Ongoing Economic Recovery Drives Q2 CLI Higher

To view the full Commercial Leading Indicator PDF, click here. The BCREA Commercial Leading Indicator (CLI) rose from 150 to 155 in the second quarter of 2021, representing the fourth consecutive increase as the economy recovered from the COVID-19-induced recession. Compared to the same time last year, the index was up by 25 per cent.

Wildfires in British Columbia

As of August 26 there were nearly 243 wildfires in BC, impacting over 3,700 properties with evacuation orders. According to a recent report by the Intergovernmental Panel on Climate Change (IPCC), these sorts of extreme weather events are likely to become more severe in the future. If current greenhouse gas emission levels remain the same,

BC Financial Services Agency Becomes Sole Regulator for Real Estate

On August 1, the BC Financial Services Authority (BCFSA) assumed the Real Estate Council of BC (RECBC) and the Office of the Superintendent of Real Estate (OSRE) to become the only real estate regulator. BCFSA is a ‘super-regulator,’ regulating not only real estate but also credit unions, trust companies, insurance companies, pension plans and mortgage

Comparing Election Promises to Increase Housing Supply

All parties are pledging to drastically increase housing supply, with the Liberal Party leading the race by pledging 1.4 million new homes; the Conservative Party pledging 1 million new homes; and the New Democrat Party (NDP) promising 500,000 new homes. While these lofty ambitions show that housing is top-of-mind for all three parties, it’s important

Tips for Using Clauses and Amending Contracts of Purchase and Sale #541

Standard form contracts of purchase and sale are very useful in real estate transactions. They are familiar, well-tested, and cover off all the basics and much more. However, real estate is complicated and the one-size-fits-all approach may not fit every situation. In cases where a standardized contract of purchase and sale does not entirely address the specific needs of the transaction adding terms and conditions – or

Have You Checked Out BCREA’s New Courses?

As summer slips away, and we head into a crisp BC fall with a fresh new school year, you might be thinking of heading back to the books as well. This year BCREA introduced six new online courses for REALTORS®, expanding BCREA’s comprehensive online course catalogue. In case you missed them, or you’re thinking of

Masks Recommended for REALTORS® and Clients as BC Introduces New COVID-19 Measures

The British Columbia Real Estate Association (BCREA) recommends REALTORS® and your clients once again wear masks while conducting open houses and private showings as a result of rising COVID-19 case numbers and the BC government’s recent announcement that beginning August 25, people 12 and older – both vaccinated and unvaccinated – will be required to wear a mask in indoor public spaces.   The government also announced that proof of vaccination through a

New Video Explains the Co-Listing Form – Joint Representation to Clients

BCREA has created a new video to help REALTORS® explain the Co-Listing Form – Joint Representation to their clients. This form is used to amend a Listing Contract when the sellers want the property to be listed jointly by more than one brokerage. [iframe width=”560″ height=”315″ src=”https://www.youtube.com/embed/hwy9fOsu7G0″ frameborder=”0″ allowfullscreen style=”position:absolute;top:0;left:0;width:100%;height:100%;” ][/iframe] This video explains the

BCREA 2021 Third Quarter Housing Forecast Update: Provincial Housing Market Activity Normalizing into 2022

To view the BCREA Housing Forecast Update PDF, click here. Vancouver, BC – August 19, 2021. The British Columbia Real Estate Association (BCREA) released its 2021 Third Quarter Housing Forecast today. Multiple Listing Service® (MLS®) residential sales in the province are forecast to rise 26 per cent to 118,350 units this year, after recording 94,007

REALTORS®: Help shape BCREA’s strategic priorities

In September, BCREA will meet with BC’s ten member boards to develop a new three-year strategic plan and we need your input. To gather your feedback, we’re using a tool called ThoughtExchange. Click here to participate: https://tejoin.com/scroll/255686085 If you’re a REALTOR®, we invite you to answer one survey question about your satisfaction with BCREA and

How to Apply for BCREA’s Legal Defence Reserve for REALTORS®

BCREA’s Legal Defence Reserve (LDR) is a valuable support system that assists REALTORS® by supporting litigation or providing other assistance for issues concerning the Realtor profession. When serious issues arise with potential implications on Realtor practice, reputation, and the real estate profession as a whole, BCREA may assist you with your claims with financial support

Popular BCREA Online Course Helps REALTORS® Engage Clients Effectively

Professionalism is one of the core competencies of a REALTOR®, and at the heart of having a high standard of professionalism is effective engagement with your clients. The way you interact with your clients is a key factor in developing a good reputation, your ability to conduct a successful transaction, and it’s an essential factor

BC Housing Market Activity Continues Moderating Trend in July

For the complete news release, including detailed statistics, click here. Vancouver, BC – August 11, 2021. The British Columbia Real Estate Association (BCREA) reports that a total of 9,663 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in July 2021, a decrease of 7.2 per cent over July 2020. The average MLS® residential

BCREA Nowcast

BC Monthly Real GDP Estimate for June 2021 & Preliminary Estimate for July 2021 (Updated: August, 31 2021) The BCREA Nowcast estimate of provincial economic growth (expressed as year-over-year growth in real GDP) for June 2021 is 8.9 per cent. For comparison, year-over-year growth in the Canadian economy in June was 8 per cent. We

Where to Find Resources From BCFSA, Real Estate’s New Regulator

Realtors are invited to a webinar regarding the Fall 2020 Standard Forms Release

On August 1, 2021, the BC Financial Services Authority (BCFSA) became the new regulator for real estate service providers in BC. That means the Real Estate Council of BC (RECBC) and the Office of the Superintendent of Real Estate (OSRE) no longer exist.   BCREA recently published a blog post with a video explaining the change in regulators and a series of resources

Revised Real Estate Rules Now in Effect Under New Regulator

As a result of the integration of the Real Estate Council of BC (RECBC) and Office of the Superintendent of Real Estate (OSRE) into the BC Financial Services Authority (BCFSA) on August 1, the Real Estate Rules, now named the Real Estate Services Rules, have been revised. The changes take effect immediately. With RECBC and