One market that some might consider “corrupt” is real estate. This market is riddled with bad practice and prices are rising at an exponential rate in Vancouver, making affordable housing difficult to find. Steven Bickford highlights some changes the BC government is taking to try and fix the market, in his blog post New BC Rules Fix Issues in Real Estate Market. The “new BC rules” involve eliminating the dual agency that currently operates the BC real estate market.

Dual agency is when the realtor represents both the buyer and the seller. This works well in smaller areas with limited realtor options. However, in a city like Vancouver, full of realtor options, this practice makes it “unfair” to the buyer and seller. How can the realtor sell the house at the highest price while offering the buyer the cheapest price it can find? Who are they really working for?

These questions can’t really be answered. The realtor will often work for self-benefit, opposed to offering the best prices to their customers. This leads to a “corrupt” market, where the pains of the customers aren’t even being fully solved by the service.

The solution: eliminate dual agency all together (exception for areas with limited access to realtors). The BC Government will implement this change in the Real Estate Services Act, which will be effective in January 2018.

I agree whole heartedly with both the government’s decision and Steven. This will positively affect the sellers and buyers within the market. The realtors will now have the option to work in self-interest and lose customers, or provide the service as they should be: assisting their clients find housing and buy and sell real estate at the best possible price.

After Conducting further research, I found this only fixes a portion of the market. The issue of high prices is still very relevant. Although, housing at a cheaper price may be easier to find with the use of a realtor, it doesn’t fix the problem. The average selling price is currently increasing at a rate of 10.9 percent, with a current average price of $1.5 million[1]. If this price continues to exponentially increase, then, the market could crash.

A large part of Vancouver’s housing price increases is related to foreign investment; especially China. The Chinese economy is closely tied to investment into Vancouver real estate. This can be seen through data provided by Bloomberg News. Eliminating the amount of foreign investment could help combat the increasing prices within the housing market.

All in all, the BC Government is taking steps to improve the state of the real estate market; however, there is still ways to go before it can be deemed “fixed.”

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[1] https://www.zolo.ca/vancouver-real-estate/trends

Steven’s blog:https://blogs.ubc.ca/stevenbickfordblog/

Article in Steven’s Blog:http://vancouversun.com/news/local-news/b-c-realtors-to-be-banned-from-dual-agency-as-part-of-rule-changes

Additional sources: http://vancouversun.com/opinion/columnists/douglas-todd-how-would-vancouvers-housing-bubble-burst-look-to-china

https://www.thebalance.com/agency-relationships-in-real-estate-1798890

Image 1: http://vancouversun.com/storyline/five-things-to-know-about-latest-b-c-home-sales-forecast

Image 2: http://vancouversun.com/opinion/columnists/douglas-todd-how-would-vancouvers-housing-bubble-burst-look-to-china

Technology is a sector that is growing at an exponential rate with new ideas and products constantly being developed. One of main innovations currently in development is drones. These drones can be programmed for various tasks like delivering packages, distributing Wi-Fi, and creating electricity. Although intriguing, there are many complexities and concerns with the current products; keeping them off the market for at least five years. Most of the concerns involve malfunction leading to harm of others or impeding the task they provide. Most of the drones that are being developed aren’t even within the operating standard or regulations to be released. Mainly due to safety concerns and the fact that these drones would be almost completely autonomous.

In my opinion, the most potential is seen in the “delivery drone.” There have been multiple successful trial runs. However, as I mentioned, there are many complexities, such as, the mapping of the route and avoiding objects that might be in the way of the drone. The main goal of this specific drone is to order a package or item, then minutes later a drone would have it at your doorstep; providing an “instant delivery.” This alternate delivery is “faster, quieter and more environmentally friendly than large delivery trucks.” [1]

The main use for this drone is delivering packages to the average consumer; however, huge potential can be seen in providing medical and emergency equipment in remote areas. In the Lower Mainland, many people get lost in the mountains and forests, some of which may be injured or need medical equipment. Imagine if you could simply press a button and almost instantly receive the care you need in a package. This is now not just a product for convenience of consumers, but now something that could potentially save lives.

The real question is: if these drones are practical? And will they do so in a safe matter? These drones run into the same issue as the autonomous driving cars we discussed in lecture. They are not operated by humans and simply are controlled by themselves, there is the question of what happens when someone gets hurt or damage is caused? Who is to blame? This issue is being tended to the most. These companies are trying to develop better software and stronger system to control these drones and ensure there are no malfunctions and everything works smoothly. Meaning that no harm is done to anyone or any collisions with other objects. This is thought “to take a decade to solve.”[2] If these issues can be solved then I think these drones will serve a real purpose as both a consumer item and emergency “rescue.”

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[1] https://www.economist.com/news/technology-quarterly/21723002-carrying-cargo-lot-more-complicated-carrying-camera-why-wait

[2] https://www.economist.com/news/technology-quarterly/21723002-carrying-cargo-lot-more-complicated-carrying-camera-why-wait

Image: https://www.flexport.com/blog/deploying-drones-self-driving-trucks/