Pearl Zhou

BCREA Standard Forms Housekeeping Amendments Spring 2022

Update: This post was updated on May 18, 2022. Find out more about the changes and the rationale in the Housekeeping Amendments Launch Package – May 2022 found here. (REALTOR Link® login required). While BCREA attempts to do an annual standard forms launch, from time-to-time housekeeping amendments come up where it makes sense to make the

Resources to Help REALTORS® and Your Clients Navigate Extreme Climate

Annual widespread wildfires and flooding have unfortunately become a regular occurrence in BC. In 2021, the province recorded more than 1,600 wildfires that burned more than 869 hectares. Sixty per cent of the wildfires occurred naturally. Meanwhile, extreme weather and mass flooding devastated communities and hundreds of homes across the province.   There is no

BC Home Sales Trending Toward Normal Activity

For the complete news release, including detailed statistics, click here. Vancouver, BC – May 12, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 8,939 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in  April 2022, a decrease of 34.9 per cent from a record April 2021. The average

BC Real Estate Boards Named Finalists for 2022 Real Estate Land Awards

The Real Estate Foundation of BC (REFBC) recently announced the finalists for its 2022 Land Awards recognizing outstanding projects and standout leaders who work to build healthy, resilient communities and natural environments. The awards are presented in five different categories across BC. BCREA is proud to recognize  the Association for Interior Realtors and Vancouver Island

New BC Real Estate Association Report Estimates Impacts of Increased Supply on BC Housing Market

Vancouver, BC – The British Columbia Real Estate Association (BCREA) has released a new Market Intelligence report estimating the potential impacts of increased housing supply on BC’s housing market. The report, Bigger, Faster…More Affordable? Evaluating the Impact of Supply-Side Policies on the BC Housing Market, finds that policies designed to streamline the development cycle are

Inflation and the Rising Trend of Underinsured Claims: Tips for REALTORS®

According to Aviva Insurance, there has been a growing trend of underinsured claims across personal and commercial property lines over the past two years. This trend is fuelled by customers not being adequately insured to value. As a result, Aviva says that claims are coming in much higher than what customers are insured for. With

Safety and Manufactured Homes Pilot Project: Resources for Sellers and Buyers

Between April 11 and October 28, 2022, a pilot project is underway in the Association of Interior REALTORS® Southern Peace area regarding manufactured homes and electrical safety. Normally, before a manufactured home can be listed for sale, a valid electrical safety certification or approval label or mark has to be in place. During the pilot

Join BCREA’s Managing Broker Advisory Committee: Applications Now Open

BCREA is seeking managing or associate brokers to serve on the Managing Broker Advisory Committee. As a Committee member, you will be involved in meaningful discussions, identifying opportunities and providing recommendations about how BCREA, through its core services can best support managing brokers and the profession to ensure BCREA is driving value. The Committee is

Trevor Koot to Join BCREA as Chief Executive Officer

April 1, 2022—Vancouver, BC. The British Columbia Real Estate Association (BCREA) is pleased to announce the appointment of Trevor Koot as the new Chief Executive Officer (CEO). An experienced business leader with a deep background in organized real estate, Koot will succeed Darlene K. Hyde and assume responsibilities on April 19, 2022. To ensure a

Stickers Aren’t Just for Kids Anymore: Why CSA Labels Matter #547

My children collect stickers and trade them at school as though they are currency. And for adults and licensees, the stickers that should concern you are the Canadian Standards Association (CSA) label and the silver label. Licensees selling a mobile or manufactured home should locate and investigate the validity of a CSA label or silver

Sales Activity Remains Strong Heading into Spring

For the complete news release, including detailed statistics, click here. Vancouver, BC – March 14, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 8,902 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in February 2022, a decrease of 18.8 per cent from February 2021. The average MLS® residential

Summary of Recommendations from A Better Way Home for BC REALTORS®

On February 28, BCREA released a comprehensive white paper titled A Better Way Home: Strengthening Consumer Protection in Real Estate, which includes a set of recommendations for the BC Government on better-protecting consumers in real estate transactions and addressing the root causes of BC’s lack of housing affordability.  The white paper was developed in response

New Video Explains the Fee for Service Retainer Agreement Form to Consumers

BCREA has created a new video to help REALTORS® explain the Fee for Service Retainer Agreement form to consumers. This form is used by consumers to hire a brokerage to provide specific services tailored to their needs.  [iframe width=”560″ height=”315″ src=”https://www.youtube.com/embed/bABvXnWPc0k” frameborder=”0″ allowfullscreen style=”position:absolute;top:0;left:0;width:100%;height:100%;” ][/iframe] This video explains when to use the Fee for Service

Seeking BCREA Appointee to the Real Estate Foundation of BC

The BC Real Estate Association (BCREA) Board of Directors is seeking an appointee for the Real Estate Foundation of BC’s Board of Governors. This appointment term would commence April 1, 2022. About the Real Estate Foundation of BC In August 1985 the British Columbia real estate industry, in cooperation with the BC Ministry of Consumer

