Janie Cranfield

UPDATE: COVID-19 Recovery Dashboard

The dashboard was last updated on May 27, 2022. The BCREA Economics team has created the COVID-19 Recovery Dashboard to help REALTORS® monitor BC’s economic recovery. This dashboard focuses on the sectors and activities that have been most significantly impacted by the pandemic and the province’s state of emergency. To monitor the province’s progress, we

Housing Market Update – May 2022

Watch BCREA Chief Economist Brendon Ogmundson discuss the April 2022 statistics. [iframe width=”560″ height=”315″ src=”https://www.youtube.com/embed/wFwAv39yxsg” frameborder=”0″ allowfullscreen style=”position:absolute;top:0;left:0;width:100%;height:100%;” ][/iframe] Click here for the Housing Market Update charts. Click here to visit our YouTube channel. Read the news release here. For more information, please contact: Brendon Ogmundson Chief Economist Direct: 604.742.2796 Mobile: 604.505.6793 Email: [email protected] To

BCREA Nowcast

BC Monthly Real GDP Estimate for February 2022 and Preliminary Estimate for March 2022 The BCREA Nowcast estimate of provincial economic growth (expressed as year-over-year growth in real GDP) for February 2022 is 5.7 per cent. For comparison, year-over-year growth in the Canadian economy in January was 4.5 per cent. The preliminary estimate for March

Five Things REALTORS® Should Know About Real Estate and the Economy

Clients rely on REALTORS® to have ample knowledge of the housing market while guiding them through the buying and selling process. To be as effective as possible in advising your clients, a general understanding of what influences the market is essential. With this in mind, BCREA recently created the self-paced online course Economics for REALTORS®:

Strong First Quarter for BC Housing Markets, But Rising Rates Loom Large

For the complete news release, including detailed statistics, click here. Vancouver, BC – April 12, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 11,463 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in March 2022, a decrease of 24.1 per cent from a record March 2021. The average

How the 2022 Federal Budget Impacts BC Real Estate

UPDATE – April 12, 2022: This post was updated to correct a figure related to the Multigenerational Home Renovation Tax Credit. The tax credit is up to $7,500, not $50,000 as previously stated. Budget 2022 was introduced on April 7 with a significant focus on the supply and affordability of housing in Canada. BCREA was encouraged

Cybersecurity Tips for REALTORS®: Multifactor Authentication

With most of our business being conducted online, REALTORS® and managing brokers must be aware of good cybersecurity practices. Ensuring your digital accounts are secure online prevents hackers from obtaining not just your sensitive information, but also private client information. In a recent Community of Practice for Managing Brokers session, BCREA Technology Manager, Mairon Batista,

BCREA Addresses Minister Robinson’s Announcement

Yesterday, Minister of Finance Selina Robinson announced plans to amend the Property Law Act to pave the way for the introduction of a “Homebuyer Protection Period” in real estate transactions. While the Government’s announcement lacked detail, the Homebuyer Protection Period will give buyers the right to rescind offers in real estate transactions. While governmental language

Standard Forms – A Valuable Copyrighted Members-Only Resource

The British Columbia Real Estate Association (BCREA) administers and manages a set of standard forms, standard clauses and related educational resources for use by REALTORS® in real estate transactions in British Columbia. A sub-set of the standard forms are jointly owned by BCREA and the Canadian Bar Association BC Branch (CBABC), including the Contract of

Pre-offer vs Cooling Off: Communicating with Clients

In February, BCREA has published more than 30 recommendations to the BC Government and the province’s real estate regulator, the BC Financial Services Authority, to help guide their decision making to better protect consumers in the real estate transaction process.   A key recommendation we made is for government to mandate a “pre-offer period” instead

BCFSA Proposes Changes to Real Estate Teams

On February 23, the province’s real estate regulator, the BC Financial Services Authority (BCFSA) released proposed amendments to the Real Estate Service Rules intended to clarify the role and duties of real estate teams and team members. Teams play an important role for licensees; they can allow families or partners to work together, facilitate larger

