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 …
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 …
By Ellen Baragon, Guest Contributor Due to the real estate sector’s size, its services, and the high monetary values involved, real estate is at risk of being targeted for money laundering – as are banks and financial sectors where large transactions are common. One important way a real estate brokerage can reduce this risk is …
Privacy laws in British Columbia require that informed consent is obtained before collecting, using, and disclosing the personal information of individuals. BCREA created the Privacy Notice and Consent form to support REALTORS® in providing disclosure and documenting the informed consent of consumers regarding the collection, use, and disclosure of their personal information. Having a consumer …
The second half of 2020 has been a busy time for real estate transactions, which has resulted in an increase in conveyancing. To help control the spread of COVID-19, it remains paramount to continue using technology to reduce in-person contact during all aspects of a transaction, including conveyancing. In dealing with the consequences of the …
Rising insurance costs are a major concern for many of the approximately one-quarter of British Columbia’s residents who live in strata properties. This issue was a significant advocacy point for BCREA during the recent provincial election campaign, and it will continue to be a key issue as we work with the new government. The recent …
REALTORS® are committed to doing their part to help prevent money laundering in the BC real estate sector. As the professional association for BC Realtors, BCREA is committed to providing knowledge and resources to help address this complex issue. As part of this commitment, we have created a new blog series to increase awareness around …
BCREA is pleased to announce that the Brokerage Insurance Program now offers vicarious liability and disciplinary fines coverage for managing brokers. This coverage is intended to protect managing brokers who have acted professionally and upheld rigorous professional standards but find themselves facing disciplinary action. The Brokerage Insurance Program is an affinity program created by BCREA …
On Wednesday, October 21, BCREA hosted a webinar and panel discussion to explore the impacts of the upcoming provincial election on the BC real estate sector. We discussed the key asks that BCREA and real estate boards will make of any new provincial government; the risks and opportunities for the real estate sector arising from …
Join the BC Real Estate Association (BCREA) on Wednesday, October 21 at 10:00 am PT to explore the impacts of the upcoming provincial election on the BC real estate sector. During this 75-minute webinar and expert panel discussion, we will review the key asks that BCREA and real estate boards will make of any new …
In the coming years, new homes in BC are about to get measurably healthier, quieter, more durable, and more energy efficient than those on the resale market, thanks to a regulation called the BC Energy Step Code. BCREA is collaborating with BC Hydro and the Real Estate Foundation of BC to ensure REALTORS® understand the …
At BCREA, we know that managing a real estate brokerage comes with a great deal of responsibility – including risk management. That’s why we’ve collaborated with Axis Professional Insurance Brokers to create the Brokerage Insurance Program, a new affinity program* that provides managing brokers with insurance solutions specifically designed for real estate brokerages. The Brokerage Insurance …
Filing a Suspicious Transaction Report (STR) can seem like a tough call – what’s considered suspicious? And how do they help anyways? The truth is STRs are an easy and important way for REALTORS® to help protect BC’s economy from money laundering. They also play a key role in helping law enforcement identify money launderers …
On September 16, BCREA will release seven new standard forms, three new clauses and a significant number of revisions to existing forms. Managing brokers are invited to join the virtual Managing Broker Community of Practice on Wednesday, August 19 at 10:00 am to learn more about the upcoming standard forms release. To register for the …
BCREA conducted a follow-up survey on the impacts of COVID-19 faced by REALTORS®. The survey was completed by 1,950 Realtors from all boards between July 13 and July 20. A quarter of Realtors (26 per cent) continue to report no income from transactions since the end of May. Respondents’ most common reason for not receiving …
BCREA and the Canadian Real Estate Association have partnered to offer Leadership 200 (L200) and Leadership 300 (L300) as interactive virtual courses via Zoom. If you’re involved with your board or BCREA leadership (or you’d like to be!) this is a great opportunity to take these courses online and enhance your leadership skills. L200 …
