With 2022 now in the rear-view mirror, BCREA’s Government Relations department reflects on a busy and eventful year. 2022 was filled with regulatory change and shifts in the provincial political landscape impacting the real estate sector. Public and media interest around housing affordability intensified greatly across the year, often portrayed as escalating crises. As a …
For a period of two years starting January 1, 2023, non-Canadians are banned from purchasing homes in Canada under the definition of “residential property” indicated in the legislation and associated regulations that the federal government published on December 21, 2022. Although further technical interpretations of the regulations are still pending, here is the current understanding …
The federal government is introducing new tax changes that may impact homeowners and potential homebuyers beginning January 1, 2023. Here’s what you need to know. Multigenerational Home Renovation Tax CreditThis tax credit for families applies to eligible construction costs for those who wish to add a secondary unit to their home to allow an immediate …
On November 24, 2022, the BC Government passed amendments to the Strata Property Act, which take immediate effect. There are two significant changes impacting REALTORS® dealing with strata properties, as well as their clients: all rental restriction bylaws are removed, except for bylaws restricting short-term rentals such as Airbnb or Vrbo, and all age restriction bylaws …
The Home Buyer Rescission Period (HBRP), previously known as “Homebuyer Protection Period” and “cooling-off period,” is expected to be implemented province-wide on January 3, 2023. With many details yet to be determined by the BC Government, we have been hearing from REALTORS® with questions. In this post we answer some of those questions. New or revised questions …
Starting in January 2023, non-Canadians will be banned from buying homes across Canada, through the Prohibition on the Purchase of Residential Property by Non-Canadians Act. This Act prohibits non-citizens and non-permanent residents from purchasing residential property in Canada for two years. The federal government has still not released the supporting regulations for the foreign buyer …
Last week, delegates from BCREA and all eight of BC’s real estate boards met with members of Parliament (MPs) in Ottawa to discuss important issues on Canada’s housing challenges at the 2022 Political Action Committee (PAC) Days conference hosted by the Canadian Real Estate Association (CREA). Throughout the event, REALTORS® met with 15 MPs representing …
As British Columbians head to the polls on October 15, BCREA is pleased to share the top housing affordability solutions that should be the policy focus of candidates running for office across the province. Local Government’s Role in Addressing Housing AffordabilityLocal governments have many policy and planning tools they can use to address housing affordability …
In advance of the 2022 General Local Elections, BCREA discussed housing challenges faced by mayors and community stakeholders in several of BC’s unique municipalities. While at first glance, problems may seem lesser in areas like Vancouver Island or northern B.C., where the average home price is ‘only’ $430,000, there is an array of unique challenges …
At the 2022 Union of BC Municipalities (UBCM) Convention, delegates from BCREA and five of BC’s real estate boards met with municipal leaders to discuss how housing supply and affordability issues have impacted their communities. In advance of the upcoming civic elections, we are pleased to share what we’ve learned to help inform housing affordability …
Last week, BCREA and five of BC’s real estate boards sent delegates to the Union of BC Municipalities (UBCM) Convention in Whistler to meet with local and provincial political leaders. Throughout the event, BCREA’s delegates delivered a clear message on housing affordability. Firstly, we set out to challenge housing myths, including the idea that foreign …
For too long, governments have accepted beliefs about the housing market which have led to policies that have not appropriately addressed the issue of housing unaffordability. These myths have been reinforced through mainstream and social media and are widely accepted as true. But are they? Here we address two of these housing myths and examine …
After the BC Government’s announcement introducing initial details of the upcoming Homebuyer Protection Period to take effect in real estate transactions in January 2023, you might be wondering, what’s next? REALTORS® are at the front lines of real estate transactions in BC, so a change in the way transactions are conducted will have an impact …
The BC Government has created regulations that will enable a mandatory three-day Homebuyer Protection Period (HPP), previously called a “cooling off period,” on January 1, 2023. While BCREA supports enhanced consumer protection measures for real estate consumers, we are extremely disappointed by this announcement. We anticipate that the HPP will not be an effective measure, …
On Wednesday, June 15, the BC Government publicly released the final report and recommendations from the Cullen Commission of Inquiry into Money Laundering in BC. The Commission was established in May 2019 to examine the extent of money laundering in BC. Areas of focus included real estate, as well as the gaming sector, financial institutions, …
