November 17, 2021 – Mandatory Cooling Off Period and Other Real Estate Transparency Measures

On Wednesday, November 17, we discussed the BC Government’s recent announcement to implement mandatory cooling off periods for buyers of residential real estate transactions in spring 2022. Panelists included BCREA CEO Darlene Hyde and Vice President of Government Relations Trevor Hargreaves who discussed the recent announcement, the BC Financial Services Authority’s consultation on the cooling off period and other potential consumer protection policies, BCREA’s next steps and how REALTORS® can get involved. The session was followed by a Q&A session.

September 13, 2023 – Real Estate Transactions Involving Indigenous Lands

On Wednesday, September 13, 2023, we were joined by Barry Porrelli, Lawyer and Owner at Porrelli Law, and Scott Simpson, Notary Public and Partner at Simpson Notaries. Barry and Scott provided an informative session on different legal regimes, understanding leases, the leasing process on reserve lands, how to complete the Contract of Purchase and Sale with particular attention to Clauses 5, 7, and 8, and more.

Below are answers to some questions our guest speakers were unable to address during the September 13, 2023 session:

  1. Why are there such a disproportionate number of First Nations Bands in BC (200) compared to 600 plus in the rest of Canada?
    • There are a lot more Indigenous people in Ontario than BC and I believe the reserves there can be much larger – but why there are more individual Bands in BC a historian would have to answer as I don’t really know.
  2.  Does a First Nations lessee’s GST exempt status extend to all First Nations real estate or just their own? For example, if a Westbank is leasing in a Musqueam project.
    • Generally, we don’t give tax advice – but I believe the tax exemption comes from being a Status Indian, not a member of a particular Band.


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.