News Releases

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

| April 20, 2023

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 …

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

| May 30, 2022

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 …

New BC Real Estate Association Report Estimates Impacts of Increased Supply on BC Housing Market

| May 3, 2022

Vancouver, BC – The British Columbia Real Estate Association (BCREA) has released a new Market Intelligence report estimating the potential impacts of increased housing supply on BC’s housing market. The report, Bigger, Faster…More Affordable? Evaluating the Impact of Supply-Side Policies on the BC Housing Market, finds that policies designed to streamline the development cycle are …

Trevor Koot to Join BCREA as Chief Executive Officer

| April 1, 2022

April 1, 2022—Vancouver, BC. The British Columbia Real Estate Association (BCREA) is pleased to announce the appointment of Trevor Koot as the new Chief Executive Officer (CEO). An experienced business leader with a deep background in organized real estate, Koot will succeed Darlene K. Hyde and assume responsibilities on April 19, 2022. To ensure a …

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

| March 29, 2022

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 …

A Better Way Home: BCREA, Boards Publish Sweeping Recommendations for Government to Address Challenges in BC’s Housing Market

| February 28, 2022

The British Columbia Real Estate Association (BCREA), with support from the province’s real estate boards, has published a white paper and series of sweeping recommendations for the BC Government aimed at addressing current concerns with the province’s housing market, the real estate transaction process and consumer protection. The white paper, called A Better Way Home: …

Too Tight? The Impact of Bank of Canada Tightening on BC Housing Markets

| January 18, 2022

Vancouver, BC – January 18, 2022. The number of home sales in British Columbia is expected to fall and home price growth will moderate because of rising interest rates according to a new report from the British Real Estate Association (BCREA) examining the potential impacts of the Bank of Canada’s rate tightening widely expected this …

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

| December 6, 2021

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 …

Most BC Communities Lack Resources to Create, Maintain Floodplain Maps: Report

| November 24, 2021

Vancouver, BC – November 24, 2021. BC’s REALTORS® have been mobilizing to help communities hit hardest by the recent flooding and historic rainfalls, from fundraising to support the Red Cross to partnering with helicopter companies to fill more than 16 helicopters with emergency supplies for Abbotsford and Merritt. The British Columbia Real Estate Association (BCREA) …

BCREA Responds to Government Announcement on Cooling Off Period

| November 5, 2021

For Immediate Release Vancouver, BC – November 5, 2021. As a result of market conditions over the past year, the British Columbia Real Estate Association (BCREA) is aware that many British Columbians have been unsuccessful and left frustrated when trying to purchase a home. We support making homeownership more achievable for people in BC, however, the …

Way Out of Balance: Housing Supply and Demand During the Pandemic

| October 7, 2021

Vancouver, BC – October 7, 2021. The British Columbia Real Estate Association (BCREA) has published a report quantifying the imbalance between supply and demand in the BC housing market during the COVID-19 pandemic. BCREA’s recent Market Intelligence report, Way Out of Balance: Housing Supply and Demand During the Pandemic, estimates at the peak of market …

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

| September 27, 2021

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 …

Election Housing Promises Destined to Fail Without Detailed Plans to Increase Supply

| September 1, 2021

For Immediate Release Vancouver, BC – September 1, 2021. The British Columbia Real Estate Association (BCREA) is encouraged by the focus on housing affordability as a key priority in each of the major party’s platforms in the lead-up to September’s federal election. However, while parties pledge to build more homes and make purchasing easier, without detailed plans to quickly turn those promises into action that will increase supply, campaign promises will lead to municipal bottlenecks, failed policy and disappointed homebuyers.  “We …

BCREA Agrees with Expert Panel’s Calls to Increase Housing Supply for Improved Affordability

| June 29, 2021

Increasing and diversifying housing supply is part of a necessary, meaningful, and long-lasting solution to make housing more affordable in British Columbia. The British Columbia Real Estate Association is encouraged by the final report from the Expert Panel on Housing Supply and Affordability and its specific recommendations around housing supply. “There is no question that, …

BCREA Supports Housing Funding for Middle-Income Families, Encourages Additional Supply-Side Action

| April 19, 2021

For Immediate Release Vancouver, BC – April 19, 2021. The British Columbia Real Estate Association (BCREA) welcomes the province’s recent announcement that $2 billion in development financing will be committed to the HousingHub program to help create affordable housing choices for middle-income families. “With home prices having risen over the last decade and that trend continuing, …

