BCREA Nowcast

BC Monthly Real GDP Estimate for January 2021 & Preliminary Estimate for February 2021 (Updated: March 31, 2021) The BCREA Nowcast estimate of provincial economic growth (expressed as year-over-year growth in real GDP) for January 2021 is 1.4 per cent. We have also included a preliminary estimate for February 2021 of 2 per cent. Because

BCREA Condemns Sexualized Violence

We at the BC Real Estate Association are deeply disturbed by recent allegations of sexual assault by REALTORS® against members of the Victoria community. Above all, our thoughts are with individuals who have shared their experiences. We acknowledge the courage it takes to come forward as a survivor of sexual assault and support investigations into

2021 Changes to Your Anti-Money Laundering Obligations

FINTRAC Changes LOTR Search Resources Last Updated: March 25, 2021 Overview On June 1, 2021, big changes are coming to real estate practice and your anti-money laundering obligations. The Financial Transactions & Reports Analysis Centre of Canada (FINTRAC) has introduced regulatory amendments that will come into effect on June 1 and create new or change

Working with Unrepresented Parties #536

Since the restriction on limited dual agency was introduced in 2018, it has become more common for REALTORS® to work with unrepresented parties in a transaction. Dealing with unrepresented parties presents risks to both consumers and Realtors. Realtors should be familiar with the Real Estate Rules for dealing with unrepresented parties so that they understand

PODCAST: How to Manage Risk in BC’s Current Housing Market (March 2021)

Open House by BCREA logo

On this month’s episode of Open House by BCREA, we highlight best practices and ways for REALTORS® to manage risk in BC’s current housing market. From client conversations, to offer presentations and documentation, Real Estate Board of Greater Vancouver Professional Standards Manager and BCREA instructor Kim Spencer takes you through it all. We also talk

Mortgage Rate Forecast

To view the Mortgage Rate Forecast PDF, click here. Highlights Mortgage rates increase as economic growth expectations revised higher Growth in the Canadian economy set to take-off in 2021 Bank of Canada remains on hold but may be tested by increased inflation Mortgage Rate Outlook Canadian 5-year bond yields jumped in February and are now

UPDATE: New Form Helps Brokerages Meet Anti-Money Laundering Requirements

UPDATE (March 24, 2021): Minor changes have been made to the Why Do REALTORS® Ask for Your Personal Information consumer video to provide greater clarity on the process for receipt of funds and to update the reference to the Individual Identification Information Record. All other aspects of this video remain unchanged. In September, BCREA released

UPDATE: COVID-19 Recovery Dashboard

The dashboard was last updated on March 23, 2021. To view the COVID-19 Recovery Dashboard PDF, click here. The BCREA Economics team has created the COVID-19 Recovery Dashboard to help REALTORS® monitor BC’s economic recovery. This dashboard focuses on the sectors and activities that have been most significantly impacted by the pandemic and the province’s state

Learn Ten Things About LOTR in Under One Minute

The Land Owner Transparency Registry, or LOTR, is a soon-to-be publicly accessible registry of beneficial interests in land in BC. Here are ten things REALTORS® can learn about LOTR in just under one minute: LOTR will be publicly searchable as of April 30, 2021. When an application is made to register or transfer an interest

Supply and Demand: A Quantitative History of BC Home Prices

To view the Market Intelligence Report PDF, click here. Summary Findings: Growth in home prices is a function of many factors and those factors do not always impact prices to the same degree Shocks to housing demand and interest rates are the largest contributors to fluctuations in home prices, but provincial and municipal governments have

What happens if your client or close contact tests positive for COVID-19?

If being in the midst of a global pandemic wasn’t enough, with BC’s historically busy housing market, REALTORS® are operating under extenuating circumstances and are faced with balancing health and safety with serving their clients best interests. As a result of COVID-19, you have adapted your practices to ensure your clients and the community at

BC Housing Market Continues at a Record Pace

For the complete news release, including detailed statistics, click here. Vancouver, BC – March 11, 2021. The British Columbia Real Estate Association (BCREA) reports that a total of 10,918 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in February 2021, an increase of 89.1 per cent over February 2020 and over a thousand

REALTORS® and COVID-19: Three Tips for Working During the Hot Market

In February’s episode of Open House by BCREA, our monthly podcast for REALTORS®, host Tony Joe and his guests – former Real Estate Board of Greater Vancouver President and current Vancouver-area Realtor Phil Moore, and lawyer Brian Taylor – explore some of the challenges and opportunities of working in a historically busy market during COVID-19.

Water Sustainability Act – You Have Questions, We Have Answers

At BCREA, we often receive questions from REALTORS® and consumers related to standard forms.  We’ve received several great questions about groundwater licensing and the Water Sustainability Act (WSA) as it pertains to the Property Disclosure Statement. Below, you can find three frequently asked questions on the topic, with answers provided by a member of the