Success of Real Estate Consumer Protection Measures Hinges on Next Steps by BC Government and Real Estate Regulator

Vancouver, BC – May 30, 2022. After reviewing the BC Financial Services Authority (BCFSA) consumer protection recommendations published on May 26, the British Columbia Real Estate Association (BCREA) urges the Ministry of Finance to carefully consider the next steps prior to implementing any of the measures proposed.  While many of the consumer protection recommendations in

Avoid Costly Mistakes Concerning the Foreign Buyers’ Tax #549

A recent BC Supreme Court decision (Shave v. Sommerey, 2022 BCSC 183) highlights the potential risks for REALTORS® working with buyers whose residency or citizenship status is unknown or has recently changed. The Property Transfer Act, RSBC 1996, c. 387 was amended in August 2016 to impose a surtax on the fair market value of

BCREA Standard Forms Housekeeping Amendments Spring 2022

Update: This post was updated on May 18, 2022. Find out more about the changes and the rationale in the Housekeeping Amendments Launch Package – May 2022 found here. (REALTOR Link® login required). While BCREA attempts to do an annual standard forms launch, from time-to-time housekeeping amendments come up where it makes sense to make the

Resources to Help REALTORS® and Your Clients Navigate Extreme Climate

Annual widespread wildfires and flooding have unfortunately become a regular occurrence in BC. In 2021, the province recorded more than 1,600 wildfires that burned more than 869 hectares. Sixty per cent of the wildfires occurred naturally. Meanwhile, extreme weather and mass flooding devastated communities and hundreds of homes across the province.   There is no

BC Home Sales Trending Toward Normal Activity

For the complete news release, including detailed statistics, click here. Vancouver, BC – May 12, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 8,939 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in  April 2022, a decrease of 34.9 per cent from a record April 2021. The average

BC Real Estate Boards Named Finalists for 2022 Real Estate Land Awards

The Real Estate Foundation of BC (REFBC) recently announced the finalists for its 2022 Land Awards recognizing outstanding projects and standout leaders who work to build healthy, resilient communities and natural environments. The awards are presented in five different categories across BC. BCREA is proud to recognize  the Association for Interior Realtors and Vancouver Island

New BC Real Estate Association Report Estimates Impacts of Increased Supply on BC Housing Market

Vancouver, BC – The British Columbia Real Estate Association (BCREA) has released a new Market Intelligence report estimating the potential impacts of increased housing supply on BC’s housing market. The report, Bigger, Faster…More Affordable? Evaluating the Impact of Supply-Side Policies on the BC Housing Market, finds that policies designed to streamline the development cycle are