On this month’s episode of Open House by BCREA, Research Co. president Mario Canseco shares the results of his recent public opinion survey which asked British Columbians about their thoughts on the current hot housing market. From the causes of the historically busy market to Realtor practice, and government intervention, the public weighs in. [div …
Canada’s hot housing market has led to headlines from coast to coast over the last several months. Here in BC, the market has been historically busy, with a record-setting number of sales month after month, and home prices following suit. We wanted to know what the general public thinks about the current state of the …
By Adam Feldman, CAMS, CAMS-RM, CSC, Guest Contributor What is a beneficial owner, and why do I need to know? A beneficial owner is defined in Canadian federal anti-money laundering regulations as an individual who owns or controls 25% or more of an entity. This could be through direct ownership or ownership of another entity. For …
Are homebuyers willing to pay more for a sustainable home than a conventional one? What features do homebuyers value most when it comes to sustainable homes? These are some of the questions students from BCIT’s Sustainable Business Leadership Program are hoping REALTORS® will help them answer by participating in a short online survey. The survey …
BCREA’s Individual Identification Information Record will become obsolete as of June 1, 2021, when the Financial Transactions and Reports Analysis Centre of Canada’s (FINTRAC) latest regulatory amendments come into effect. These amendments will change reporting obligations for brokerages under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act). With that in mind, …
How hot is the current hot market? Hot enough that earlier this month, the Real Estate Council of BC (RECBC) issued a caution to consumers and real estate professionals, reminding consumers of the importance of due diligence and reminding real estate professionals to have full and frank discussions with consumers, fully explaining the increased risks …
BCREA has created a new video for REALTORS® to share with their clients to help explain the Seller’s Disclosure of Material Latent Defects form. This form allows a seller and their Realtor to disclose any known material latent defects prior to buyers making an offer. [iframe width=”560″ height=”315″ src=”https://www.youtube.com/embed/hKLR_YXmGcI” frameborder=”0″ allowfullscreen style=”position:absolute;top:0;left:0;width:100%;height:100%;” ][/iframe] The video …
On April 19, Canada’s Minister of Finance Chrystia Freeland introduced the Liberal government’s first budget since the beginning of the COVID-19 pandemic. The budget provides significant funds to many programs, including several to assist homeowners and renters, increasing the federal deficit by an estimated $382 billion, but also includes measures which are concerning to BCREA. …
BCREA has created the Buyer’s Acknowledgement of Information – Recommended Conditions form to help REALTORS® document that they have advised buyers of the increased risks and possible consequences of not including some or all of the recommended conditions in an offer. The form also allows Realtors to document that clients have been advised to obtain …
Government Liaison (GL) Days is an annual event where REALTORS® meet with MLAs across BC, speaking with a united voice to advocate for key housing-related issues and improving Quality of Life in BC communities. This event has a long history, first taking place in Victoria in 1988. Due to COVID-19, participants won’t be able to …
For Immediate Release Vancouver, BC – April 19, 2021. The British Columbia Real Estate Association (BCREA) welcomes the province’s recent announcement that $2 billion in development financing will be committed to the HousingHub program to help create affordable housing choices for middle-income families. “With home prices having risen over the last decade and that trend continuing, …
Vancouver, BC – April 16, 2021. The BC Real Estate Association (BCREA) is among one of Canada’s 50 Best Workplaces™ of 2021. The list of Best Workplaces™, and related stories, will appear in a Special National Report on Friday April 16, 2021 in The Globe and Mail. “It’s an honour to be named one of Canada’s Best Places …
For Immediate Release Vancouver, BC – April 16, 2021. The British Columbia housing market is currently experiencing a heightened level of activity, leading to increased competition and a trend of prospective purchasers submitting unconditional offers, at times without having financing secured. In a competitive market it’s important that consumers continue to focus on the due diligence associated …
The Land Owner Transparency Registry (LOTR) becomes publicly searchable on April 30 and guidance from the Real Estate Council of BC (RECBC) on how to use LOTR in real estate practice is coming soon. BCREA will support brokerages and REALTORS® in adapting their practice in accordance to the RECBC guidance once it’s available. In the …
By Adam Feldman, CAMS, CAMS-RM, CSC, Guest Contributor Brokerages have been required to conduct ongoing monitoring of their business relationships ever since the concept was introduced into regulation in 2014. At that time, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) clarified that a business relationship is established if a brokerage conducts two …
For the complete news release, including detailed statistics, click here. Vancouver, BC – April 13, 2021. The British Columbia Real Estate Association (BCREA) reports that a total of 15,073 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in March 2021, an increase of 123.3 per cent over March 2020 and a new all-time …
BCREA has created three new toolkits on the Standard Forms Resource Centre to help enhance REALTOR® knowledge of the following three fee agreement forms: All three toolkits include a form guide, that reviews the purpose of the form, who should use it, and when it should be used, a preview of the form, a how-to-complete …
On Friday, April 9th, the Real Estate Council of BC (RECBC) and the Office of the Superintendent of Real Estate (OSRE) released a press statement encouraging British Columbians to be aware of the potential risks and do their research before making an offer on a home. In the release, RECBC’s Chief Executive Officer Erin Seeley …
By Katja Gallagher, Education Coordinator, BCREA Are you a new REALTOR®, managing broker or have many years of experience in the profession? Would you like to share your insights concerning the unique needs and challenges of new Realtors? If so, we want to hear from you! BCREA has launched the Practice-Ready REALTOR® Project that seeks …
On April 1, BCREA and the ten BC real estate boards made a joint submission to the Office of the Superintendent of Real Estate (OSRE) and the Real Estate Council of British Columbia (RECBC) in response to their consultation on regulating real estate teams. The regulators’ interest in teams came up as a result of …
With interest rates at record lows and not enough available housing stock to meet demand, buyers are willing to take risks to clinch a deal. Still, as a REALTOR®, they look to you for information on managing those risks. As you work in your client’s best interest, in advising them don’t forget to manage your …
The British Columbia Real Estate Association acknowledges that our head office is located on the unceded traditional territories of the Coast Salish Nations of Sḵwx̱wú7mesh (Squamish), səl̓ilwətaɁɬ (Tsleil-Waututh), and xwməθkwəy̓əm (Musqueam). We also acknowledge the other 195 First Nations in British Columbia, as these are the lands we each call home.
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