After hearing from strata corporations, owners and other stakeholders – including REALTORS® – for several months, on June 23 the BC Government introduced legislative changes to help address the high costs of strata insurance. Strong advocacy work by BCREA and the real estate boards has resulted in BCREA being named as a contributor in the …
On June 24, the BC Government made it possible to evict residential tenants for reasons other than non-payment of rent. That means real estate transactions that require vacant possession can now proceed. Landlords with existing orders for eviction can take them to the courts beginning July 2, 2020, for enforcement and can enforce a writ …
With Phase 2 of BC’s Restart Plan underway, REALTORS® may encounter concerns or criticism from consumers, especially online. In the latest episode of Open House by BCREA: Returning to Work and Risks to REALTOR® Reputation, Ari Indyk, VP Crisis and Risk at Edelman, provides advice on mitigating and responding to consumer concerns as we navigate …
In just two months, COVID-19 has completely reshaped our society, from our personal and professional lives to our economy and housing market. But to paraphrase Dr. Bonnie Henry, we are only at the end of the beginning. There is more change to come. Join BCREA on Wednesday, May 27 at 10:00 am PST for the …
As of May 1, 2020, British Columbians can apply here for the BC Emergency Benefit for Workers (BCEBW). The BCEBW is a one-time, tax-free $1,000 payment for British Columbians whose ability to work has been affected by the COVID-19 pandemic. If you are eligible for the Canada Emergency Response Benefit (CERB) you are likely eligible …
In April, BCREA launched our Managing Broker Community of Practice, a virtual community where managing brokers can connect, find important information, hear from guest speakers, and share best practices. The current focus of the Community of Practice is supporting managing brokers with information around the COVID-19 pandemic. Based on the needs of the community, the …
During the COVID-19 pandemic, conducting live virtual tours can help real estate business to continue while keeping REALTORS® and clients safe. A live virtual tour, not to be confused with an open house, is a tour of a seller’s property, during which the seller, seller’s Realtor, buyer and buyer’s Realtor are all present using virtual …
If you have a Personal Real Estate Corporation (PREC), navigating Canada’s COVID-19 aid programs can seem even more complicated. If you receive a T4 from your PREC and you meet the Canada Emergency Relief Benefit (CERB) income threshold requirement (read more here), you’ll want to calculate which is more beneficial, the CERB or the wage …
This post was updated on April 3, 2020 to include additional information on remote witnessing of affidavits in support of land title applications. Even with the Land Title and Survey Authority’s (LTSA) notice temporarily allowing for affidavits for use in land title applications to be taken remotely (by video), there may still be other documents …
With the announcement of the newly created Canada Emergency Response Benefit (CERB) and associated eligibility criteria, the Canadian Real Estate Association (CREA) continues to work with the federal government to make additional details available to REALTORS® as soon as possible. “Since the emergence of COVID-19, CREA has been in ongoing discussions with government departments and …
Vancouver, BC – March 20, 2020. The British Columbia Real Estate Association (BCREA) supports recommendations made by local real estate boards to stop open houses during the COVID-19 pandemic. “As British Columbians face this unprecedented health risk, it is vital that everyone does their part to help slow the spread of the COVID-19 virus,” says …
BCREA is saddened to hear of the passing of BCREA Past President and honourary member Eric Charman. Eric, who is described as a “local legend” and pioneer of real estate in Victoria, BC, also served as President of both the Victoria Real Estate Board and the Canadian Real Estate Association. Eric worked in real estate …
Vancouver, BC – February 26, 2020. Today, the BC Real Estate Association makes our opening statement to the Cullen Commission of Inquiry into Money Laundering in British Columbia. “We are committed to working with government to better understand this issue and address any pre-existing vulnerabilities within our sector,” says BCREA CEO Darlene Hyde. “It is our hope …
Rural Real Estate Essentials is a new online course offered by BCREA, aimed to help BC REALTORS® expand their reach to rural areas. Promoting knowledge and business growth, the new course provides REALTORS® with foundational knowledge on rural real estate and helps reinforce and enhance the knowledge of REALTORS® already practicing in these areas. Special …
