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 …
In October at BCREA’s Managing Brokers’ Conference, the Office of the Superintendent of Real Estate (OSRE) reported on work to review the roles and responsibilities of managing brokers in BC. They released a discussion paper and asked for feedback on five short- and medium-term actions as well as three long-term concepts. BCREA worked with member boards to …
In 2021, the BC Government intends to integrate the Office of the Superintendent of Real Estate (OSRE) and the Real Estate Council of British Columbia (RECBC) into the BC Financial Institutions Commission (BCFSA). According to the November 12 news release, this move will satisfy a recommendation made by Dan Perrin in 2018 to create a …