Harveen Johal

BCREA 2021 First Quarter Housing Forecast Update: Provincial Housing Market Set Up for Very Strong 2021

To view the BCREA Housing Forecast Update PDF, click here. Vancouver, BC – January 25, 2021. The British Columbia Real Estate Association (BCREA) released its 2021 First Quarter Housing Forecast Update today. Multiple Listing Service® (MLS®) residential sales in the province are forecast to rise 15.6 per cent to 108,680 units this year, after recording

Strong December Home Sales Close Out an Unprecedented Year

For the complete news release, including detailed statistics, click here. Vancouver, BC – January 13, 2021. The British Columbia Real Estate Association (BCREA) reports that a total of 93,953 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2020, an increase of 21.5 per cent from the 77,350 units sold in 2019. The

BCREA Advocacy 2020 Year in Review

2020 was an eventful year that required BCREA to adapt to many unexpected challenges. As with most British Columbians, the COVID-19 pandemic required changes how we conduct our practices. We have learned just how resilient and adaptable BC’s Realtors can be, showing leadership and coming together to help flatten the COVID-19 infection rate. Below are

CleanBC Rebates Doubled

To help BC’s economy recover from the COVID-19 pandemic, many CleanBC rebates are doubled until December 31, 2020. These initiatives will help homeowners save energy and will also help the province meet its new emissions target rate to be 16 per cent below 2007 levels by 2025. The increased rebates are available for: switching from

New Cabinet Will Lead BC’s Economic Recovery

After the BC NDP won a majority of legislative seats, Premier John Horgan has announced the new provincial cabinet. The BC NDP’s cabinet positions will play a key role in economic recovery and are an important conduit for BCREA to advance our advocacy issues. Below is a summary of ministerial appointments affecting real estate. Hon.

A Whole Lot to Know About the Land Owner Transparency Act #533

On November 30, 2020, the Land Owner Transparency Act1 (LOTA) came into effect, and with it, the Land Owner Transparency Registry (LOTR). Now, with every change in title to a property in British Columbia, a transparency declaration must be filed with the Land Title and Survey Authority of British Columbia (LTSA). Individuals acquiring an interest

BC Housing Market Posts Strongest November on Record

For the complete news release, including detailed statistics, click here. Vancouver, BC – December 14, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 9,416 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November 2020, an increase of 42.1 per cent from November 2019. The average MLS® residential

Mortgage Rate Forecast

To view the Mortgage Rate Forecast PDF, click here. Highlights Bank of Canada actions have pushed mortgage rates to record lows Canadian economy bounced back in the third quarter, but the second wave looms Bank of Canada on hold, but when will quantitative easing end? Mortgage Rate Outlook Canadian mortgage rates were driven to a

Commercial Activity Rebounded in 2020 Q3

To view the full Commercial Leading Indicator PDF, click here. The BCREA Commercial Leading Indicator (CLI) rebounded in the third quarter of 2020 from 122.3 to 136.9, representing the first increase after four consecutive quarterly declines. It was the largest increase in the indicator since the start of the CLI series in 1999, reflecting a

Continuing Strata Insurance Issues

Widespread, significant increases in the cost of insurance have plagued many BC strata corporations for more than a year. BCREA and other stakeholders have raised concerns and offered potential solutions to this complex problem. During the provincial election campaign, we educated candidates about strata insurance. These high costs are ultimately paid for by strata unit

Climate Priority for BC Government

Throughout the election campaign, all three main BC parties made promises to be leaders in reducing greenhouse gas emissions. While all parties agreed incentives for retrofitting homes were important to meet climate change goals, BCREA knows the government needs to make significant improvements if it’s going to meet current carbon reduction targets. Government incentives for

Solutions to Address BC Housing Supply

As Canadians recognize the important work done by housing partners on National Housing Day (November 22), BCREA acknowledges that there is still much work to do to ensure affordable, appropriate housing. In spite of the BC housing market’s record pace in October, supply continues to be limited. Lack of adequate supply causes affordability issues, especially

Powers of Attorney Can Be Tricky #532

Licensees must be aware of the challenges that exist when representing someone who claims to have the legal right to act on behalf of a property owner on the basis of a power of attorney. Is the power of attorney valid? Was it properly executed? Does it empower the attorney to deal with real property?

New Commercial Rent Assistance Program

Canadian businesses, non-profits and charities experiencing financial hardship from COVID-19 may be eligible for a subsidy to cover part of their commercial rent through the Canada Emergency Rent Subsidy (CERS). This program, in effect since November 23, replaces a previous commercial rent assistance program (CECRA) that had lower pickup than the government expected. The goal

Finding Floodplain Maps

While COVID-19 may pose the greatest risk right now, floods also do significant damage regularly in BC and across the country. Economic, social and environmental impacts can take many years to reverse and BCREA believes smart planning to avoid, or at least minimize, flooding is a better approach. Floodplain maps can support local government decision

BC Housing Market Continues Record Pace in October

For the complete news release, including detailed statistics, click here. Vancouver, BC – November 12, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 11,051 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October 2020, an increase of 43.8 per cent from October 2019. The average MLS® residential

Real Estate Professionals Urged to Stop Open Houses: Regulators and Provincial Association Recommend Virtual Tools

For Immediate Release Vancouver, BC – November 05, 2020. The regulatory agencies overseeing real estate professionals in BC and the provincial association representing REALTORS® are calling on real estate professionals across the province to protect public health and safety by temporarily discontinuing open houses. With cases of COVID-19 on the rise in BC, the Real

Beyond Your Expertise: When to Recommend Clients Get Legal Advice #531

The Question I am asked for advice from licensees on potential claims daily. They often describe a scenario involving complex matters beyond the expertise of a licensee, such as taxes, structural issues/defects or complicated legal questions, like whether a contract alive or dead? They want to know what they should do and what they should

COVID-19: Population Growth and Housing Demand

To view the Market Intelligence Report PDF, click here. Summary Findings: Immigration is the most important driver of population growth in BC, with a growing share within the prime working-age and household-forming demographic. The global pandemic has resulted in a sharp drop in immigration and consequently BC reporting one of the lowest quarterly increases in