INDUSTRY INSIGHTS

• Advocacy
  How Do Amendments to the Strata Property Act Impact You?
  There are two significant changes impacting REALTORS^® dealing with strata properties, as well as their clients. 
  Tags: Age Restrictions   Real Estate Practice   Rental Restrictions   Strata Properties   Strata Property Act  

  Posted Dec 02, 2022
  by Matt Mayers
• Practice Tips
  To Rescind or Not to Rescind…
  It’s important for REALTORS® working with buyers to fully understand the obligations of the parties and the consequences when a buyer wishes to exercise the option to rescind a contract. 
  Tags: HBRP   Homebuyer Rescission Period   Real Estate Practice  

  Posted Dec 02, 2022
  by Jim McCaughan
• Economics
  CLI Falls in Third Quarter 2022
  The BCREA Commercial Leading Indicator fell to 149 from 153 in the third quarter of 2022 while the six-month moving average retreated from a record high.  
  Tags: Commercial Leading Indicator   Commercial Real Estate  

  Posted Dec 01, 2022
  by Ryan McLaughlin
• Professional Development
  The Home Buyer Rescission Period: What REALTORS® Need to Know Course Now Live!
  BCREA has developed a new course to equip REALTORS® and managing brokers with a strong foundation to not only understand the new rules but also apply them in their practice. 
  Tags: Home Buyer Recission Period   Professional Development Program  

  Posted Dec 01, 2022
  by Harveen Dhaliwal
• Economics
  BCREA Nowcast
  The BCREA Nowcast estimate of provincial economic growth (expressed as year-over-year growth in real GDP) for September 2022 is 4.8 per cent. 
  Tags: GDP   Nowcast  

  Posted Nov 30, 2022
  by Brendon Ogmundson
• Economics
  Housing Monitor Dashboard
  The BCREA Economics team has created the Housing Monitor Dashboard to help REALTORS® monitor BC’s housing market.  
  Tags: BC Economy   Economic Recovery   Housing Monitor Dashboard  

  Posted Nov 29, 2022
  by Ryan McLaughlin
• Legally Speaking
  Stay Cool – New Home Buyer Recission Period for Residential Real Properties Coming January 3, 2023 #555
  BC’s new Home Buyer Rescission Period (HBRP) for residential real estate property takes effect on January 3, 2023 and while it is not a new concept, REALTORS® need to be aware of the effects of the new regulation 
   

  Posted Nov 28, 2022
  by Amy Peck
• Professional Development
  BCREA Online Courses Updated to Reflect Regulatory Changes
  With the Home Buyer Rescission Period expected to go into effect on January 3, 2023, BCREA has updated previously available courses so they align with the upcoming regulatory changes. 
  Tags: Disclosure   Home Buyer Recission Period   Professional Development Program   Regulatory Changes  

  Posted Nov 21, 2022
  by Harveen Dhaliwal
• BCREA
  BC Real Estate Association named Best Workplaces™ in British Columbia for 2022
  This year’s designation marks the second consecutive year BCREA has received this accreditation, after a thorough, independent analysis conducted by Great Place to Work®.  
  Tags: Best Workplaces   Great Place to Work Canada  

  Posted Nov 17, 2022
  by Morgan Guo
• Economics
  Housing Market Update – November 2022
  Watch BCREA Economist Brendon Ogmundson discuss the October 2022 statistics. 
  Tags: Housing Market Update   Videos  

  Posted Nov 17, 2022
  by Brendon Ogmundson
• Practice Tips
  ‘Tis the Season… to Test for Radon
  As a REALTOR® you can help your buyers and sellers to test and mitigate radon in your community. Check our resources here. 
  Tags: Radon   Real Estate Practice  

  Posted Nov 14, 2022
  by Ivonne García
• Practice Tips
  REALTORS® and Radon: Protecting Buyers and Sellers
  As a REALTOR®, understanding radon risks is both your professional responsibility and an opportunity to ensure your clients are protected… 
  Tags: Radon   Real Estate Practice  

  Posted Nov 14, 2022
  by British Columbia Real Estate Association
• Economics
  BC Home Sales Remain Slow While Active Listings Plateau
  BCREA reports that a total of 5,242 residential unit sales were recorded by the MLS® in October 2022, a decrease of 45.5 per cent from October 2021. 
  Tags: Multiple Listing Service   Statistical Releases  

