Advocacy

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

Action Plan for Economic Recovery to Achieve CleanBC Goals

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

Monitoring COVID: BCREA Develops New Economic Resources

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

Anti-Money Laundering Resources

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

Province Revises Strata Property Act in Response to Insurance Crisis

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