Vancouver, BC – May 30, 2022. After reviewing the BC Financial Services Authority (BCFSA) consumer protection recommendations published on May 26, the British Columbia Real Estate Association (BCREA) urges the Ministry of Finance to carefully consider the next steps prior to implementing any of the measures proposed. While many of the consumer protection recommendations in …
On May 10 and 11, many BC REALTORS® took part in the BC Real Estate Association’s 2022 Government Liaison Days (GL Days), an event where Realtors from across BC convene to discuss government liaison issues and meet with their local MLAs. First held in 1988, GL Days connects Realtors from across the province, giving them …
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 …
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 …
On behalf of the province’s eight real estate boards and 24,000 REALTORS(R), the BC Real Estate Association (BCREA) supports the Government of British Columbia’s intent to introduce a “Homebuyer Protection Period.” However, the BC Government’s cooling-off period fails to meet the needs of British Columbians. A recent independent survey of 1,157 British Columbians shows that only 35 …
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 …
UPDATE: The virtual forum has been extended to April 30, 2022. The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is hosting its first-ever National Real Estate AML/ATF Virtual Forum for real estate sector professionals from February 14 to March 18. This virtual on-demand forum is a great opportunity to learn more about your …
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 …
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 …
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 …
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 …
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 …
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. …
If you’re a REALTOR® who has clients involved in strata property transactions, you may get asked questions about owners renting out their units and the implications on the Speculation and Vacancy Tax (SVT). Until now, strata owners who were not permitted to rent out units may have qualified for an SVT exemption. That changes in …
In November, the BC Government announced it will be introducing a “cooling off period” for real estate transactions involving residential resale properties and newly built homes in BC beginning next spring. BC Minister of Finance Selina Robinson announced the policy without any details or advanced consultation with the public or real estate sector, resulting in …
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 …
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 …
This week, the BC Government announced a new CleanBC Roadmap to 2030, with more ambitious commitments to achieve its greenhouse gas (GHG) emissions targets. As a result of additions in the plan related to the real estate sector, REALTORS® should expect conversations around energy efficiency to become an increasingly important part of your day-to-day interaction …
With demand significantly outweighing supply in many regions across BC, the cost of housing has risen dramatically during the COVID-19 pandemic. The British Columbia Real Estate Association (BCREA) has maintained that increasing market housing supply is a key to making homeownership more affordable for British Columbians, which is why the provincial government’s recent announcement introducing proposed …
With another minority government headed to Ottawa after this month’s federal election, collaboration between parties will be key to a functional Canadian government. This is especially true when it comes to making homeownership more achievable in Canada according to the British Columbia Real Estate Association (BCREA). The Liberals, Conservatives and NDP all made increasing supply …
When parliament next meets it will look very similar to what it looked like prior to the election, although there may be big changes coming to the real estate sector based on the Liberal Party’s campaign platform. This blog post provides a look at the Liberal party’s policy platforms that, if implemented, could impact BC’s …
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, …
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 …
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 …
In the most unsurprising of events, the writ has been dropped and Canadians will head to the polls on September 20 to vote for their next Member of Parliament. BC is certain to be a significant battleground for political parties. It’s no coincidence that party leaders Justin Trudeau, Erin O’Toole and Jagmeet Singh have already …
UPDATE: This post was updated on August 1 to include the new BCFSA link to the July 2021 Report from Council. A previous link from the Real Estate Council of BC website no longer exists. BC’s revised Real Estate Services Rules also come into effect on August 1. Click here to learn more. To find …
Since 2015, only 38.5 per cent of BC communities and First Nations have created or updated floodplain maps, according to new research published by the British Columbia Real Estate Association (BCREA) in the 2021 BC Floodplain Maps Inventory Report (for complete functionality, please download the PDF after clicking on the link). The report, which identifies …
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 …