  Posted Nov 14, 2022
  by Brendon Ogmundson
• Advocacy
  UPDATE: BC’s Home Buyer Rescission Period: Your Questions Answered
  Learn more about the Home Buyer Rescission Period which is expected to be implemented province-wide in January 2023.  
  Tags: A Better Way Home   BCFSA   Consumer Protection   Cooling Off Period   Homebuyer Protection Period   Homebuyer Rescission Period   Real Estate Practice  

  Posted Nov 10, 2022
  by Matt Mayers
• Economics
  BCREA 2022 Fourth Quarter Housing Forecast: Housing Market Faces High Rates and Slowing Economy in 2023
  In its 2022 Fourth Quarter Housing Forecast, BCREA reports that MLS® residential sales in the province are forecast to decline 34.3 per cent from a record high 2021 to 82,345 units this year. 
  Tags: Housing Forecast  

  Posted Nov 08, 2022
  by Brendon Ogmundson
• Advocacy
  Canada’s Foreign Buyer Ban Begins in January
  While REALTORS® owe their clients an obligation to inform about the act, it allows for penalties on any party found guilty of knowingly assisting a non-Canadian in violating the prohibition.  
  Tags: Foreign Buyer Ban   Foreign Buyers   policy   Purchase of Residential Property by Non-Canadians Act   Real Estate Practice  

  Posted Nov 04, 2022
  by Matt Mayers
• BCREA
  Webinar: Preparing for the Home Buyer Rescission Period, Regulatory and Practice Resources
  Enhance your comprehension of the Home Buyers Rescission Period, comply with the new requirements and know how to explain them to your clients by registering to one of our one-hour joint webinars with BCFSA. 
  Tags: BCFSA   HBRP   Homebuyer Rescission Period   Practice Resources   Webinar  

  Posted Nov 04, 2022
  by Ivonne García
• BCREA
  Webinar Recording: 2022 BCREA Director Applicant Information Session
  October 31, BCREA hosted a virtual information session for individuals interested in learning more about becoming a BCREA REALTOR® or public Director for the 2023-24 term. 
  Tags: BCREA Board of Directors  

  Posted Nov 03, 2022
  by Morgan Guo
• Legally Speaking
  The F Word: Protecting Yourself and Your Clients from Fraud #554
  REALTORS® should be familiar with the hallmarks of business email compromise fraud and other identity fraud that may come up in their practice. 
  Tags: business email compromise   Fraud   identity fraud   Impersonation  

  Posted Oct 27, 2022
  by Oana Hyatt
• Advocacy
  REALTORS^® Call for the Establishment of a Permanent National Housing Roundtable
  At the 2022 Political Action Committee Days conference in Ottawa last week, we met with members of Parliament from communities across BC to discuss policies that promote a vibrant and sustainable real estate sector. 
  Tags: BCREA   Government Relations   Housing Affordability   Housing Policy   Housing Supply   PAC Days  

  Posted Oct 25, 2022
  by British Columbia Real Estate Association
• BCREA
  BCREA Seeks Nominees for the Land Title and Survey Authority of British Columbia Board of Directors
  BCREA Board of Directors is looking for three to five qualified nominees to recommend to the Land Title and Survey Authority of British Columbia Board of Directors.  
  Tags: BCREA Board of Directors   Board of Directors   Land Title and Survey Authority  

  Posted Oct 21, 2022
  by Morgan Guo
• Advocacy
  BC Municipal Elections: Local Governments Need to Address Housing Affordability
  As British Columbians head to the polls on October 15, BCREA is pleased to share the top housing affordability solutions that should be the policy focus of candidates running for office across the province. 
  Tags: 2022 BC Civic Elections   Elections   Housing Affordability   Housing Policy   Housing Supply   Local Elections   Local Government  

  Posted Oct 14, 2022
  by British Columbia Real Estate Association
• BCREA
  Registration Now Open for 2023 Banff Western Connection
  Registration is open for Banff Western Connection 2023 taking place from January 26-28, 2023 at the Fairmont Banff Springs Hotel in Banff, Alberta. 
  Tags: Banff Western Connection   BWC  