The BC Real Estate Association (BCREA) Board of Directors (Board) is seeking to appoint a Finance Specialist to the BCREA Finance and Audit Committee. The successful applicant requires an accounting designation (CPA) and relevant financial management experience. This appointment term would commence May 1, 2020. About British Columbia Real Estate Association BCREA is the professional …
In a win for homeowners and REALTORS®, the BC Real Estate Association (BCREA), Canadian Real Estate Association and real estate boards have successfully advocated for changes to the federal Home Buyers’ Plan (HBP).1 Canadian homeowners who have experienced a breakdown in their marriage or common-law partnership may now be able to qualify for the HBP. …
Lead generation is an important part of a REALTOR®‘s work but there are some risks too, especially when it comes to telemarketing. REALTORS® and brokerages need to understand their role in protecting consumer privacy before picking up the phone – and it starts with the national Do-Not-Call List. What’s the national Do-Not-Call List? The Canadian …
By Victor Khong, REALTOR® Uber has finally arrived in BC! While it may appear to be an industry disruptor, what it really offers is as old as time: exceptional customer service. Here are five things REALTORS® can learn from this so-called industry disruptor: 1. Provide timely communication – Part of the appeal of Uber is …
What concerns could a waterfront lot, a rural farm, and an older urban home all have in common? One possible answer is that each of these types of property could be subject to the provisions of the Heritage Conservation Act or a municipal bylaw respecting heritage value. Heritage concerns may affect the value of the …
BCREA’s online courses have officially moved to the Hub, the Canadian Real Estate Association’s online learning platform! All BCREA courses previously available on UBC Sauder’s online learning platform have been integrated into the Hub and, after January 31, 2020, will no longer be available for registration through UBC Sauder.* The Hub offers streamlined access to …
Have you ever called your local real estate board with a question and then been told to call the Real Estate Council of BC? And then you give them a call and they tell you to call BCREA? It’s not always easy to keep track of who does what, especially when it comes to distinguishing …
One of the recent changes to the Professional Development Program (PDP) is the introduction of self-directed learning. Watch this video from BCREA and boards to find out what self-directed learning means for you! [iframe width=”560″ height=”315″ src=”https://www.youtube.com/embed/dM6JAEIScHU” frameborder=”0″ allowfullscreen style=”position:absolute;top:0;left:0;width:100%;height:100%;” ][/iframe] You can find answers to the most frequently asked questions about self-directed learning here …
January 1 marked the transition to the new Professional Development Program (PDP) framework. Now that changes to the program are in effect, REALTORS® are asking great questions about what these changes mean in practice. To start you off on the right foot, we’ve compiled some of the most common questions (with answers) below! 1. Does …
On December 16, 2019, BCREA submitted 18 recommendations to Minister of Finance Carole James to help guide the government as they work towards a new regulatory structure for real estate professionals. This follows Minister James’s announcement in November that the Office of the Superintendent of Real Estate (OSRE), which currently oversees the Real Estate Council …
The transition to the new Professional Development Program (PDP) framework is just around the corner! As of January 1, you’ll report any PDP hours you’ve acquired from learning opportunities outside of your board – whether accredited or self-directed – to your primary member board. As the reporting process looks slightly different at each board, your …
The British Columbia Real Estate Association (BCREA) has created a new video to help consumers better understand the Privacy Notice and Consent form, and how REALTORS® protect consumer privacy and personal information during and after real estate transactions. You can show this video to consumers when discussing the Privacy Notice and Consent form, or at …
Self-directed learning will be introduced to the Professional Development Program (PDP) on January 1, 2020. To find out more about self-directed learning and how it fits into the PDP, click here. Below, we’ve answered five of the most frequently asked questions about self-directed learning: 1. I am taking a learning opportunity in 2019 that meets …
The BC Real Estate Association (BCREA) Board of Directors is seeking to appoint a Director to the Board of the Real Estate Errors and Omissions Insurance Corporation (REEOIC). This appointment term would commence February 1, 2020. About the Real Estate Errors & Omissions Insurance Corporation The REEOIC’s purpose, as stated in the Real Estate Services …
