Getting Ready for the June 1 FINTRAC Changes: Virtual Currency Obligations

By: Adam Feldman, CAMS, CAMS-RM, CSC, Guest Contributor The rise of virtual currency If you’ve followed the news lately, you’ve probably noticed the increased prominence that virtual currencies are gaining on the global financial landscape.  A 2019 study estimated that 9% of the global population owns Bitcoin, while British Columbia alone is home to 229

BCREA’s Virtual Government Liaison Days

On May 4 and 5, over 80 attendees from all around BC participated in BCREA’s Government Liaison Days. At this virtual conference, attendees learned about how the government can improve housing supply as well as energy efficiency in homes. REALTORS® then met with their MLAs to discuss the impact in their communities. Energy efficiency Realtors

One Financial Services Regulator Coming This Summer

In March, amendments to the Real Estate Services Act (RESA) received Royal Assent, paving the way for a single financial services regulator in BC, including real estate. On May 19, the British Columbia Financial Services Authority (BCFSA) announced that the Office of the Superintendent of Real Estate (OSRE) and Real Estate Council of BC (RECBC)

New BCREA Research Finds Funding is Key to Adequate Floodplain Mapping in BC

Since 2015, only 38.5 per cent of BC communities and First Nations have created or updated floodplain maps, according to new research published by the British Columbia Real Estate Association (BCREA) in the 2021 BC Floodplain Maps Inventory Report (for complete functionality, please download the PDF after clicking on the link). The report, which identifies

Radon for REALTORS®: Online Course Helps Navigate Radon in Real Estate

BCREA has launched Radon for REALTORS®, a new self-paced, online course worth three accredited PDP hours, in which Realtors explore radon – the leading cause of lung cancer in non-smokers – and how it relates to the real estate transaction. With its health risks and inclusion in the Property Disclosure Statement, radon is as pressing

Standard Forms Spotlight: Client Identification and CREA Form Changes

With the Financial Transactions and Reports Analysis Centre of Canada’s (FINTRAC) latest regulatory amendments coming into effect on June 1, BCREA will retire the one-page BCREA Individual Identification Information Record as of May 31. The FINTRAC amendments redefine when brokerages enter into business relationships and as such, this one-page form will no longer meet brokerage’s

Assignee Beware #538

In a caveat emptor, or buyer beware, jurisdiction such as BC, buyers are required to conduct their own due diligence to satisfy themselves as to the condition of the property they are acquiring. They often employ experts such as home inspectors and environmental, structural and geotechnical engineers to assist them in this regard. These experts

Getting Ready for BC’s Restart Plan

May 25th was an exciting day for all of us as Premier John Horgan, Provincial Health Officer Dr. Bonnie Henry and Minister of Health Adrian Dix announced details of BC’s four-phase restart plan. After more than a year of uncertainty and concern about the health and well-being of ourselves and our loved ones, brighter days

UPDATE: COVID-19 Recovery Dashboard

The dashboard was last updated on May 26, 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

BCREA Video Series: Are You Ready for the June 1 FINTRAC Changes?

In case you haven’t heard, the Financial Transactions & Reports Analysis Centre of Canada (FINTRAC) has introduced new and revised regulatory requirements that come into effect on June 1, 2021, that will impact your real estate practice and anti-money laundering obligations. To ensure you’re ready for these changes, BCREA has created a series of short

Housing Market Update – April 2021

Watch BCREA Chief Economist Brendon Ogmundson discuss the April 2021 statistics. [iframe width=”560″ height=”315″ src=”https://www.youtube.com/embed/ZWNay9UK9zI” frameborder=”0″ allowfullscreen style=”position:absolute;top:0;left:0;width:100%;height:100%;” ][/iframe] Click here to visit our YouTube channel. Read the news release here. For more information, please contact: Brendon Ogmundson Chief Economist Direct: 604.742.2796 Mobile: 604.505.6793 Email: [email protected] To subscribe to receive BCREA publications such as this

Three Highlights from Public Polling on BC’s Hot Market

In April’s episode of Open House by BCREA, our monthly podcast for REALTORS®, host Tony Joe and his guest, Research Co. president Mario Canseco, discussed the results of a recent public opinion survey which asked British Columbians about their thoughts on the current hot housing market. Their conversation – like the poll itself – covers

UPDATE: Learn Ten Things About LOTR in Under One Minute

Updated on May 12, 2021, to reflect that the Land Owner Transparency Registry is now publicly searchable. The Land Owner Transparency Registry, or LOTR, is a publicly accessible registry of information about individuals who have an indirect interest in land that is held through corporations, trusts and partnerships. Here are ten things REALTORS® can learn

UPDATE: 2021 Changes to Your Anti-Money Laundering Obligations

FINTRAC: What’s Changed Using LOTR Last updated: June 1, 2021 Overview New and revised regulatory amendments from the Financial Transactions & Reports Analysis Centre of Canada (FINTRAC) are now in effect and BCREA has created this resource page to help REALTORS® and brokerages understand their new FINTRAC obligations and how to use BC’s Land Owner Transparency

BC Markets Calming but Sales Still on Record Pace

For the complete news release, including detailed statistics, click here. Vancouver, BC – May 12, 2021. The British Columbia Real Estate Association (BCREA) reports that a total of 13,683 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in April 2021, an increase of 312.3 per cent over April 2020 when the onset of

Housing Supply Takes Centre Stage During GL Days Live Sessions

BCREA would like to thank all the REALTORS® who participated in this year’s annual Government Liaison (GL) Days live sessions on May 4 and 5. Realtors from across the province convened virtually to learn about policies to address the two issues of improving housing supply and energy efficiency in homes. In addition to discussion around