.6 billion in revenues annually.
According to the B.S. government, the realty sector generated $7.7 billion in tax revenue in 2017-18, representing $1.8 billion in provincial and provincial-level revenues.