Too Tight? The Impact of Bank of Canada Tightening on BC Housing Markets

Vancouver, BC – January 18, 2022. The number of home sales in British Columbia is expected to fall and home price growth will moderate because of rising interest rates according to a new report from the British Real Estate Association (BCREA) examining the potential impacts of the Bank of Canada’s rate tightening widely expected this

Get to Know BCREA Government Relations: The Voice of BC’s REALTORS®

When there are more than 23,000 REALTORS® in British Columbia, having a collective, industry voice can be difficult. This is why BCREA has a dedicated Government Relations department to support BC Realtors. Sometimes, new Realtors overlook the importance of public policy related to the real estate industry, affecting the profession—especially now, when change has dawned

Latest Tutorial Videos for REALTORS® Explore Five Standard Forms

In BCREA’s latest release of tutorial videos for BC REALTORS®, we explore five key standard forms: the Co-Listing – Joint Representation form, the Contract of Purchase and Sale Addendum / Amendment form, the Disclosure of Referral Payment form, the Fee for Service Retainer Agreement form, and the Tenant Occupied Property – Buyers Notice to Seller

A Record Year for the BC Housing Market

For the complete news release, including detailed statistics, click here. Vancouver, BC – January 12, 2022. The British Columbia Real Estate Association (BCREA) reports that a record 124,854 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2021, a 32.8 per cent increase from the 94,001 units sold in 2020. The annual average

November Home Sales Lead to New Annual Record in BC

For the complete news release, including detailed statistics, click here. Vancouver, BC – December 15, 2021. The British Columbia Real Estate Association (BCREA) reports that a total of 9,159 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November 2021, a decrease of 3.4 per cent from November 2020. The average MLS® residential

Eight New Education Courses Released in 2021

‘Tis the season to wind down and wrap up another busy year! With the holidays around the corner, and Santa checking his list twice, now is a wise time to check your Professional Development Program (PDP) hours twice, too.  Ensure you’re up to date with your professional requirements by catching up with BCREA’s accredited education offerings.  

2021 Advocacy Year-In-Review

This year was full of significant changes for the real estate sector in BC. REALTORS® continued to navigate the challenges of the COVID-19 pandemic and many assisted communities hit by historic rainfalls in a number of ways, including fundraising to support the Red Cross. 2021 was also filled with significant government interventions impacting the sector.

Introducing InFormBot, BCREA’s Latest Standard Forms Digital Tool

BCREA is excited to announce the launch of InformBot for Standard Forms, a new digital tool that helps REALTORS® navigate the most commonly used forms with confidence.   InFormBot is a chatbot-like program that provides Realtors with an overview of standard forms to use during every transaction stage. Whether working with a seller or a buyer, InFormBot can guide you to the appropriate forms.   Standard forms highlighted in InFormBot include forms from the

Land Owner Transparency Registry Filing Extended to 2022

The Land Owner Transparency Registry (LOTR) filing deadline has been extended to November 30, 2022, without incurring penalties. This extension gives reporting bodies with interests in land more time to file a transparency report.  According to the BC government, they “heard from legal professionals in BC that pre-existing owners need more time to gather information about ownership and prepare to file with the registry.” 

Registration Now Open for 2022 Banff Western Connection

Registration is now open for the upcoming Banff Western Connection Conference taking place from January 27-29, 2022 at the Fairmont Banff Springs Hotel in beautiful Banff, Alberta. The conference will kick off on Thursday, January 27 with pre-conference sessions and an opening reception, followed by two full days of exciting, relevant, and informative sessions all

Real Estate Category Added for 2022 Land Awards; Deadline for Nominations is November 5

The Real Estate Foundation of British Columbia (REFBC) is accepting nominations for its 2022 Land Awards, recognizing projects and people that demonstrate innovation and leadership in sustainable land use and real estate. The deadline for nominations is November 5, 2021.  This year, a new category, Real Estate, has been added to celebrate real estate projects or initiatives that advance sustainable and inclusive land use and real

BCREA’s 2021 Standard Forms Release Coming This Fall

This fall, BCREA will release 11 new standard forms, multiple clauses and revisions to a significant number of forms. The new forms will include First Nations Reserve Lands Leasehold Properties, Cancellation of Buyer Agency Exclusive Contracts, Property Disclosure Statement – Strata Properties – Bare Land Strata and more. New clauses will cover issues like transacting

Register Now for Mastering Compliance 2.0

Update – October 20: Mastering Compliance 2.0 is now live. The program and its modules are available for learners on REALTOR Link®. (REALTOR Link® login required)         Pre-register for Mastering Compliance: Anti-Money Laundering Training for Brokers today! The updated online program provides brokers and compliance officers with the tools to master FINTRAC compliance. This program combines self-paced and