On May 4 and 5, over 80 attendees from all around BC participated in BCREA’s Government Liaison Days. At this virtual conference, attendees learned about how the government can improve housing supply as well as energy efficiency in homes. REALTORS® then met with their MLAs to discuss the impact in their communities. Energy efficiency Realtors …
In March, amendments to the Real Estate Services Act (RESA) received Royal Assent, paving the way for a single financial services regulator in BC, including real estate. On May 19, the British Columbia Financial Services Authority (BCFSA) announced that the Office of the Superintendent of Real Estate (OSRE) and Real Estate Council of BC (RECBC) …
On May 19, the British Columbia Financial Services Authority (BCFSA) published a status update regarding the integration of the Office of the Superintendent of Real Estate (OSRE) and Real Estate Council of BC (RECBC) into the BCFSA to create a single regulator for BC’s financial services sector. In the news release published on its website, …
BCREA would like to thank all the REALTORS® who participated in this year’s annual Government Liaison (GL) Days live sessions on May 4 and 5. Realtors from across the province convened virtually to learn about policies to address the two issues of improving housing supply and energy efficiency in homes. In addition to discussion around …
Are homebuyers willing to pay more for a sustainable home than a conventional one? What features do homebuyers value most when it comes to sustainable homes? These are some of the questions students from BCIT’s Sustainable Business Leadership Program are hoping REALTORS® will help them answer by participating in a short online survey. The survey …
On April 19, Canada’s Minister of Finance Chrystia Freeland introduced the Liberal government’s first budget since the beginning of the COVID-19 pandemic. The budget provides significant funds to many programs, including several to assist homeowners and renters, increasing the federal deficit by an estimated $382 billion, but also includes measures which are concerning to BCREA. …
Government Liaison (GL) Days is an annual event where REALTORS® meet with MLAs across BC, speaking with a united voice to advocate for key housing-related issues and improving Quality of Life in BC communities. This event has a long history, first taking place in Victoria in 1988. Due to COVID-19, participants won’t be able to …
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 …
On March 9, the BC legislature approved changes to the Real Estate Services Act (RESA) contained in Bill 8: Finance Statutes Amendment Act, 2021. None of the changes will take effect immediately. Over the next weeks and months, BCREA will work with the regulators to understand the impact of all of the changes and to …
On March 2, Bill 8: Finance Statutes Amendment Act, 2021 was introduced in the BC Legislature. With its introduction, the BC Government’s intention to create a single financial services regulator, including real estate, announced in September 2019, was finally made clear. The bill creates the path for the Office of the Superintendent of Real Estate …
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 …
The Office of the Superintendent of Real Estate (OSRE) invites REALTORS® and others to give input into the regulation of real estate teams by participating in a survey open until Friday, April 2, 2021. OSRE has been working with the Real Estate Council of BC (RECBC) to consider how to enhance the regulation of teams …
On Tuesday, February 9, the Office of the Superintendent of Real Estate (OSRE) announced five preliminary recommendations to support managing brokers as part of a report into the role of managing brokers in real estate transactions. The study was completed in collaboration with the Real Estate Council of BC (RECBC) and with input from BCREA, …
Today, the Office of the Superintendent of Real Estate (OSRE) and the Real Estate Council of British Columbia (RECBC) announced changes to the Real Estate Rules to expand the use of administrative penalties (APs). OSRE first proposed these rule changes in September 2020, in a consultation that attracted nearly 600 responses – including a detailed …
Effective April 1, 2021, The Real Estate Council of BC (RECBC) will increase their biennial licensing fees from $1,800 to $2,000. RECBC members approved the proposed increase on January 18, following a short consultation beginning in December 2020. The new fee structure will be implemented, subject to objections from Minister of Finance Selina Robinson. Licensing …
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 …
2020 was an eventful year that required BCREA to adapt to many unexpected challenges. As with most British Columbians, the COVID-19 pandemic required changes how we conduct our practices. We have learned just how resilient and adaptable BC’s Realtors can be, showing leadership and coming together to help flatten the COVID-19 infection rate. Below are …
To help BC’s economy recover from the COVID-19 pandemic, many CleanBC rebates are doubled until December 31, 2020. These initiatives will help homeowners save energy and will also help the province meet its new emissions target rate to be 16 per cent below 2007 levels by 2025. The increased rebates are available for: switching from …
After the BC NDP won a majority of legislative seats, Premier John Horgan has announced the new provincial cabinet. The BC NDP’s cabinet positions will play a key role in economic recovery and are an important conduit for BCREA to advance our advocacy issues. Below is a summary of ministerial appointments affecting real estate. Hon. …
