News Releases

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

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

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

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

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

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

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

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

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

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

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

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

BC REALTORS® Support BCFSA Interim Findings On Rising Strata Insurance

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

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

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

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

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®

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,