  Posted Oct 12, 2022
  by Ivonne García
• Economics
  BC Market Activity Remains Subdued in September
  BCREA reports that a total of 4,977 residential unit sales were recorded by the MLS® in September 2022, a decrease of 45.8 per cent from September 2021. 
  Tags: Mortgages   Multiple Listing Service   Statistical Releases  

  Posted Oct 12, 2022
  by Brendon Ogmundson
• Advocacy
  British Columbians Face Diverse Housing Challenges in Northern and Island Communities
  In advance of the 2022 General Local Elections, BCREA discussed housing challenges faced by mayors and community stakeholders in several of BC’s unique municipalities. 
  Tags: Development Approvals   Government Relations   Housing Affordability   Housing Supply   Insurance  

  Posted Oct 11, 2022
  by Matt Mayers
• Advocacy
  Metro Vancouver Cities Need Collaboration to Address Housing Affordability
  At the 2022 UBCM Convention, delegates from BCREA and five of BC’s real estate boards met with municipal leaders to discuss how housing supply and affordability issues have impacted their communities. 
  Tags: A Better Way Home   Housing Affordability   Housing Policy   Housing Supply  

  Posted Oct 06, 2022
  by Mark Sakai
• Professional Development
  New Online Course Explores Legislation and Requirements for Manufactured Homes
  The Manufactured Homes: What REALTORS® Need to Know 2.0 online course equips REALTORS® with foundations on the legislation and requirements for manufactured homes. 
  Tags: Education   Legislation   Manufactured Homes   Online Courses   Professional Development  

  Posted Oct 04, 2022
  by Ivonne García
• Legally Speaking
  Listing and Selling Tenanted Properties #553
  Listing and selling tenanted properties can be complicated and add complexity to a transaction. From coordinating showings, to providing vacant possession, to provisions in contracts for standard adjustments at closing,  
  Tags: Contracts   provisions   Residential Tenancy   Residential Tenancy Act   Tenanted Properties   Vacant possession  

  Posted Oct 04, 2022
  by Lisa Niro
• BCREA
  Apply Now: Join BCREA’s Board of Directors
  BCREA is seeking REALTOR® and public candidates to join our Board of Directors for the 2023-24 term. 
  Tags: BCREA Board of Directors  

  Posted Oct 03, 2022
  by Morgan Guo
• Economics
  UPDATE: COVID-19 Recovery Dashboard
  The BCREA Economics team has created the COVID-19 Recovery Dashboard to help REALTORS® monitor BC’s economic recovery. 
  Tags: BC Economy   COVID-19   Economic Recovery  

  Posted Sep 28, 2022
  by Ryan McLaughlin
• Economics
  Mortgage Rate Forecast
  Five-year bond yields briefly declined through July, only to once again recover their previous 2022 highs as still rising core inflation prompted a reversal in expectations for monetary policy. 
  Tags: Mortgage Rate Forecast  

  Posted Sep 22, 2022
  by Brendon Ogmundson
• Advocacy
  BCREA and Real Estate Board Delegates Join Discussion on Housing Affordability at 2022 Union of British Columbia Municipalities Convention
  Last week, BCREA and five of BC’s real estate boards sent delegates to the Union of BC Municipalities Convention in Whistler to meet with local and provincial political leaders. 
  Tags: Housing Affordability   Housing Policy   Housing Supply   Real Estate Regulation   UBCM  

  Posted Sep 22, 2022
  by Matt Mayers
• Economics
  BC Housing Market Showing Signs of Stabilizing Despite Decreased Activity
  BCREA reports that a total of 5,645 residential unit sales were recorded by the MLS® in August 2022, a decrease of 40.8 per cent from August 2021. 
  Tags: BC Home Sales   Mortgages   Statistical Releases  

  Posted Sep 13, 2022
  by Brendon Ogmundson
• BCREA
  BCREA Access: Explore Five Useful Resources Available Now
  Using BCREA Access is easy! Discover five helpful resources accessible on your desktop, mobile and tablet devices today. 
  Tags: BCREA   BCREA Access   Real Estate Practice   REALTOR Link   Resources for REALTORS®  