BCREA’s Consumer Protection Recommendations Attract National Media Attention

BCREA’s white paper A Better Way Home: Strengthening Consumer Protection in Real Estate Transactions has attracted significant media attention nationwide. BCREA launched the white paper at a press conference in downtown Vancouver on Monday, February 28 with all of BC’s major news outlets in attendance, including Global, CBC, and CTV. More than 500 viewers, including

Assignment Terms – It’s All in the Contract #546

Licensees must ensure they read the terms of real estate contracts carefully and explain them to their clients. This is especially true when it comes to assignment clauses contained within contracts. Within the past number of years, the government has imposed laws and regulations around assignments in order to protect sellers, prevent ‘shadow flipping,’ and

Few New Promises to Increase Housing Supply in BC’s 2022 Budget

BC’s 2022 budget is very much a recovery budget. There are significant investments in continued recovery from this past year’s extreme wildfire and flooding events, as well as the COVID-19 pandemic. The budget acknowledged that BC’s “record-low supply and strong demand for homes” led to large price gains in 2021, across all major regions and

Extremely Tight Conditions Persist in the BC Housing Market

For the complete news release, including detailed statistics, click here. Vancouver, BC – February 14, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 6,138 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in January 2022, a decrease of 14.7 per cent from January 2021. The average MLS® residential

Licence and Registration Please #545

A strong licensing regime is one of the cornerstones of the BC Real Estate Services Act (“RESA”), and something all licensees will be familiar with. However, some intricacies of licensing requirements may catch you off-guard, which is what happened in two recent BC Financial Services Authority (“BCFSA”) investigations resulting in discipline. Licensing – An Overview

Has Your Brokerage Re-Activated Their COVID-19 Safety Plan?

On January 7, BC’s Provincial Health Officer announced that employers are required to re-activate their COVID-19 Safety Plans. To ensure the safety of REALTORS®, managing brokers and their clients, we recommend brokerages update and re-activate their COVID-19 Safety Plan after reviewing the updated Work Safe BC COVID-19 Safety Plan template. BCREA will continue to update

The Increasing Cost of Misconduct #544

Prior to September 30, 2016 the Real Estate Service Act (Act) limited monetary penalties for brokerages and licensees to $20,000 and $10,000 respectively. However, as of September 30, 2016, the Legislature amended section 43(2)(ii) of the Act to allow for monetary penalties of up to $500,000 in the case of brokerages and $250,000 in any other case.

What is “Blind Bidding?” An Introduction for REALTORS®

As a result of competitive market conditions and escalating housing prices, BC’s real estate regulator, the BC Financial Services Authority (BCFSA), is developing a consultation on “blind bidding” to understand whether regulatory changes to real estate transaction could improve protection for homebuyers. This announcement was paired with news in early-November that the BC Government intends

Fall 2021 Standard Forms Release Now Available on WEBForms®

The new and revised standard forms, schedules and clauses included in BCREA’s Fall 2021 Standard Forms Release are now available on WEBForms®! BCREA has now released 11 new standard forms and schedules, as well as multiple clauses and form revisions, to help REALTORS® enhance their professionalism and adapt to changing best practices. Prior to the

Most BC Communities Lack Resources to Create, Maintain Floodplain Maps: Report

Vancouver, BC – November 24, 2021. BC’s REALTORS® have been mobilizing to help communities hit hardest by the recent flooding and historic rainfalls, from fundraising to support the Red Cross to partnering with helicopter companies to fill more than 16 helicopters with emergency supplies for Abbotsford and Merritt. The British Columbia Real Estate Association (BCREA)

What is a Cooling Off Period? An Introduction for REALTORS®

The BC Government has announced its intent to introduce legislation in spring 2022 to mandate a cooling off period for buyers of all residential real estate. But what is a “cooling off period” and how might it impact you? A cooling off period, also known as a “rescission period,” gives buyers the right to withdraw from a

REALTORS® Invited to 2021 Standard Forms Post-Launch Q&A Webinar

Already have questions about the upcoming Fall 2021 Standard Forms Release? Join us on December 2, 2021 for a FREE one-hour virtual Q&A session for REALTORS® to get real-time answers to any questions you may have. Why attend? This Q&A webinar will provide an opportunity for Realtors to ask questions they may have about the

