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INDUSTRY INSIGHTS
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Housing Monitor DashboardThe BCREA Economics team has created the Housing Monitor Dashboard to help REALTORS® monitor BC’s housing market.Posted Sep 26, 2023
by Ryan McLaughlin -
Auckland’s Housing Supply Experiment: What Does it Mean for British Columbia’s Homes for People Plan?In this market intelligence, we take the example of Auckland as indicative of what a policy of aggressive housing liberalization and upzoning could achieve in the BC housing market.Posted Sep 26, 2023
by Brendon Ogmundson -
Updated Professional Development Course — Economics for REALTORS®: Why You Should Incorporate Economics into Your PracticeBCREA’s Economics for REALTORS®: How to Apply Economic Data and Trends to Help Your Clients course has been updated with fresh, updated graphs and informationPosted Sep 25, 2023
by Ivonne García -
Mortgage Rate ForecastMixed data has led to uncertainty about the economy’s direction, which has expressed itself as significant volatility in bond yields as financial markets grasp for clues on future monetary policy decisions.Tags: Mortgage Rate ForecastPosted Sep 21, 2023
by Brendon Ogmundson -
Housing Market Update – September 2023Watch BCREA Economist Brendon Ogmundson discuss the August 2023 statistics.Tags: BC Economy Housing MarketPosted Sep 15, 2023
by Brendon Ogmundson -
Sales Trend Slightly Lower in AugustBCREA reports that a total of 6,608 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in August 2023, an increase of 15.7 per cent from August 2022.Posted Sep 13, 2023
by Brendon Ogmundson -
Commercial Leading Jumps in Second Quarter 2023In the second quarter of 2023, the BCREA Commercial Leading Indicator (CLI) rose 0.6 points to 147, and the six-month moving average fell to 147.Posted Sep 06, 2023
by Ryan McLaughlin -
Beware of Heritage or Archaeological Issues #564REALTORS® must advise their clients on considering the potential presence of archaeological features before purchasing a property for development.Posted Sep 04, 2023
by Oana Hyatt -
BCREA NowcastThe BCREA Nowcast estimate of provincial economic growth (expressed as year-over-year growth in real GDP) for May is 1.6 per cent.Posted Sep 01, 2023
by Brendon Ogmundson -
CREA Changing National Login SystemCREA’s National Login System is getting an upgrade for a better user experience and increased security on September 26. Learn more about the changes and what you need to do.Posted Aug 29, 2023
by Ivonne García -
BCREA 2023 Third Quarter Housing Forecast Update: BC Housing Market Resilient Despite High RatesIn its 2023 Third Quarter Housing Forecast Update, BCREA forecasts MLS® residential sales are forecast to post a modest rebound, rising 6.1 per centTags: Housing ForecastPosted Aug 29, 2023
by Brendon Ogmundson -
Sponsor BCREA Managing Brokers’ ConferenceBe a partner of the real estate industry’s premier event and connect with 300+ managing brokers from across British Columbia and beyond.Posted Aug 17, 2023
by Morgan Guo -
Markets at a GlanceThese charts provide year-to-date information on the pace of MLS® home sales for the province as well as in each of the BCREA member board regions and a comparison of current year sales.Posted Aug 10, 2023
by Ryan McLaughlin -
Bank of Canada Upends Summer Sales RecoveryBCREA reports that a total of 7,103 residential unit sales were recorded in MLS® systems in July 2023, an increase of 25.9 per cent from July 2022.Posted Aug 10, 2023
by Brendon Ogmundson -
Resources to Help REALTORS® and Your Clients Navigate Extreme ClimateBe prepared for unexpected wildfires and flooding this season.Posted Jul 31, 2023
by Ivonne García -
Revocation of Offers #563Revocation involves withdrawing an offer before a binding contract is formed, bringing legal risks for REALTORS®. It’s crucial to seek guidance from your managing broker and ensure your client seeks legal advice.Tags: Communication Contract of Purchase and Sale Counter-offers Liability Offer Revocation of OfferPosted Jul 31, 2023
by Peter Borszcz -
Strong Start to the Summer, But Higher Interest Rates LoomBCREA reports that a total of 8,740 residential unit sales were recorded in MLS® systems in June 2023, an increase of 21.9 per cent from June 2022.Posted Jul 13, 2023