Real Estate Sector Stresses Consumer Education and Due Diligence

| April 16, 2021

For Immediate Release Vancouver, BC – April 16, 2021. The British Columbia housing market is currently experiencing a heightened level of activity, leading to increased competition and a trend of prospective purchasers submitting unconditional offers, at times without having financing secured. In a competitive market it’s important that consumers continue to focus on the due diligence associated …

Real Estate Professionals Urged to Stop Open Houses: Regulators and Provincial Association Recommend Virtual Tools

| November 5, 2020

For Immediate Release Vancouver, BC – November 05, 2020. The regulatory agencies overseeing real estate professionals in BC and the provincial association representing REALTORS® are calling on real estate professionals across the province to protect public health and safety by temporarily discontinuing open houses. With cases of COVID-19 on the rise in BC, the Real …

“The Unusual World of Pandemic Economics” – Why BC’s Housing Market Remains Strong Despite COVID-19

| September 9, 2020

Vancouver, BC – September 9, 2020. The British Columbia Real Estate Association’s (BCREA) latest Market Intelligence report, The Unusual World of Pandemic Economics, points to uneven job losses across sectors, an increase in many households’ rate of savings, swift government aid, a tighter-than-ever housing supply and low interest rates as the drivers behind BC’s recent …

BC REALTORS® Support BCFSA Interim Findings On Rising Strata Insurance

| June 17, 2020

For Immediate Release Vancouver, BC – June 17, 2020. The British Columbia Real Estate Association (BCREA) welcomes the BC Financial Services Authority’s (BCFSA) interim findings on the unprecedented rise in strata insurance premiums and deductions. On behalf of BC’s 23,000 REALTORS® and 11 real estate boards, BCREA has also developed a series of recommendations for …

BCREA Chief Economist Re-appointed to Economic Forecast Council

| June 11, 2020

British Columbia Real Estate Association (BCREA) Chief Economist Brendon Ogmundson has been re-appointed as a member of the Province of British Columbia’s Economic Forecast Council until July 2023. Ogmundson was invited to extend his current term by Minister of Finance Carole James. “COVID-19 has had unprecedented impacts on BC’s economy,” says Ogmundson. “Now more than ever, I welcome …

BCREA Supports End to Open Houses During COVID-19 Crisis

| March 20, 2020

Vancouver, BC – March 20, 2020. The British Columbia Real Estate Association (BCREA) supports recommendations made by local real estate boards to stop open houses during the COVID-19 pandemic. “As British Columbians face this unprecedented health risk, it is vital that everyone does their part to help slow the spread of the COVID-19 virus,” says …

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

| February 26, 2020

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 …

BCREA Welcomes Change to Stress Test

| February 19, 2020

Vancouver, BC – February 19, 2020. As the voice of BC’s 23,000 REALTORS®, the British Columbia Real Estate Association (BCREA) welcomes Minister of Finance Bill Morneau’s announcement of changes to the benchmark rate used to determine the minimum qualifying rate for insured mortgages, also known as the “stress test”. Minister Morneau announced that as of April 6, …

Real Estate Profession Revises Professional Development Program for BC’s REALTORS®

| January 2, 2020

For Immediate Release Vancouver, BC – January 2, 2020 – With a redesigned Professional Development Program now in place, REALTORS® across BC are working to meet new professional development requirements. The British Columbia Real Estate Association (BCREA) and BC’s 11 real estate boards revised the Professional Development Program for REALTORS® in BC effective January 1, …

Brendon Ogmundson Steps Into Role of BCREA Chief Economist

| October 1, 2019

Darlene Hyde, Chief Executive Officer of the BC Real Estate Association (BCREA), is pleased to announce the appointment of Brendon Ogmundson as Chief Economist for BCREA. Brendon has been with BCREA for nine years, most recently serving as Deputy Chief Economist. Earlier this year, he was awarded the Crystal Ball Award by the Association of …

BC’s REALTORS® Welcome Government Recommendations

| May 13, 2019

Vancouver, BC – May 13, 2019. The British Columbia Real Estate Association (BCREA) is encouraged by the recommendations set out by the Ministry of Finance’s Expert Panel on Money Laundering led by Maureen Maloney. As the voice of BC’s 23,000 REALTORS®, we appreciate recommendations that will bring more transparency and accountability to all professionals involved …