BC Housing Market at Historically Low Level of Supply

For the complete news release, including detailed statistics, click here. Vancouver, BC – November 10, 2021. The British Columbia Real Estate Association (BCREA) reports that a total 9,593 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October 2021, a decrease of 13.7 per cent from October 2020. The average MLS® residential price

BCREA Responds to Government Announcement on Cooling Off Period

For Immediate Release Vancouver, BC – November 5, 2021. As a result of market conditions over the past year, the British Columbia Real Estate Association (BCREA) is aware that many British Columbians have been unsuccessful and left frustrated when trying to purchase a home. We support making homeownership more achievable for people in BC, however, the

Get to Know the 11 New Standard Forms and Schedules Coming This November

BCREA continues to help REALTORS® enhance their professionalism and adapt to changing best practices with a new Standard Forms release. This release will include 11 new standard forms and schedules as well as multiple clauses and form revisions. To help managing brokers and associate brokers prepare their Realtors for the change, BCREA will be holding

Conflicts of Interest: Sound Judgment Required #543

As Brian Taylor summarized in his February 26, 2021 Legally Speaking article, Learning from an RECBC Discipline Decision #535, the disciplinary landscape for real estate professionals changed dramatically in September 2016. Most starkly, fines and penalties were greatly increased by the then regulator, the Real Estate Council of BC (RECBC). But there is no need

Fall 2021 Standard Forms Release

Background Resources Quick Links Last updated: November 24, 2021 This page contains background information on the Fall 2021 Standard Forms Release, information and resources to help REALTORS® prepare for use of the forms and quick links to other relevant resources. BCREA will update this page as new information and resources are available. Background On November

Record-Low Supply Keeps Market Conditions Tight in September

For the complete news release, including detailed statistics, click here. Vancouver, BC – October 12, 2021. The British Columbia Real Estate Association (BCREA) reports that a total of 9,164 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in September 2021, a decrease of 19.9 per cent from September 2020. The average MLS® residential

New Tutorial Videos for REALTORS® Explore Fee Agreements

In BCREA’s latest release of tutorial videos for BC REALTORS®, we explore three important standard forms: the Fee Agreement Buyer Pays (Buyer and Seller Not Represented) form, the Fee Agreement Seller Pays (Buyer and Seller Not Represented) form, and the Fee Agreement Seller Pays (Buyer Represented Seller Not Represented) These tutorial videos are intended to

Enforce Your Rights, or Lose Them #542

Anyone who has been involved in a transaction for a property under construction is likely familiar with the potential for delays of completion. While developers don’t often fail to deliver, it can happen. What happens when significant delays do occur? Can a developer be in default under the contract? What about the innocent party in

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

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

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

Professional Development Program: Frequently Asked Questions

Being a REALTOR® means committing to a standard of professionalism that goes beyond regulatory requirements. BCREA and the province’s ten real estate boards facilitate Realtor professional development by providing learning opportunities to enhance skills, confidence, and knowledge within the profession. Below are frequently asked questions about the Professional Development Program. Legal Is Legal Update still

Five Insurance Tips for Wildfire Season

Sadly, it seems that in addition to spring, summer, fall and winter, BC now has a fifth season: wildfire season. What’s worse is that this year the wildfire season has gotten off to an early start, making it more important than ever for REALTORS® to help clients manage wildfire risks. While there are some things

Know Your Product: House Structures is Now Available Online

Know Your Product: House Structures is a revamped version of the previously popular Know Your Product, in-person course, where REALTORS® will be provided a comprehensive introduction to the fundamentals of residential construction including footings, foundations, floors, decks, walls, openings, stairs, roofs, and chimneys. This course is available as a self-paced online offering, that allows you

New Toolkits Available for Limited Dual Agency Agreements

BCREA has launched two new toolkits in the Standard Forms Resource Centre to help REALTORS® navigate dual agency scenarios. The toolkits cover the Limited Dual Agency Agreement (Competing Buyers/Tenants) and the Limited Dual Agency Agreement (Buyer/Tenant and Seller/Landlord). Each of the toolkits include an introduction to the form, FAQs, an annotated version of the form,