  Posted Sep 06, 2022
  by Pearl Zhou
• BCREA
  BCREA Appointee Sought for Real Estate Compensation Fund Corporation (RECFC)
  BCREA Board of Directors is seeking an appointee for the Real Estate Compensation Fund Corporation Board of Directors. 
  Tags: Real Estate Compensation Fund Corporation   RECFC   Volunteer Opportunities  

  Posted Aug 26, 2022
  by Ivonne García
• Legally Speaking
  Prevent Client Remorse in a Fluctuating Real Estate Market #552
  Ensuring you’re well prepared upfront with the proper documentation, the best information and best practices, REALTORS® can help prevent client remorse. 
  Tags: Buyers Acknowledgement of Information   CMA   Housing Market   Market Value   Practice Tips   Property Value   Remorse  

  Posted Aug 25, 2022
  by Chris Johnston
• BCREA
  Get to Know BCREA Access – The New Platform Created Exclusively for BC REALTORS®
  BCREA Access is a new, secure platform designed to house resources for REALTORS® and managing brokers where and when they need it the most. 
  Tags: BCREA Access   Practice Tips   REALTOR Link  

  Posted Aug 23, 2022
  by British Columbia Real Estate Association
• BCREA
  BCREA Access Replacing REALTOR Link® On August 23
  On August 23, BCREA is launching BCREA Access, a new platform for REALTORS® to securely access resources from BCREA. 
  Tags: BCREA   BCREA Access   REALTOR Link  

  Posted Aug 11, 2022
  by British Columbia Real Estate Association
• Economics
  Markets at a Glance
  These charts provide year-to-date information on the pace of MLS^® home sales for the province as well as in each of the BCREA member board regions and a comparison of current year sales… 
  Tags: BC Home Sales   Markets at a Glance  

  Posted Aug 11, 2022
  by Ryan McLaughlin
• Economics
  BC Home Sales Continue to Slow in July
  The British Columbia Real Estate Association reports that a total of 5,572 residential unit sales were recorded by the Multiple Listing Service® in July 2022, a decrease of 42.4 per cent from July 2021. 
  Tags: BC Home Sales   Mortgages   Statistical Releases  

  Posted Aug 11, 2022
  by Brendon Ogmundson
• Advocacy
  BC’s Homebuyer Protection Period: What’s Next for REALTORS®?
  REALTORS® are at the front lines of real estate transactions in BC, so a change in the way transactions are conducted will have an impact on how your serve your clients. 
  Tags: Community of Practice   Consumer Protection   Cooling Off Period   Homebuyer Protection Period   PDP   Professional Development Program   Real Estate Practice   Resources for REALTORS®   Standard Forms  

  Posted Jul 28, 2022
  by Shaheed Devji
• Legally Speaking
  Getting to Informed Consent: Explaining Listing Agreements to Clients #551
  Better serve your clients when you fully understand listing contract agreements and can thoroughly explain key details before they put pen to paper. 
  Tags: Commission   Electronic Signatures   Listing Contract   Real Estate Practice   Signatures  

  Posted Jul 28, 2022
  by Peter Borszcz
• Legally Speaking
  Updated Online Anti-Money Laundering Course Now Available for REALTORS®
  Learn about what is required by FINTRAC to ensure that your practice complies with regulations and laws in this updated self-paced online course by the Canadian Real Estate Association. 
  Tags: Anti-Money Laundering   Compliance   FINTRAC   Online Courses   PDP   Professional Development Program  

  Posted Jul 27, 2022
  by Pearl Zhou
• Advocacy
  BC Government to Implement Homebuyer Protection Period in January 2023
  The BC Government has created regulations that will enable a mandatory three-day Homebuyer Protection Period, previously called a “cooling off period,” on January 1, 2023. 
  Tags: A Better Way Home   Consumer Protection   Cooling Off Period   Homebuyer Protection Period   Pre-Offer Period   Real Estate Practice  

  Posted Jul 21, 2022
  by British Columbia Real Estate Association
• Economics
  High Mortgage Rates Keeping Potential Buyers Sidelined
  BCREA reports that a total of 7,136 residential unit sales were recorded by the MLS® in June 2022, a decrease of 35.7 per cent from June 2021. 
  Tags: BC Home Sales   Mortgages   Statistical Releases  

