BC REALTORS® Advocate for a Pre-Offer Period

The BC Real Estate Association’s annual Government Liaison (GL) Days event was held from Sunday, March 10 to Tuesday, March 12, 2024, at the Hotel Grand Pacific in Victoria. Bringing together 65 attendees consisting of government relations (GR) staff and REALTOR® committee members from all of the regional boards/associations, BCREA GR staff, and Board Members,

BC Government Announces New Housing Measures in 2024 Budget 

Flipping Tax

On February 22, 2024, Finance Minister Katrine Conroy introduced the provincial government’s Budget 2024. The budget unveiled several new housing related measures, including the BC Home Flipping Tax and various property transfer tax exemptions. While BCREA commends the provincial government’s renewed commitment and efforts to improve housing attainability for British Columbians, the budget’s introduction of

The Province Goes Big on Housing Policy – A First Look

In April 2023, the provincial government announced the Homes for People plan, which focuses on addressing British Columbia’s urgent housing crisis through four priorities: Fall 2023 has seen numerous federal and provincial policy measures initiated to address the housing crisis, including those in the federal 2023 Fall Economic Statement. The provincial government has introduced several

REALTORS® Advocate for Housing Workforce Immigration Strategy 

During the 2023 Political Action Committee (PAC) Days conference hosted by the Canadian Real Estate Association (CREA), delegates from BCREA and all eight of BC’s real estate boards met with Members of Parliament (MPs) in Ottawa to advocate for meaningful solutions to address Canada’s increasingly urgent housing crisis.  More than 400 REALTORS® from across Canada

BCREA and Member Board Delegates Advocate for Improved Housing Attainability at 2023 Union of BC Municipalities Convention

Last week, BCREA and five BC real estate boards sent delegates to the Union of BC Municipalities (UBCM) Convention in Vancouver to meet with local and provincial political leaders and staff. Throughout the event, BCREA’s delegates strongly advocated for greater housing attainability, and distributed a brief to elected officials containing two recommendations described below. Our

Budget 2024 Consultation

On May 30, 2023, BCREA made an in-person submission to the provincial Select Standing Committee on Finance and Government Services, as part of the consultations for the 2024 Provincial Budget. During the session, the Committee received a multitude of important housing policy recommendations from stakeholders, including Landlord BC, BCREA, and the Real Estate Board of

Understanding Recent Changes to Age Restrictions in Strata Corporations

In late-2022, strata corporations were no longer allowed to make age-restricting bylaws for persons under 55 years old. The intent of this policy was to make more strata units available to more British Columbian families. This means that any current age restrictions under 55+ are unenforceable. However, as anticipated by BCREA and other stakeholders, the

BC REALTORS® Advocate for More Thoughtful Housing Policymaking Process

On May 7-9, 2023, delegates from all eight real estate boards gathered in Victoria to meet with their constituent Members of the Legislative Assembly (MLAs) during BCREA’s annual Government Liaison (GL) Days. During this event, BC’s organized real estate sector collectively advocated for a more thoughtful housing policymaking process and increased missing middle housing options

BCREA Hosts Government Liaison Days 2023 in Victoria

On May 7-9, 2023, BCREA and representatives from each of BC’s eight real estate member boards will gather in Victoria for our annual Government Liaison (GL) Days conference. We are looking forward to hosting this event in person again for the first time since 2019.   GL Days is a key advocacy event during which

BC REALTORS® and Housing Stakeholders Call for Housing Roundtable

On April 20, 2023, the Surrey Board of Trade hosted the Housing Crisis Solutions with Minister Ravi Kahlon event to discuss innovative solutions to British Columbia’s housing crisis with the Minister as he shared his vision to alleviate housing challenges. Co-sponsored by the BC Real Estate Association (BCREA), Fraser Valley Real Estate Board (FVREB), and

Diverse Collection of Organizations Call Upon BC Government to Establish a Permanent Housing Roundtable to Collaborate and Test New Housing Policy

Surrey, BC – April 20, 2023. A collection of organizations across the housing continuum is calling upon the BC Government to establish a permanent housing roundtable to address the ongoing housing crisis, announced at a Surrey Board of Trade event today.   British Columbia is amidst a housing attainability and affordability crisis. Intense public concern around

Federal Budget Lacks Meaningful Housing Supply Initiatives

Woman looking at laptop screen

On March 28, 2023, federal Minister of Finance Chrystia Freeland announced the 2023 Federal Budget which focused on inflation relief for low-income families and incentives for the green economy. The Budget outlined several housing-related measures but fell short of what is needed to improve housing attainability for Canadians. Below are the highlights from the federal

Federal Government Amends the Foreign Buyers Ban Regulations 

On March 27, 2023, the federal government announced amendments to the Prohibition on the Purchase of Residential Property by Non-Canadians Act’s (the Act) accompanying Regulations, effective March 27, 2023. The Act was passed in June 2022 and the regulations came into force January 1, 2023.  Here’s what you need to know about the amendments to

BCREA Welcomes Budget 2023’s Housing Measures with Cautious Optimism

On February 28, 2023, Minister of Finance Katrine Conroy delivered the BC 2023 Budget Speech, adding financial promises to bolster Premier Eby’s stated governmental priorities.  With a new premier and cabinet, which includes a separate Ministry of Housing, BCREA was hopeful that the new government’s first budget would make strong commitments to increasing housing supply.  