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 …
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 …
Widespread, significant increases in the cost of insurance have plagued many BC strata corporations for more than a year. BCREA and other stakeholders have raised concerns and offered potential solutions to this complex problem. During the provincial election campaign, we educated candidates about strata insurance. These high costs are ultimately paid for by strata unit …
Throughout the election campaign, all three main BC parties made promises to be leaders in reducing greenhouse gas emissions. While all parties agreed incentives for retrofitting homes were important to meet climate change goals, BCREA knows the government needs to make significant improvements if it’s going to meet current carbon reduction targets. Government incentives for …
As Canadians recognize the important work done by housing partners on National Housing Day (November 22), BCREA acknowledges that there is still much work to do to ensure affordable, appropriate housing. In spite of the BC housing market’s record pace in October, supply continues to be limited. Lack of adequate supply causes affordability issues, especially …
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 …
Canadian businesses, non-profits and charities experiencing financial hardship from COVID-19 may be eligible for a subsidy to cover part of their commercial rent through the Canada Emergency Rent Subsidy (CERS). This program, in effect since November 23, replaces a previous commercial rent assistance program (CECRA) that had lower pickup than the government expected. The goal …
While COVID-19 may pose the greatest risk right now, floods also do significant damage regularly in BC and across the country. Economic, social and environmental impacts can take many years to reverse and BCREA believes smart planning to avoid, or at least minimize, flooding is a better approach. Floodplain maps can support local government decision …
Well, wasn’t that an amazing election? OK, perhaps it wasn’t exactly a barn-burner result, and the degree of policy discussion was, shall we say, disappointing. While we don’t know the final results yet (an estimated 500,000 mail-in votes are still to be counted), we do know the NDP will form a majority government. There are …
The new deadline for this consultation on changes to administrative penalties is November 13, 2020 (announced by the Office of the Superintendent of Real Estate and Real Estate Council of British Columbia on October 27, 2020). In mid-September, the Office of the Superintendent of Real Estate (OSRE) and the Real Estate Council of BC (RECBC) …
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 …
Below is a comparison of the three main party’s platforms’ impact on real estate and housing. COVID-19 Economic Recovery Green Allocate $300 million to create a six-month rent subsidy program for small businesses. Liberal Eliminate the Provincial Sales Tax (PST) for one year and then set it at three per cent for subsequent years. Permanently …
In mid-September, over 1,200 REALTORS® took BCREA’s third survey on the economic impacts of COVID-19. Many Realtors are still experiencing financial difficulties, with 16 per cent reporting no income from transactions in August and September. This number is down from 26 per cent of respondents who reported receiving no income from transactions from May to …
As the federal government enters its next phase of economic recovery, new programs have been announced, while others have been modified or phased out. The following programs may benefit REALTORS® impacted by the economic effects of COVID-19. The Canada Emergency Wage Subsidy (CEWS) has been extended until summer 2021. CEWS provides a wage subsidy for …
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 …
As all parties focus on COVID-19 economic recovery in the lead-up to October’s provincial election, BCREA is advocating for market housing affordability to be a key part of the next government’s post-election plans. For BC’s REALTORS®, meeting with candidates is a great opportunity to ask questions and suggest that the next government focuses on these …
BCREA’s Recommendations for the Next Provincial Government With British Columbians being asked to head to the polls on October 24, BCREA is advocating with all parties to ensure that market housing affordability is a cornerstone of the province’s COVID-19 economic recovery plan. “The COVID-19 pandemic has made market housing affordability inequities more apparent than ever,” …
On September 23, Governor General Julie Payette presented the Speech From the Throne, providing an overview of many programs the government has enacted in the last six months as well as providing an outline of the government’s upcoming agenda. Several of the announcements will impact real estate in BC. On market housing, the government promised …
As of August 20, 2020, REALTORS® have yet another reason to maintain high standards of hygiene and safety. Schedule 1 of the BC Workers Compensation Act includes a new presumption for infections caused by communicable viral pathogens, such as COVID-19, that are the subject of a Public Health Act notice or a declared state of …
As of October 1, 2020, all BC companies must maintain transparency registers in their offices along with their other corporate records. A transparency register is a list of all significant individuals connected to the company and the requirement applies to real estate brokerages and personal real estate corporations. To get started, the BC Government recommends …
