January 17, 2024 – Update from BC Assessment

On Wednesday, January 17, 2024, we were joined by Bryan Murao, the Assessor, Residential Lower Mainland and Provincial Strata, with BC Assessment. Bryan provided his annual update on property value assessments in BC, along with some key trends and facts.

Session slide deck (BC Assessment)
Session slide deck (BCREA)

Follow-up Q&A with Bryan:

Would duplex zoning be automatic now lots are a minimum of four units?That’s generally how I interpret it, but it’s still new to me, and I haven’t read all the fine print yet. I’d encourage everyone to read through the provincial government’s information very carefully.
Can you explain the 10-year principal ownership provision that exempts the highest and best use for larger residential properties that could be densified?It sounds like you’re referring to Section 19(8) of the Assessment Act. This provision allows for owners who have both owned and occupied a property for ten continuous years to have their assessed value based on the current use of the property – as opposed to the highest and best use valuation. The potential for 4-6 units upon redevelopment will surely create more candidates for Section 19(8) around the province, but not just uniformly across the board. As we discussed in my presentation last week, there’s a variety of factors that contribute to the highest and best use of a property, and based on that the highest and best use of all detached homes won’t just automatically change. Read more about Section 19(8) on our public website

Additional Resources:

Mandatory Buyer Agency SurveyAs the real estate profession evolves, there is a growing need to enhance professionalism, transparency, and consumer protection. In 2022, BC Real Estate Association (BCREA) recommended exploring mandatory buyer agency contracts as part of a suite of ways to enhance consumer protection. Introducing mandatory buyer agency contracts could address changing sector dynamics.By completing the survey below, you can provide BCREA with your thoughts on whether advocating for mandatory buyer agency agreements is something you favour.This survey should take approximately five minutes to complete. Deadline to complete: January 30, 2024, at 11:45 pm PST.Take the survey here.
BCFSA Data Call Virtual Information SessionThe BC Financial Services Authority (BCFSA) intends to conduct a mandatory brokerage data call in February 2024 to collect information on residential state sales.On February 7, BCFSA will be hosting a virtual information session to help outline the key aspects and essential information related to the 2024 Real Estate Brokerage Data Call.Register here.
BCREA Managing Broker Support Line:
- Lower Mainland: 604-520-9440
- Toll-Free: 1-844-414-8655
- Email: [email protected]

Most Recent

Past Sessions

April 10, 2024 – Government Relations Advocacy Update

On Wednesday, April 10, 2024, BCREA’s Government Relations Team, headed by Trevor Hargreaves including Mark Sakai and Brenna Friesen, along with Greater Vancouver REALTORS^®’Government Relations Director, Harriet Permut, joined us to share an update on new Government Relations initiatives, pertinent housing policies, and a recap of the previous year’s advocacy highlights.

Session slide deck (Government Relations Team: Government Relations Advocacy Update)
Session slide deck (BCREA)

Follow-up questions:

Have there been discussions about being proactive and making buyer agency agreements mandatory?

BCREA is advocating for Mandatory Buyer Agency Written Service Agreements, reflecting the profession’s commitment to enhancing consumer protection and elevating professionalism within the real estate sector. This proactive measure was initially recommended in BCREA’s influential whitepaper, “A Better Way Home,” in February 2022, positioning it as a strategy for strengthening consumer safeguards. Backed by unanimous support from Joint Leadership, made up of real estate board Executive Officers, Chairs and Chair Elects, from across the province, BCREA has dedicated the past year to executing due diligence, including gathering insights from other Canadian provinces with mandatory agreements and engaging deeply with the local real estate sector through focus groups and a comprehensive all-REALTOR^® survey. With a united front, BCREA is actively engaging with regulators and preparing to present this to the government. However, the implementation timeline may be shaped by the nuances of an election year. While the real estate community has shown substantial support, the ultimate adoption of these agreements hinges on governmental decision-making.

How is profit determined on a flipped property?

This can depend on a few different factors. We recommend visiting the Government of BC’s BC Home Flipping Tax page for more information.

I feel strongly about government advocacy, what ways can I be more involved?

We suggest volunteering on your regional board or association Government Relations Committee, and perhaps suggesting they attend our Government Liaison Days in 2025.

Additional Resources:

BCREA Open House: The Newsletter

Open House: The Newsletter is a new bi-monthly newsletter sent directly to REALTORS^® – there’s no need to subscribe. Open House is a space to bring us together as a community by sharing news, celebrating our successes, learning from each other, and having a little fun along the way. The first issue was sent on March 21, 2024. Check your inbox!

BCREA Managing Broker Resources

Managing Brokers’ Portal: contains links to resources most used by managing brokers. Click here for more.
Managing Brokers Policies and Procedures Manual Template: provides a structured framework to help brokerages achieve regulatory compliance. Designed to be fully customizable. Click here to access.
Managing Broker Support Line: a pilot program offering tailored guidance and support to help brokers and member boards and associations tackle challenges they may encounter and identify opportunities to enhance professionalism. Click here for more.
- Lower Mainland: 604.520.9440
- Toll-Free: 1.844.414.8655
- Email: [email protected]

Upcoming Community of Practice sessions:

April 24, 2024 – Tech Tools and Managing Broker Resources with CREA’s Lynn St-Germain and Mike Lomond.

The views expressed in these presentations are those of the speakers and do not reflect the views of BCREA or its member boards. Please note, the content of these presentations was current as of the date of each session and we cannot guarantee the accuracy of information provided in past sessions.