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

BCREA has created a new video to help REALTORS® explain the Co-Listing Form – Separate Representation to their clients. This form allows multiple sellers with opposing interests to each have their own designated agent(s) to represent them in the sale of a property.  [iframe width=”560″ height=”315″ src=”https://www.youtube.com/embed/hTsWP-9JRJQ” frameborder=”0″ allowfullscreen style=”position:absolute;top:0;left:0;width:100%;height:100%;” ][/iframe] This video reviews the difference between joint and separate representation, the circumstances under which a client may choose to enter into a co-listing agreement with separate representation, and the potential benefits of this type of arrangement. The

Legal Defence Reserve Offers Peace of Mind for REALTORS® Faced with Legal Challenges

Professionalism is always top of mind for REALTORS®. Your reputation with your clients is based on trust as they rely on you to advise and act in their best interest.  But your peace of mind is important, too.  That’s where BCREA’s Legal Defence Reserve (LDR) comes in. The LDR is a useful support system for Realtors if legal challenges arise around issues of provincial significance. Funds from the

Standard Forms Spotlight: REMINDER – The BCREA Individual Identification Information Record Has Been Retired

When the latest FINTRAC amendments came into effect on June 1, 2021, we retired the BCREA Individual Identification Information Record as it no longer meets brokerages’ record keeping obligations. Please use the FINTRAC forms provided by the Canadian Real Estate Association (CREA) or your brokerage to ensure you continue to meet these obligations.   Although this form has

BCREA Calls for Ongoing Collaboration with Launch of Sole Regulator

The British Columbia Real Estate Association (BCREA) welcomes the announcement that as of August 1, consumers can look forward to a more efficient and better coordinated regulatory authority for real estate when the BC Financial Services Authority (BCFSA) becomes the sole regulator for BC’s financial services sector, including real estate. As the voice of BC’s

Housing Market Activity Normalizing After a Frenetic Year

For the complete news release, including detailed statistics, click here. Vancouver, BC – July 12, 2021. The British Columbia Real Estate Association (BCREA) reports that a total of 11,070 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in June 2021, an increase of 34.7 per cent over June 2020. The average MLS® residential

RECBC, OSRE and BCREA Update Recommendations on Open Houses

As of July 1, brokerages and REALTORS® should follow WorkSafeBC’s Communicable Diseases Prevention guidelines. June 30, 2021 – With British Columbians set to enter Step 3 of the province’s Restart Plan on July 1, the Real Estate Council of BC (RECBC), the Office of the Superintendent of Real Estate (OSRE) and the British Columbia Real

Expert Panel Recommends Meaningful Action to Increase Housing Supply

The Expert Panel on Housing Supply and Affordability established by the governments of Canada and BC to examine housing trends for rental and homeownership has published its final report, with 23 recommendations for the provincial and federal governments. The panel was created in September 2019 to explore the issues of housing supply and affordability and

Co-Ownership Agreements: “Till Dispute Do Us Part” #539

With the cost of properties continuing to rise in most parts of British Columbia, many people are looking to invest or acquire properties with others. While the co-ownership of property can have financial benefits at the outset, it can also come with a host of problems and disputes. Therefore, parties should consider entering into a

Five Questions for the Post-Pandemic Housing Market

The COVID-19 pandemic has had substantial and often counter-intuitive impacts on the BC economy and housing market. As we hopefully put the worst of the pandemic behind us and look ahead to a post-pandemic world, there remains significant uncertainty about what exactly that world is going to look like. In this Market Intelligence, we look

No Changes to Real Estate Practice in Step 2 of Restart Plan

With vaccine numbers rising and infection rates continuing to fall, BC is on track to move to step 2 of BC’s Restart Plan as of June 15 and all of us are eager for further easing of COVID-19 restrictions. However, REALTORS® and consumers will have to be patient a little longer when it comes to

Contract Law Foundations for REALTORS®: Online Course Explores Legal Principles Behind Real Estate Contracts