BC Real Estate Sector Submits Anti-Money Laundering Recommendations To Government

| April 15, 2019

Vancouver, BC – April 15, 2019. Organizations representing key professions in the BC real estate sector submitted joint recommendations to the provincial and federal governments today to help protect BC’s housing market from money laundering. The participating organizations include the British Columbia Real Estate Association, the Appraisal Institute of Canada – BC Association, BC Notaries …

BCREA Pleased With Housing Focus in Federal Budget 2019

| March 20, 2019

Vancouver, BC – March 20, 2019. The British Columbia Real Estate Association (BCREA) is pleased with the measures announced in Budget 2019 that will help address housing affordability in British Columbia. REALTORS® in BC recognize that home ownership is a difficult goal to achieve for many British Columbians, and the policies announced in this budget …

B-20 Stress Test Needs Revision to Improve Housing Affordability

| March 12, 2019

Vancouver, BC – March 12, 2019. The British Columbia Real Estate Association (BCREA) is calling on the federal government to revisit the B-20 stress test so that more BC families can achieve their dream of homeownership. Mortgage lending rules, known as the B-20 stress test, have eroded housing affordability by reducing the purchasing power of …

BCREA Supports BC Government’s Money Laundering Investigations

| November 27, 2018

Vancouver, BC – November 27, 2018. As the provincial association for BC’s 11 regional real estate boards and 23,000 REALTORS®, the British Columbia Real Estate Association (BCREA) is deeply concerned by a recent news report that suggests up to $1 billion may have been laundered through Vancouver luxury real estate in 2016. BCREA continues to …

Dynamic, Knowledgeable, Relatable: Meet the New BCREA!

| November 19, 2018

Vancouver, BC – November 19, 2018. The British Columbia Real Estate Association (BCREA) is excited to launch a new brand identity reflecting the Association’s commitment to leadership and excellence in serving BC’s 11 regional real estate boards and 23,000 REALTORS®. “The new BCREA is dynamic, knowledgeable and relatable – just like the REALTORS® we serve,” …

BCREA Welcomes Exemptions to Bill 45

| October 16, 2018

Vancouver, BC – October 16, 2018. The British Columbia Real Estate Association (BCREA) welcomes the Government of British Columbia’s inclusion of exemptions from the speculation and vacancy tax proposed as Bill 45 today, Tuesday, October 16, 2018. Some of the exemptions directly address concerns BCREA brought to the Province’s attention through its advocacy work. The …

BCREA Supports Government’s Reviews of BC Real Estate

| September 28, 2018

Vancouver, BC – September 28, 2018. The British Columbia Real Estate Association (BCREA) welcomes the provincial government’s launch of an inquiry into money laundering in sectors including real estate. As the professional organization representing BC’s 11 regional real estate boards and the province’s 23,000 REALTORS®, BCREA also welcomes the results of Dan Perrin’s review of …

AMENDED: New Rules to Profoundly Change How REALTORS® Work With Consumers

| June 15, 2018

This news release was amended to correct inaccuracies regarding potential conflicts of interest, disclosures regarding remuneration and to add comment on the impact of the Rule changes. The corrections are italicized for clarity. Vancouver, BC – June 15, 2018. On June 15, 2018, changes to Rules under the Real Estate Services Act that dictate how …

Statement from BCREA

| April 30, 2018

Vancouver, BC – April 30, 2018. BCREA today released the following statement: As the organization representing REALTORS® in BC for more than 40 years, the British Columbia Real Estate Association (BCREA) strongly disapproves of any unethical activities that reduce housing affordability, take advantage of consumers or undermine transparency. “Such practices don’t reflect the standards that …

Statement – Speculation Tax: Clarity Appreciated; More Needed

| March 27, 2018

Vancouver, BC – March 27, 2018. The British Columbia Real Estate Association (BCREA) was pleased to see more details of the proposed speculation tax. Refinement of the areas of the province where the tax applies and the introduction of different rates for different owners indicate a more strategic approach, and provide greater certainty. We look …

Government Needs Transitional Rules for All Transactions Impacted By Taxes Introduced in Budget 2018 — New Taxes Unlikely to Stabilize Housing Market

| February 20, 2018

Victoria, BC – February 20, 2018. The British Columbia Real Estate Association (BCREA) calls on the government to introduce transitional rules for all transactions impacted by the new tax measures introduced in Budget 2018. The new tax measures come into effect on February 21, 2018. The Property Transfer Tax (PTT) increase to 5 per cent …

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