by Brendon Ogmundson -
Oh, So Suite… #562When dealing with secondary suites, REALTORS® must be mindful of the legal aspects involved, as they can bring about unique challenges and risks that impact their clients.Posted Jul 04, 2023
by Jude Chow -
BCREA Appointee Sought for Real Estate Errors and Omissions Insurance CorporationThe BCREA Board of Directors is seeking an appointee for the Real Estate Errors and Omissions Insurance Corporation Board of Directors. The appointment term would commence on March 1, 2024.Posted Jun 28, 2023
by Bill Yu -
Strong Rebound for BC Home Sales in MayBCREA reports that a total of 9,191 residential unit sales were recorded in MLS® systems in May 2023, an increase of 9.9 per cent from May 2022.Posted Jun 14, 2023
by Brendon Ogmundson -
Online Course on BC Energy Step Code Helps REALTORS® With the Sale of New Energy-Efficient HomesThe BC Energy Step Code: A Primer for Selling Energy-Efficient New Homes is a self-paced online course worth three accredited PDP hours in which REALTORS® can improve their knowledge of the BC Energy Step Code.Posted Jun 12, 2023
by Ivonne García -
Wildfires and Climate Change – The New Normal? #561The escalating occurrence and intensity of wildfires, floods, heat domes, and atmospheric rivers in the region has significant implications for both REALTORS® and clients when it comes to real estate transactions.Posted Jun 05, 2023
by Lisa Niro -
Budget 2024 ConsultationBCREA presented an array of housing policy recommendations to the provincial Select Standing Committee on Finance and Government Services.Posted Jun 02, 2023
by Mark Sakai -
New Online Course Explores Suspicious Transactions in the Real Estate SectorBCREA has released a new self-paced online course to enhance REALTORS®’ understanding of why fraud occurs in real estate and how it can be identified.Tags: Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) Professional Development Program Suspicious TransactionsPosted Jun 02, 2023
by Bill Yu -
New Video Helps Clients Understand the Disclosure of Referral Payment FormBCREA has created a new video that goes into detail about what happens before a referral fee is paid, what a REALTOR®’s obligations are regarding referral fees, and the importance of the timing of disclosure.Posted Jun 01, 2023
by Harveen Dhaliwal -
Understanding Recent Changes to Age Restrictions in Strata CorporationsLearn more about how recent changes to age-restrictions in strata corporations may affect you.Posted May 25, 2023
by Matt Mayers -
A Brief Note on New Listings Activity in 2023In this Market Intelligence, we show that the pattern of new listings we see is, in fact, a usual outcome of current market dynamics and underlying economic fundamentals.Posted May 25, 2023
by Brendon Ogmundson -
BC REALTORS® Advocate for More Thoughtful Housing Policymaking ProcessThis year, BC’s organized real estate sector collectively advocated for a more thoughtful housing policymaking process and increased missing middle housing options.Posted May 17, 2023
by Brenna Friesen -
Five Insurance Tips for Wildfire SeasonBC’s wildfire season has gotten off to an early start and while there are some things homeowners can do to make their properties more wildfire-resilient, managing wildfire risk largely comes down to homeowner insurance.Posted May 17, 2023
by Ivonne García -
Lack of Inventory Creating Tighter Market Conditions Across BCBCREA reports that a total of 7,427 residential unit sales were recorded in MLS® systems in April 2023, a decrease of 17.7 per cent from April 2022.Posted May 11, 2023
by Brendon Ogmundson -
BCREA Hosts Government Liaison Days 2023 in VictoriaNext week, BCREA and representatives from each of BC’s eight real estate member boards will gather in Victoria for our annual Government Liaison Days conference.Posted May 03, 2023
by Brenna Friesen -
The Importance of Conversations on Mental HealthMental health conversations are important, not only in professional settings but also on a personal level. Breaking the stigma around those discussions is the first step towards empathy and understanding.Posted May 03, 2023
by Ivonne García -