BCREA has created a new self-paced online course, Contract Law Foundations for REALTORS®, which equips learners with a foundational understanding of the legal principles relevant to contracts respecting to real estate in British Columbia. Contract Law Foundations for REALTORS® focuses on the foundational principles, common pitfalls, and best practices with real estate contracts. Possessing an

Standard Forms Spotlight: Buyer’s Deposit Paid by a Third Party

The BCREA Standard Forms team has received several great questions about what to do, if anything, when a buyer’s deposit is paid by a third party, such as a family member or a client’s business account. To help ensure REALTORS® are aware of their obligations, we’ve compiled a list of frequently asked questions on third-party

Webinar Recording: Understanding the June 1 FINTRAC Changes

On June 2, BCREA hosted a free one-hour webinar to help REALTORS® and brokerages understand the new regulatory amendments introduced by the Financial Transactions & Reports Analysis Centre of Canada (FINTRAC) on June 1. Thank you to the over 4,400 Realtors who attended! If you attended the full live session, please allow up to two

Getting Ready for the June 1 FINTRAC Changes: Virtual Currency Obligations

By: Adam Feldman, CAMS, CAMS-RM, CSC, Guest Contributor The rise of virtual currency If you’ve followed the news lately, you’ve probably noticed the increased prominence that virtual currencies are gaining on the global financial landscape.  A 2019 study estimated that 9% of the global population owns Bitcoin, while British Columbia alone is home to 229

Radon for REALTORS®: Online Course Helps Navigate Radon in Real Estate

BCREA has launched Radon for REALTORS®, a new self-paced, online course worth three accredited PDP hours, in which Realtors explore radon – the leading cause of lung cancer in non-smokers – and how it relates to the real estate transaction. With its health risks and inclusion in the Property Disclosure Statement, radon is as pressing

Assignee Beware #538

In a caveat emptor, or buyer beware, jurisdiction such as BC, buyers are required to conduct their own due diligence to satisfy themselves as to the condition of the property they are acquiring. They often employ experts such as home inspectors and environmental, structural and geotechnical engineers to assist them in this regard. These experts

Getting Ready for BC’s Restart Plan

May 25th was an exciting day for all of us as Premier John Horgan, Provincial Health Officer Dr. Bonnie Henry and Minister of Health Adrian Dix announced details of BC’s four-phase restart plan. After more than a year of uncertainty and concern about the health and well-being of ourselves and our loved ones, brighter days

Three Highlights from Public Polling on BC’s Hot Market

In April’s episode of Open House by BCREA, our monthly podcast for REALTORS®, host Tony Joe and his guest, Research Co. president Mario Canseco, discussed the results of a recent public opinion survey which asked British Columbians about their thoughts on the current hot housing market. Their conversation – like the poll itself – covers

UPDATE: Learn Ten Things About LOTR in Under One Minute

Updated on May 12, 2021, to reflect that the Land Owner Transparency Registry is now publicly searchable. The Land Owner Transparency Registry, or LOTR, is a publicly accessible registry of information about individuals who have an indirect interest in land that is held through corporations, trusts and partnerships. Here are ten things REALTORS® can learn

UPDATE: 2021 Changes to Your Anti-Money Laundering Obligations

FINTRAC: What’s Changed Using LOTR Last updated: June 1, 2021 Overview New and revised regulatory amendments from the Financial Transactions & Reports Analysis Centre of Canada (FINTRAC) are now in effect and BCREA has created this resource page to help REALTORS® and brokerages understand their new FINTRAC obligations and how to use BC’s Land Owner Transparency

BC Markets Calming but Sales Still on Record Pace

For the complete news release, including detailed statistics, click here. Vancouver, BC – May 12, 2021. The British Columbia Real Estate Association (BCREA) reports that a total of 13,683 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in April 2021, an increase of 312.3 per cent over April 2020 when the onset of

UPDATED: Selling Tenant-Occupied Properties During the COVID-19 Pandemic

Update: This post was updated on May 5, 2021 after a review of suggested protocols. REALTORS® are encouraged to read the updated version below. Selling a tenant-occupied property is always more complicated than selling an owner-occupied property. Selling a tenant-occupied property during a global pandemic adds another layer of complexity.  As a REALTOR®, you have