By Jennifer Clee Occasionally, claims are reported to the Real Estate Errors and Omissions Insurance Corporation (REEOIC) involving complaints by buyers against licensees which might not have been made if those buyers had bought title insurance. Title insurance is an insurance policy provided by title insurance companies that protects residential or commercial property owners and/or …
A recent case confirms that when listing a commercial property, a licensee should break down the rentable area of each floor.1 The property was a building in Kamloops consisting of a main floor and mezzanine.2 On April 16, 2004 the licensee’s brokerage listed the property for sale. The buyer was a corporation in the business of purchasing and …
By Edward L. Wilson The falling market of 2008 saw a number of buyers refusing or unable to complete their purchases and sellers were often electing to terminate their contracts, relist and sell their property. Sellers then often sued the defaulting buyer for damages, being the difference between the original sales price and the ultimate …
In 2008, a BC Supreme Court decision awarded damages against a REALTOR® for breach of fiduciary duty when acting as a limited dual agent.1 The REALTOR®, while selling his own property to a client, entered into a Limited Dual Agency Agreement as well having the buyer execute an Addendum to the Contract of Purchase and Sale …
By Jennifer Clee We all know that being sued for allegedly failing to fulfill legal and/or professional responsibilities can be traumatic, but it can also be time consuming and consequently, expensive. A recent decision of our Provincial Court illustrates how legal proceedings involving relatively straightforward legal issues can morph into protracted and strenuous battles.1 The …
If a buyer defaults before a deposit is fully paid, can the seller terminate the Contract of Purchase and Sale and successfully sue for the unpaid deposit money? It depends on the contract. In Agosti v. Winter1, a standard form Contract of Purchase and Sale2 required a $10,000 deposit, “upon subject removal.” No other deposit requirements were …
By Edward L. Wilson Since its adoption, the Strata Property Act has permitted residential strata corporations to adopt rental restriction bylaws. With the adoption of the Strata Property Amendment Act (SPAA), important changes to rental restrictions for new strata developments came into force as of January 1, 2010. Rental Disclosure Statements Developers of residential strata lots have long been …
In a recent decision, the purchasers of a residential home were awarded over $160,000 in damages from their home inspector for negligence arising out of a pre-purchase inspection.1 That negligence was found was not particularly unusual, but the treatment by the Court of the home inspector’s contract is enlightening. The Court found that the home inspector …
By Gerry Neely B.A. LL.B. A regional water manager approved the transfer to the Sunshine Coast Regional District (SCRD) of two conditional water licenses issued in 1946 and 1972. This decision was appealed by residents and businesses dependent on the lake water for domestic and recreational purposes, because it would result in the diversion of …
By Gerry NeelyB.A. LL.B. A recent Ontario decision involving a salty well demonstrates the importance of BC real estate licensees advising their clients of the legal requirements associated with the purchase of property containing wells, once BC’s new Ground Water Protection Regulation comes into force on November 1, 2005. See the August 2005 issue of The Bulletin for more …
By Gerry NeelyB.A. LL.B. An Ontario real estate salesperson learned more than he ever expected or wanted to about the Loggerhead Shrike (eastern population), “a songbird that hunted like a small hawk,” on the federal and provincial endangered species lists. He acted as dual agent on a 129-acre parcel of land, under an agreement not …
By Gerry NeelyB.A. LL.B. A rumour and other indirect evidence that a home had been used to grow marijuana resulted in separate actions being combined in a single provincial court trial because of their common facts. One action was brought by the buyer of the house against the former owners and the dual agents who …
By Gerry NeelyB.A. LL.B. When is an easement not an easement? “When the rights granted by it detract so substantially from the rights of the servient owner that it must be something other than an easement.” This quote is from the reasons for judgment interpreting an easement agreement granting access over Lot 3 (the servient …
The British Columbia Real Estate Association acknowledges that our head office is located on the unceded traditional territories of the Coast Salish Nations of Sḵwx̱wú7mesh (Squamish), səl̓ilwətaɁɬ (Tsleil-Waututh), and xwməθkwəy̓əm (Musqueam). We also acknowledge the other 195 First Nations in British Columbia, as these are the lands we each call home.
Copyright © 2022 British Columbia Real Estate Association | Privacy Policy | Terms of Use