Navigating Canada’s Underused Housing Tax

On June 9, 2022, the federal government enacted the Underused Housing Tax (UHT), effective for the 2022 tax year. The first filing for 2022 is due on April 30, 2023. While REALTORS® do not assume direct responsibility, they can help inform their clients of their tax filing obligations. What is the Underused Housing Tax? The

2023 Throne Speech Outlines BC Government’s Housing Priorities

On February 6, 2023, Lieutenant Governor Janet Austin opened the fourth session of the 42nd parliament with a Throne Speech outlining Premier Eby’s governmental priorities. While vague in specific policy deliverables, the Throne Speech outlined several broad initiatives directly impacting BC’s real estate sector. Increasing Housing Supply Budget 2023, which is set to be tabled

2022 Advocacy Year-in-Review

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

Federal Foreign Buyers Ban is in Effect

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

Helping Homeowners and Buyers Navigate New Federal Tax Changes

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

How Do Amendments to the Strata Property Act Impact You?

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:  This affects REALTORS® differently, depending on their area of practice. For strata management services: For trading services: For rental property management

UPDATE: BC’s Home Buyer Rescission Period: Your Questions Answered

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

Canada’s Foreign Buyer Ban Begins in January

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

BC Municipal Elections: Local Governments Need to Address Housing Affordability

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

Metro Vancouver Cities Need Collaboration to Address Housing Affordability

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

BCREA and Real Estate Board Delegates Join Discussion on Housing Affordability at 2022 Union of British Columbia Municipalities Convention

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

Housing Supply: Myth Busting and Providing Real Solutions

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

BC’s Homebuyer Protection Period: What’s Next for REALTORS®?

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

BC Government to Implement Homebuyer Protection Period in January 2023

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,

BC Government Releases Cullen Commission Final Report and Recommendations

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,

Success of Real Estate Consumer Protection Measures Hinges on Next Steps by BC Government and Real Estate Regulator

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

How the 2022 Federal Budget Impacts BC Real Estate

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

Only 35 Per Cent of British Columbians Support Government’s Cooling-Off Period According to Recent Polling

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

BCREA Addresses Minister Robinson’s Announcement

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

Pre-offer vs Cooling Off: Communicating with Clients

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

BCFSA Proposes Changes to Real Estate Teams

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

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

Few New Promises to Increase Housing Supply in BC’s 2022 Budget

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

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

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.

“Cooling Off Period” With No Details Creates Uncertainty and Concern in Real Estate Sector

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

What is “Blind Bidding?” An Introduction for REALTORS®

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

What is a Cooling Off Period? An Introduction for REALTORS®

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

Updated CleanBC Roadmap Promises Energy Rating Tool for Homes

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

BC Government Takes Positive Step to Increase Housing Supply, But Incentives Needed to Encourage Action

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

Collaboration Between Parties and Levels of Government Key to Housing Affordability in Canada

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

Wildfires in British Columbia

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,

BC Financial Services Agency Becomes Sole Regulator for Real Estate

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

Comparing Election Promises to Increase Housing Supply

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

New BCREA Research Finds Funding is Key to Adequate Floodplain Mapping in BC

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

Expert Panel Recommends Meaningful Action to Increase Housing Supply

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

BCREA’s Virtual Government Liaison Days

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

One Financial Services Regulator Coming This Summer

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)

Housing Supply Takes Centre Stage During GL Days Live Sessions

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

Sustainable Homes: Understanding What Homebuyers Want

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

Federal Budget Recap: Foreign Buyers Tax Concerning, Other Measures Welcomed

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.

What to Know About BCREA’s Government Liaison Days Happening in May

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

Teams Consultation: BCREA-Real Estate Board Response

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

BCREA Advances Anti-Money Laundering Recommendations

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

OSRE Wants Your Input Into Real Estate Teams

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

OSRE Announces Five Recommendations to Support Managing Brokers

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,

Administrative Penalties Expanded

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

RECBC Approves 10 Per Cent Hike in Licensing Fees

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

How REALTORS® Help Prevent Money Laundering in Real Estate: Identifying and Reporting Suspicious Transactions

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

BCREA Advocacy 2020 Year in Review

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

CleanBC Rebates Doubled

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

New Cabinet Will Lead BC’s Economic Recovery

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.

Regulator Takes a Step to Curb Strata Insurance Costs

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

Continuing Strata Insurance Issues

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

Climate Priority for BC Government

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

Solutions to Address BC Housing Supply

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

New Commercial Rent Assistance Program

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

Finding Floodplain Maps

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

The Provincial Election’s Over – Now What?

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

UPDATE: Have Your Say on Changes to Administrative Penalties

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)

Webinar Recording: BC Real Estate and the Election on Our Doorstep

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

Comparing Provincial Party Housing Platforms

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

September Survey Results on Economic Impacts of COVID-19

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

Webinar: BC Real Estate and the Election on Our Doorstep

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

Three Election Questions REALTORS® Can Ask Candidates

BC voters go to the polls on October 24, 2020

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

Planning for Post-COVID-19 Economic Recovery

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,”

Federal Throne Speech Includes Housing in Economic Recovery Plan

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

New COVID-19 Presumption in the Workers Compensation Act

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

Transparency Registers Effective October 1

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

Strata Insurance Update

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

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