UPDATED: As COVID-19 Case Counts Rise, REALTORS® Should Continue to Prioritize Health and Safety

Update: This post and the Safer Showings documents referenced below were updated on May 5, 2021 to align with Provincial Health Officer orders and directives up to and including April 2021. Real estate professionals must continue to adapt to protect themselves, consumers and communities from COVID-19. While provincial restrictions do not directly impact REALTORS® ability

BCREA Individual Identification Information Record to be Retired Ahead of June 1 FINTRAC Changes

BCREA’s Individual Identification Information Record will become obsolete as of June 1, 2021, when the Financial Transactions and Reports Analysis Centre of Canada’s (FINTRAC) latest regulatory amendments come into effect. These amendments will change reporting obligations for brokerages under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act). With that in mind,

BCREA Releases New Form to Address Risk of Subject-Free Offers

BCREA has created the Buyer’s Acknowledgement of Information – Recommended Conditions form to help REALTORS® document that they have advised buyers of the increased risks and possible consequences of not including some or all of the recommended conditions in an offer. The form also allows Realtors to document that clients have been advised to obtain

BCREA Named One of Canada’s 50 Best Workplaces™

Vancouver, BC – April 16, 2021. The BC Real Estate Association (BCREA) is among one of Canada’s 50 Best Workplaces™ of 2021. The list of Best Workplaces™, and related stories, will appear in a Special National Report on Friday April 16, 2021 in The Globe and Mail. “It’s an honour to be named one of Canada’s Best Places

Getting Ready for the June 1 FINTRAC Changes: Business Relationships

By Adam Feldman, CAMS, CAMS-RM, CSC, Guest Contributor Brokerages have been required to conduct ongoing monitoring of their business relationships ever since the concept was introduced into regulation in 2014. At that time, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) clarified that a business relationship is established if a brokerage conducts two

Record-Setting Month for BC Homes Sales

For the complete news release, including detailed statistics, click here. Vancouver, BC – April 13, 2021. The British Columbia Real Estate Association (BCREA) reports that a total of 15,073 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in March 2021, an increase of 123.3 per cent over March 2020 and a new all-time

New Standard Form Toolkits Available for Three Fee Agreement Forms

BCREA has created three new toolkits on the Standard Forms Resource Centre to help enhance REALTOR® knowledge of the following three fee agreement forms: Fee Agreement Buyer Pays (Buyer and Seller Not Represented) Fee Agreement Buyer Pays (Seller Represented Buyer Not Represented) Fee Agreement Seller Pays (Buyer and Seller Not Represented) All three toolkits include

Teams Consultation: BCREA-Real Estate Board Response

On April 1, BCREA and the ten BC real estate boards made a joint submission to the Office of the Superintendent of Real Estate (OSRE) and the Real Estate Council of British Columbia (RECBC) in response to their consultation on regulating real estate teams. The regulators’ interest in teams came up as a result of

Protecting Buyers – and Yourself – in a Hot Market

With interest rates at record lows and not enough available housing stock to meet demand, buyers are willing to take risks to clinch a deal. Still, as a REALTOR®, they look to you for information on managing those risks. As you work in your client’s best interest, in advising them don’t forget to manage your

BCREA Condemns Sexualized Violence

We at the BC Real Estate Association are deeply disturbed by recent allegations of sexual assault by REALTORS® against members of the Victoria community. Above all, our thoughts are with individuals who have shared their experiences. We acknowledge the courage it takes to come forward as a survivor of sexual assault and support investigations into

Working with Unrepresented Parties #536

Since the restriction on limited dual agency was introduced in 2018, it has become more common for REALTORS® to work with unrepresented parties in a transaction. Dealing with unrepresented parties presents risks to both consumers and Realtors. Realtors should be familiar with the Real Estate Rules for dealing with unrepresented parties so that they understand

