Mackenzie Smith

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

BCREA 2021 Third Quarter Housing Forecast Update: Provincial Housing Market Activity Normalizing into 2022

To view the BCREA Housing Forecast Update PDF, click here. Vancouver, BC – August 19, 2021. The British Columbia Real Estate Association (BCREA) released its 2021 Third Quarter Housing Forecast today. Multiple Listing Service® (MLS®) residential sales in the province are forecast to rise 26 per cent to 118,350 units this year, after recording 94,007

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