Harveen Dhaliwal

Mortgage Rate Forecast

To view the Mortgage Rate Forecast PDF, click here. Highlights Delta variant of COVID-19 drives global bond yields lower Canadian economy unexpectedly contracts in the second quarter Bank of Canada on hold a little longer? Mortgage Rate Outlook It was another quiet quarter in the Canadian mortgage market. Canadian five-year fixed rates moved essentially sideways

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.

BCREA Seeking Participants for Consumer Research

Real estate and housing has always been a hot topic in British Columbia, especially over the last few months with record-breaking sales and rising housing prices. Given that REALTORS® are involved in the majority of real estate transactions in BC, the British Columbia Real Estate Association (BCREA) is conducting consumer research to better understand how

Save the Date: Mastering Compliance 2.0 Coming October 2021

This post was updated on August 20, 2021, to incorporate that the Anti-Money Laundering Symposium has been moved to early 2022. This October, BCREA will expand its anti-money laundering support for managing brokers and compliance officers with the launch of an updated online version of Mastering Compliance: Anti-Money Laundering Training for Brokers and followed by

Strong Demand, Dwindling Supply for BC Housing Markets

For the complete news release, including detailed statistics, click here. Vancouver, BC – June 14, 2021. The British Columbia Real Estate Association (BCREA) reports that a total of 12,638 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May 2021, an increase of 178.2 per cent over May 2020 when the onset of

What Does It Take to Be a Practice-Ready REALTOR®?

By Katja Gallagher, Education Coordinator, BCREA BCREA needs your input concerning the unique needs and challenges of new REALTORS®. Complete our Practice-Ready REALTOR® survey for your chance to win a $100 Amazon gift card! BCREA has launched the Practice-Ready REALTOR® Research Project that seeks to identify opportunities to better support new entrants into the real

BCREA Explores Four Standard Forms in New Tutorial Videos for REALTORS®

In BCREA’s latest release of tutorial videos for BC REALTORS®, we explore four key standard forms: the Co-Listing Form – Separate Representation, the General Release and Authorization to Pay Deposit Funds form, the Notice of Condition Waiver / Declaration of Fulfillment form, and the Lockbox Acknowledgement, Consent, Release and Indemnity form. These tutorial videos are

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)

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

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

Getting Ready for the June 1 FINTRAC Changes: Beneficial Ownership

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

Sustainable Homes: Understanding What Homebuyers Want

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

Hot Markets: Risks and Tips to Avoid Getting Burned #537

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

New Video Explains Seller’s Disclosure of Material Latent Defects Form to Clients

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

BCREA Supports Housing Funding for Middle-Income Families, Encourages Additional Supply-Side Action

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,

Real Estate Sector Stresses Consumer Education and Due Diligence

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