UPDATE: New Form Helps Brokerages Meet Anti-Money Laundering Requirements

UPDATE (March 24, 2021): Minor changes have been made to the Why Do REALTORS® Ask for Your Personal Information consumer video to provide greater clarity on the process for receipt of funds and to update the reference to the Individual Identification Information Record. All other aspects of this video remain unchanged. In September, BCREA released

BC Housing Market Continues at a Record Pace

For the complete news release, including detailed statistics, click here. Vancouver, BC – March 11, 2021. The British Columbia Real Estate Association (BCREA) reports that a total of 10,918 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in February 2021, an increase of 89.1 per cent over February 2020 and over a thousand

Water Sustainability Act – You Have Questions, We Have Answers

At BCREA, we often receive questions from REALTORS® and consumers related to standard forms.  We’ve received several great questions about groundwater licensing and the Water Sustainability Act (WSA) as it pertains to the Property Disclosure Statement. Below, you can find three frequently asked questions on the topic, with answers provided by a member of the

BCREA Advances Anti-Money Laundering Recommendations

Illegal funds have no place in BC’s real estate market. Real estate playing an important role in the lives of British Columbians, serving as one of the key economic drivers in the province. BCREA shows leadership on behalf of REALOTRS® by advocating for smart policy to ensure integrity and transparency and supporting Realtors to help

A Record-Setting Start to 2021

For the complete news release, including detailed statistics, click here. Vancouver, BC – February 11, 2021. The British Columbia Real Estate Association (BCREA) reports that a total of 7,169 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in January 2021, an increase of 63.3 per cent over January 2020 and over a thousand

Preserving Public Trust During COVID-19: A Self-Directed PDP Opportunity for REALTORS®

On February 18th, BCREA and the province’s ten real estate boards are offering a free two-hour interactive webinar on how REALTORS® can continue to safeguard public trust during BC’s COVID-19 pandemic. By attending, participants will be able to claim two hours of self-directed learning towards their Professional Development Program (PDP) requirements.   Why attend? With

BCREA Launches Energy-Efficient and Sustainable Homes Course

BCREA has launched Energy-Efficient and Sustainable Homes, a new online, accredited, self-paced course, designed for REALTORS® to learn about the characteristics of a sustainable, energy-efficient home. And explore various sustainability programs (e.g., LEED, R-2000, BC Step Code, Passive House) that go beyond the minimum building code requirements in BC. This course also introduces the “House

What the Co-Listing Separate Representation Form Means for REALTORS®

By Ellen Baragon, Guest Contributor BCREA’s Co-Listing Separate Representation form was developed so that multiple sellers who have opposing interests are able to engage different brokerages – or different agents within the same brokerage – to represent their interests in the sale of a property. The Co-Listing Separate Representation amends certain sections of the Listing

New Tutorial Videos Focus on Common Standard Forms

BCREA has added to its suite of video tutorials for REALTORS® on key standard forms with the launch of three new video series: Contract of Purchase and Sale Listing Contracts Buyer’s Agency Exclusive Contract The Contract of Purchase and Sale series explains some of the most important aspects of this standard contract that is a central

How REALTORS® Help Prevent Money Laundering in Real Estate: Identifying and Reporting Suspicious Transactions

By: Ellen Baragon, guest contributor Brokerages, managing brokers, compliance officers, brokerage staff and REALTORS® are uniquely positioned to assess certain aspects of a real estate transaction that others may not have access to. By complying with your professional obligations to file a Suspicious Transaction Report (STR) and share suspicious transaction information with the Financial Transactions

New Videos Highlight Key Areas of Contract of Purchase and Sale

By Ellen Baragon, Guest Contributor Given that the Contract of Purchase and Sale (CPS) is a foundational document to any real estate transaction, REALTORS® need to know the fine details that can make or break a Contract of Purchase and Sale. To that end, BCREA has created a new tutorial video series that reviews key aspects

Strata Depreciation Reports: What REALTORS® and Clients Need to Know

With more than 1.5 million British Columbians living in strata housing, not to mention all the commercial, industrial and mixed-use stratas in BC, it’s important that REALTORS® understand a key tool in assessing the condition of a strata property: the depreciation report. Here’s a quick primer on what you need to know and how to learn more.