For several months, BCREA and other stakeholders have drawn the government’s attention to significant increases in the cost of strata property insurance in BC. This is a complex issue and, while it can’t be solved quickly, actions are underway. Initial research findingsThe BC Financial Services Authority (BCFSA), BC’s financial services regulator, published a brief interim …
In August, BCREA interviewed the Pembina Institute’s director for buildings and urban solutions, Tom-Pierre Frappé-Sénéclauze, to understand their perspective on making homes and buildings in BC low carbon, healthy and resilient. Tom-Pierre was a coauthor of a July submission sent to the BC Government, “Accelerating BC’s economic recovery through building retrofits.” Closely aligned with BCREA’s …
The COVID-19 Reopening Dashboard allows readers to monitor the evolution of the BC economy as the province gradually reopens. The dashboard focuses on the sectors and activities that have been most significantly impacted by the pandemic and the province’s subsequent state of emergency. The most recent update shows that home sales have more than fully …
Background Resources Advocacy Last updated: February 10, 2021 Ensuring REALTORS® have the resources to meet anti-money laundering requirements is an important step towards keeping money from criminal activity out of BC’s housing market. BCREA has created this dedicated page to help Realtors access BCREA’s anti-money laundering resources. Throughout the fall, we’ll add to these resources …
The Province of BC has changed the Strata Property Act and the Financial Institutions Act in response to the recent escalation of insurance premiums and deductibles. In a communication to Strata Managers, the Real Estate Council of BC (RECBC) highlighted that now: Strata corporations are required to inform owners as soon as it is feasible …
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 …
The vast majority of BC REALTORS® – 91 per cent – have faced either a decrease of income or no income from transactions since the provincial state of emergency was announced on March 17, 2020. The reported loss of income was consistent among all boards, licence categories and both commercial and residential practice. The data …
As a participant in the Cullen Commission, BCREA is providing information about the daily practice realities in real estate. Our participation will help strengthen consumer protection measures and limit money laundering in the real estate sector. The Cullen Commission, established in May 2019, is conducting videoconferencing hearings from May 25 to June 30, 2020. BCREA …
Strata insurance costs are rising in many parts of the province, threatening families’ housing affordability. With at least one-quarter of British Columbians living in strata units, BCREA is looking for solutions to this housing crisis. Rising strata insurance costs are a complex issue requiring a basket of solutions to foster a robust, economically viable market. …
Last year, Minister of Finance Carole James announced that the BC Government intends to integrate the Office of the Superintendent of Real Estate and the Real Estate Council of British Columbia into the BC Financial Institutions Commission (BCFSA) by 2021. Minister James, 2019 BCREA President Michael Trites and BCREA CEO Darlene Hyde at BCREA’s 2019 …
So far this year, BC’s River Forecast Centre has issued ten flood or streamflow advisories and watches. As spring draws closer, snowmelt and heavy rain may result in seasonal flooding in areas of the province. Anyone concerned about flood risks to their property should consider how to minimize potential damage. A few years ago, BCREA …
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 …
BC’s Budget 2020 offers some new investments to assist homeowners and their communities, but falls short of substantial changes to improve housing affordability. We’re pleased by the promise of an additional $419 million investment over three years to support CleanBC for home and workplace electric vehicle charging stations and new pilot programs to further reduce …
The advocacy of BCREA and other stakeholders has resulted in the Federal Minister of Finance Bill Morneau announcing changes to the mortgage stress test. The stress test is used to determine the minimum qualifying rate for mortgages. The new benchmark rate will be the weekly median five-year fixed insured mortgage rate from mortgage insured applications, …
Many strata owners are facing significant increases in insurance premiums and deductibles. While the word “crisis” is used often in media articles, BCREA believes long-term government policy changes should be made very carefully and with as much information as possible. There are about 30,000 strata corporations in BC and at least one-quarter of the population …
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. …
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 …
2020 has already gotten off to an eventful start for REALTORS® – the new Professional Development Program framework came into effect on January 1 and the Real Estate Council of BC announced it has developed a new mandatory anti-money laundering course for all real estate licensees. Here at BCREA, we’re rolling up our sleeves and …
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.
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