March 31, 2021 – Emerging Issues in a Hot Market

On Wednesday, March 31, we hosted a panel discussion with Samantha Gale, CEO, Canadian Mortgage Brokers Association BC and Bruce McCoubrey, Professional Standards Advisor, Real Estate Council of BC. Our panelists discussed some of the emerging trends resulting from the state of the housing market, including multiple and subject-free offers, as well as offer guidance for brokers for managing risks during the current climate. BCREA Vice President of Government and Stakeholder Relations Trevor Hargreaves moderated this panel discussion.

Session slide deck (RECBC)
Follow-up question:
- Question posed to Council: “Did you say there is NO statue of limitations on how long after a transaction a complaint or lawsuit can be issued? I understand it could happen a few years later but I thought it was 7 years was a limitation? Is this not true?”
- Answer: The complaint process is set out here:

File a Real Estate Sales Complaint | RECBC

You’ll see that before a consumer considers filing a complaint we ask them to do the following:
- Discuss the concern with the professional.
- If the matter is still not resolved, discuss the concern with the managing broker in charge of the brokerage.
- If the managing broker is not able to resolve the matter to your satisfaction, consider contacting an RECBC Professional Standards Advisor. They can provide information about the services to expect from real estate professionals and answer questions about real estate transactions.

There is no time limit in regards to filing a complaint with us, so a person is able to file a complaint many years after the incident has occurred.

Additional resources:
- Podcast: How to Manage Risk in BC’s Current Housing Market (March 2021)
- 2021 Changes to Your Anti-Money Laundering Obligations

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.