  Posted Jul 12, 2022
  by Brendon Ogmundson
• Economics
  New Online Course Explores Systems Used in Residential Construction
  Know your Product: House Systems is a new self-paced online course that provides a comprehensive introduction to the systems used in residential construction equipping Realtors with tools to better assist clients. 
  Tags: Online Courses   PDP   Professional Development Program   Residential Construction  

  Posted Jun 30, 2022
  by Harveen Dhaliwal
• BCREA
  BC REALTORS® Meet In-Person Again at the Association of Interior REALTORS® Tradeshow
  From June 22-23, BCREA staff participated in the inaugural Association of Interior REALTORS® tradeshow in sunny Penticton, BC. 
  Tags: Association of Interior REALTORS   BCREA Staff   Tradeshow  

  Posted Jun 30, 2022
  by Pearl Zhou
• Legally Speaking
  Use Your Name Wisely #550
  Despite good intentions, there are limits to how far a REALTOR® should go to help a colleague when it comes to business collaborations and opportunities. 
  Tags: Contract of Purchase and Sale   Contracts   Record of Referral Fees  

  Posted Jun 30, 2022
  by Amy Peck
• BCREA
  BC Real Estate Association named Great Place to Work® in Canada for 2022
  The 2022 Great Place to Work® designation marks the third consecutive year BCREA has received this accreditation.  
  Tags: Great Place to Work Canada  

  Posted Jun 29, 2022
  by British Columbia Real Estate Association
• Advocacy
  BC Government Releases Cullen Commission Final Report and Recommendations
  On Wednesday, June 15, the BC Government publicly released the final report and recommendations from the Cullen Commission of Inquiry into Money Laundering BC. 
  Tags: Anti-Money Laundering   Cullen Commission   FINTRAC  

  Posted Jun 16, 2022
  by Shaheed Devji
• Economics
  Rising Mortgage Rates Continue to Slow Market Activity
  BCREA reports that a total of 8,214 residential unit sales were recorded by the Multiple Listing Service® in May 2022, a decrease of 35.1 per cent from May 2021.  
  Tags: BC Home Sales   Mortgages   Statistical Releases  

  Posted Jun 13, 2022
  by Brendon Ogmundson
• BCREA
  BCREA’s New Professional Services Manager Reflects on State of BC’s Real Estate Sector
  Meet BCREA’s new Professional Services Manager, Jim McCaughan, to learn more about his role, experience and what he believes BC Realtors should know moving forward. 
  Tags: BCREA Staff   Practice Tips   Professional Services  

  Posted Jun 09, 2022
  by Pearl Zhou
• Advocacy
  Success of Real Estate Consumer Protection Measures Hinges on Next Steps by BC Government and Real Estate Regulator
  After reviewing the BCFSA consumer protection recommendations published on May 26, the BCREA urges the Ministry of Finance to carefully consider the next steps prior to implementing any of the measures proposed.  
  Tags: A Better Way Home   BC Financial Services Authority   BCFSA   Consumer Protection   Cooling Off Period   Pre-Offer Period   Real Estate Practice  

  Posted May 30, 2022
  by British Columbia Real Estate Association
• Legally Speaking
  Avoid Costly Mistakes Concerning the Foreign Buyers’ Tax #549
  A recent BC Supreme Court decision highlights the potential risks for REALTORS® working with buyers whose residency or citizenship status is unknown or has recently changed. 
  Tags: Foreign Buyer’s Tax   Taxation  

  Posted May 26, 2022
  by Oana Hyatt
• Advocacy
  BC REALTORS® Advocate for Better Consumer Protections During 2022 Government Liaison Days
  On May 10 and 11, many REALTORS® from across BC convened to discuss government liaison issues and met with their local MLAs.  
  Tags: A Better Way Home   Cooling Off Period   Development Approvals   Housing Affordability   Housing Supply   Real Estate Practice  

  Posted May 25, 2022
  by Matt Mayers
• Standard Forms
  BCREA Standard Forms Housekeeping Amendments Spring 2022
  On May 16, 2022, BCREA released several standard forms housekeeping amendments through CREA’s WEBForms®. Here’s a summary of the standard forms and revisions that are in the housekeeping amendments. 
  Tags: Housekeeping Amendments   Standard Forms   WEBForms^®  