Way Out of Balance: Housing Supply and Demand During the Pandemic

Vancouver, BC – October 7, 2021. The British Columbia Real Estate Association (BCREA) has published a report quantifying the imbalance between supply and demand in the BC housing market during the COVID-19 pandemic. BCREA’s recent Market Intelligence report, Way Out of Balance: Housing Supply and Demand During the Pandemic, estimates at the peak of market

BCREA Education Programs Win 2021 ARELLO Awards

Update – September 24: This blog post previously referenced a third award win for BCREA’s Open House by BCREA podcast. This has been removed as ARELLO mistakenly issued this award. BCREA has won two ARELLO awards recognizing outstanding communication systems and educational programs related to real estate regulation and practice in North America. BCREA was recognized for the Managing Broker Community of Practice, and Mastering

Get Ready for Mastering Compliance: Anti-Money Laundering Training for Brokers

BCREA’s popular self-paced education program, Mastering Compliance: Anti-Money Laundering Training for Brokers, is back! This year’s program is touted as “Mastering Compliance 2.0,” with enhancements incorporating feedback from last year. Mastering Compliance: Anti-Money Laundering Training for Brokers helps managing brokers, compliance officers and administrative staff who contribute to FINTRAC compliance at their brokerage meet FINTRAC’s

BC Home Sales Returning to Normal While Supply Hits Record Low

For the complete news release, including detailed statistics, click here. Vancouver, BC – September 14, 2021. The British Columbia Real Estate Association (BCREA) reports that a total 9,507 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in August 2021, a decrease of 7.1 per cent over August 2020. The average MLS® residential price

Get to Know BCREA Standard Forms: The Backbone of Real Estate Transactions

As a new REALTOR®, knowing which forms to use for a transaction may seem daunting at first. To ensure Realtor success and confidence, BCREA collaborated with the province’s ten real estate boards, lawyers, and other industry experts to draft and update standard forms for Realtors in BC. These forms are the backbone of real estate

New Statutory Holiday on September 30, National Day for Truth and Reconciliation

September 30 is National Day for Truth and Reconciliation, a new federal statutory holiday. The day recognizes the colonial legacy of residential schools, honour Indigenous survivors, and is vital to the ongoing reconciliation process. This statutory holiday means federally regulated sectors such as banks will be closed in observance of the national day. The Bank

Election Housing Promises Destined to Fail Without Detailed Plans to Increase Supply

For Immediate Release Vancouver, BC – September 1, 2021. The British Columbia Real Estate Association (BCREA) is encouraged by the focus on housing affordability as a key priority in each of the major party’s platforms in the lead-up to September’s federal election. However, while parties pledge to build more homes and make purchasing easier, without detailed plans to quickly turn those promises into action that will increase supply, campaign promises will lead to municipal bottlenecks, failed policy and disappointed homebuyers.  “We

Tips for Using Clauses and Amending Contracts of Purchase and Sale #541

Standard form contracts of purchase and sale are very useful in real estate transactions. They are familiar, well-tested, and cover off all the basics and much more. However, real estate is complicated and the one-size-fits-all approach may not fit every situation. In cases where a standardized contract of purchase and sale does not entirely address the specific needs of the transaction adding terms and conditions – or

Have You Checked Out BCREA’s New Courses?

As summer slips away, and we head into a crisp BC fall with a fresh new school year, you might be thinking of heading back to the books as well. This year BCREA introduced six new online courses for REALTORS®, expanding BCREA’s comprehensive online course catalogue. In case you missed them, or you’re thinking of

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

BCREA has created a new video to help REALTORS® explain the Co-Listing Form – Joint Representation to their clients. This form is used to amend a Listing Contract when the sellers want the property to be listed jointly by more than one brokerage. [iframe width=”560″ height=”315″ src=”https://www.youtube.com/embed/hwy9fOsu7G0″ frameborder=”0″ allowfullscreen style=”position:absolute;top:0;left:0;width:100%;height:100%;” ][/iframe] This video explains the

How to Apply for BCREA’s Legal Defence Reserve for REALTORS®

BCREA’s Legal Defence Reserve (LDR) is a valuable support system that assists REALTORS® by supporting litigation or providing other assistance for issues concerning the Realtor profession. When serious issues arise with potential implications on Realtor practice, reputation, and the real estate profession as a whole, BCREA may assist you with your claims with financial support

Popular BCREA Online Course Helps REALTORS® Engage Clients Effectively

Professionalism is one of the core competencies of a REALTOR®, and at the heart of having a high standard of professionalism is effective engagement with your clients. The way you interact with your clients is a key factor in developing a good reputation, your ability to conduct a successful transaction, and it’s an essential factor

Testing the Waters: Transactions Involving Float Homes #540

Float homes can seem like great options for buyers seeking an affordable waterfront location. However, buyers considering purchasing their first float home may not be aware of some of the differences between such a purchase, and the simple purchase of a boat, or home on land. Here’s an overview of some differences to keep in