BCFSA Real Estate Teams Rules Amendments

The BC Financial Services Authority (BCFSA) is introducing new rules for real estate teams, following the Minister of Finance’s consent to amend the Real Estate Services Rules (Rules). This comes as a response to the increasing number of licensees choosing to work as part of a real estate team, leading to complaints and inquiries regarding

Navigating Canada’s Underused Housing Tax

On June 9, 2022, the federal government enacted the Underused Housing Tax (UHT), effective for the 2022 tax year. The first filing for 2022 is due on April 30, 2023. While REALTORS® do not assume direct responsibility, they can help inform their clients of their tax filing obligations. What is the Underused Housing Tax? The

Working With Buyers… Get it in Writing

Buyer's Agency Exclusive Contract

When a REALTOR® agrees to work with clients, it is prudent to have the nature of the relationship agreed to in writing. This will help to ensure that all parties know what they can expect from each other and what is expected from them. When working with sellers, a mutually agreeable exclusive contractual relationship is

Advocacy Update

Advocacy Update is BCREA’s regular update on political real estate news in BC. This biweekly newsletter gives updates on government actions affecting the sector, significant actions taken by BCREA, as well as ways how REALTORS(R) can get involved. We also publish a monthly one-minute video that provides highlights from the previous month’s news. To stay

Housing Market Activity Off to a Slow Start in 2023

For the complete news release, including detailed statistics, click here. Vancouver, BC – February 14, 2023. The British Columbia Real Estate Association (BCREA) reports that a total of 3,047 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in January 2023, a decrease of 50.3 per cent from January 2022. The average MLS® residential

2023 Throne Speech Outlines BC Government’s Housing Priorities

On February 6, 2023, Lieutenant Governor Janet Austin opened the fourth session of the 42nd parliament with a Throne Speech outlining Premier Eby’s governmental priorities. While vague in specific policy deliverables, the Throne Speech outlined several broad initiatives directly impacting BC’s real estate sector. Increasing Housing Supply Budget 2023, which is set to be tabled

Amidst a Sea of Change:  New Challenges and Opportunities for a New Year #557

legally speaking 557

2023 marks another year of regulatory changes in the real estate profession. Some of the most notable adjustments include: Changes to the BC Strata Property Act effective November 2022 removing rental restrictions and age restrictions- with the exception of 55+ rules for strata properties (see the Legally Speaking issue on this topic from December 2022

BCREA 2023 First Quarter Housing Forecast Update: Housing Market Faces a Challenging 2023 Before Posting a Strong Recovery in 2024

To view the BCREA Housing Forecast Update PDF, click here. Vancouver, BC – February 6, 2023. The British Columbia Real Estate Association (BCREA) released its 2023 First Quarter Housing Forecast Update today. Multiple Listing Service® (MLS®) residential sales in BC are forecast to decline 7.1 per cent to 75,150 units this year. In 2024, MLS®

Help Protect Your Clients from Title and Mortgage Fraud Attempts 

Recent reports of home title and mortgage fraud cases in Ontario have raised questions about what real estate professionals across Canada can do to help protect their clients from similar fraud attempts.   On January 5, 2023, law enforcement officers in Toronto warned the public of two fraudsters who impersonated the owners of an Etobicoke-area home