Mackenzie Smith

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 This blog post has been updated to provide clarity on the timing of client identification and on the types of client information that must be reviewed. Brokerages have been required to conduct ongoing monitoring of their business relationships ever since the concept was introduced into regulation in

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

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

Learn Ten Things About LOTR in Under One Minute

The Land Owner Transparency Registry, or LOTR, is a soon-to-be publicly accessible registry of beneficial interests in land in BC. Here are ten things REALTORS® can learn about LOTR in just under one minute: LOTR will be publicly searchable as of April 30, 2021. When an application is made to register or transfer an interest

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