Advocacy

REALTORS® Are Facing Significant Hardship Due to COVID-19

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

BCREA Combats Money Laundering Through Participation in Cullen Commission

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

REALTORS® Advocating for Affordable Strata Insurance

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.

Real Estate Regulatory Changes on the Way

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

Get Flood Ready

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

BCREA Calls for Increased Federal/Provincial Cooperation to Tackle Money Laundering in BC

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 Government Presents Stay-The-Course Budget

Minister Carole James delivers the 2020 Budget to stakeholders and journalists.

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

Changes to Stress Test Mean Good News for British Columbians

Canada's Parliament Hill and Parliament Buildings, the seat of the federal government of Canada, taken from the back side of the building

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,

Strata Insurance: Action from BCREA

Insurance agent complete wooden model of the house with last piece with text insurance.

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