  Posted May 18, 2022
  by Jim McCaughan
• Practice Tips
  Resources to Help REALTORS® and Your Clients Navigate Extreme Climate
  Be prepared for unexpected wildfires and flooding this season. 
  Tags: Climate Change Preparedness   Flood Protection   Flood Risks   Floodplain Mapping   Wildfire Season   Wildfires  

  Posted May 13, 2022
  by Pearl Zhou
• Economics
  BC Home Sales Trending Toward Normal Activity
  BCREA reports that a total of 8,939 residential unit sales were recorded by the MLS® in  April 2022, a decrease of 34.9 per cent from a record April 2021. 
  Tags: BC Home Sales   Mortgages   Statistical Releases  

  Posted May 12, 2022
  by Brendon Ogmundson
• BCREA
  BC Real Estate Boards Named Finalists for 2022 Real Estate Land Awards
  The Real Estate Foundation of BC recently announced the finalists for its 2022 Land Awards recognizing outstanding projects and standout leaders in the province.  
  Tags: Land Awards   Real Estate Foundation  

  Posted May 09, 2022
  by Pearl Zhou
• Economics
  New BC Real Estate Association Report Estimates Impacts of Increased Supply on BC Housing Market
  BCREA’s latest Market Intelligence Report finds that policies designed to streamline the development cycle are effective at mitigating demand shocks and corresponding price increases.  
  Tags: BC Home Sales   Housing Supply   Increase Housing Supply   Market Intelligence   News Release  

  Posted May 03, 2022
  by Brendon Ogmundson
• Legally Speaking
  Federal Budget 2022: Taxation of Property Flipping, GST and Assignment Sales #548 
  The proposed federal budget for 2022 has introduced a number of new rules relating to real estate, including rules to dampen speculation in the market. REALTORS® should be aware of these changes. 
  Tags: Assignment   Federal Budget   GST   Taxes  

  Posted Apr 28, 2022
  by Peter Borszcz
• Home Insurance
  Inflation and the Rising Trend of Underinsured Claims: Tips for REALTORS®
  There has been a growing trend of underinsured claims across personal and commercial property lines over the past two years due to inflation and the rise material costs. 
  Tags: Home Insurance   Insurance Policies   Insurance Tips   Practice Tips  

  Posted Apr 28, 2022
  by Pearl Zhou
• Professional Development
  Five Things REALTORS® Should Know About Real Estate and the Economy
  Here are five learning outcomes that Realtors should know about real estate and the economy from Economics for REALTORS®: How to Apply Economic Data and Trends to Help Your Clients. 
  Tags: Economics for Realtors   Online Courses  

  Posted Apr 19, 2022
  by Mackenzie Smith
• Advocacy
  Safety and Manufactured Homes Pilot Project: Resources for Sellers and Buyers
  This pilot project is the collective effort of the BCREA, Association of Interior REALTORS® and Technical Safety BC. 
  Tags: Manufactured Home  

  Posted Apr 14, 2022
  by British Columbia Real Estate Association
• Economics
  Strong First Quarter for BC Housing Markets, But Rising Rates Loom Large
  The British Columbia Real Estate Associatio reports that a total of 11,463 residential unit sales were recorded by the MLS® in March 2022, a decrease of 24.1 per cent from a record March 2021. 
  Tags: BC Home Sales   Statistical Releases  

  Posted Apr 12, 2022
  by Brendon Ogmundson
• Advocacy
  How the 2022 Federal Budget Impacts BC Real Estate
  On April 7, Budget 2022 was introduced with a significant focus on the supply and affordability of housing in Canada.  
  Tags: Blind Bidding   Canadian Government   Climate Change Preparedness   Development Approvals   Federal Budget   Flipping   Foreign Buyer’s Tax   Foreign Buyers   Housing Affordability   Housing Supply  

  Posted Apr 08, 2022
  by Matt Mayers
• Practice Tips
  Cybersecurity Tips for REALTORS®: Multifactor Authentication
  Ensuring your digital accounts are secure online prevents hackers from obtaining not just your sensitive information, but also private client information. 
  Tags: Community of Practice   Cybersecurity   Information Technology   Managing Brokers  

  Posted Apr 08, 2022
  by Pearl Zhou