Mental Health and Mental Capacity in Real Estate Contracts #560It’s important for REALTORS® to consider how mental health issues impact a person’s ability to enter into real estate contracts.Tags: Contract of Purchase and Sale Discriminations Human Rights Act Mental Capacity Mental Health Multiple Listing ContractPosted May 01, 2023
by Amy Peck -
Mental Health Awareness Month: Navigating the Stressful World of Real EstateMay is Mental Health Awareness Month and BCREA wants to shine a spotlight on this important issue, showcasing stories and initiatives to foster conversations and reduce stigma.Tags: Mental Health REALTORS®Posted May 01, 2023
by Ivonne García -
Site Contamination, a PrimerWhen listing or selling a property, REALTORS® need a basic understanding of site contamination and its potential impact on property transactions.Tags: Environmental Issues Environmental Management Act Site Contamination Site Disclosure Statement Soil ContaminationPosted Apr 26, 2023
by Ivonne García -
BC REALTORS® and Housing Stakeholders Call for Housing RoundtableThe announcement was made at a Surrey Board of Trade Event with Housing Minister Ravi Kahlon.Tags: Housing Affordability Housing Policy Housing Sector Collaboration Permanent Housing RoundtablePosted Apr 24, 2023
by Morgan Guo -
Diverse Collection of Organizations Call Upon BC Government to Establish a Permanent Housing Roundtable to Collaborate and Test New Housing PolicyThe call to establish a permanent housing roundtable in BC is supported by a broad collection of market and non-market housing organizations.Tags: Housing Affordability Housing Policy Housing Sector Collaboration Permanent Housing RoundtablePosted Apr 20, 2023
by Morgan Guo -
BCREA Named One of Canada’s Top 50 Best Workplaces™ for 2023Thank you to our entire team for making BCREA a great place to work and thrive.Posted Apr 18, 2023
by Morgan Guo -
BC Markets Showing Signs of Recovery As Supply Remains ScarceBCREA reports that a total of 7,118 residential unit sales were recorded in MLS® systems in March 2023, a decrease of 38.3 per cent from March 2022.Posted Apr 13, 2023
by Brendon Ogmundson -
LTSA Fee Increases in EffectA small increase to most Land Title and Survey Authority of BC services fees is now in effect as of April 1, 2023.Posted Apr 06, 2023
by British Columbia Real Estate Association -
Federal Budget Lacks Meaningful Housing Supply InitiativesOn March 28, 2023, federal Minister of Finance Chrystia Freeland announced the 2023 Federal Budget which focused on inflation relief for low-income families and incentives for the green economy.Tags: Canadian Government Federal Budget Housing Affordability Housing Supply Residential ConstructionPosted Mar 31, 2023
by Brenna Friesen -
All for One, One for All — New Team Rules in Effect #559The BC Financial Services Authority (BCFSA) is introducing new rules for real estate teams, following the Minister of Finance’s consent to amend the Real Estate Services Rules.Tags: BC Financial Services Authority (BCFSA) Frequently Asked Questions Real Estate Services Rules Real Estate TeamsPosted Mar 31, 2023
by Peter Borszcz -
Federal Government Amends the Foreign Buyers Ban RegulationsThe federal government announced amendments to the Foreign Buyers Ban’s accompanying Regulations, effective immediately; here’s what you need to know about the amendments.Posted Mar 28, 2023
by Brenna Friesen -
Unprecedented Pace of Construction Needed to Offset the Impact of Record Immigration to BCBCREA’s latest Market Intelligence report forecasts that two significant federal government policies– the Foreign Buyers Ban and record-high immigration targets– will shape housing demand in BC over the next three years.Posted Mar 28, 2023
by Brendon Ogmundson -
BCREA Board of Directors 2023-2024: Darren Close Leads Provincial Real Estate OrganizationThe BCREA is pleased to announce that Victoria REALTOR® Darren Close has been elected as its 2023-2024 Chair at the BCREA Annual General Meeting on March 21, 2023.Tags: BCREA Board of DirectorsPosted Mar 22, 2023
by Morgan Guo -
Provincial Housing Market Showing Signs of Recovery Heading into SpringBCREA reports that a total of 4,775 residential unit sales were recorded in MLS® systems in February 2023.Posted Mar 13, 2023
by Brendon Ogmundson -
Where There’s Smoke, There’s Problems: a Few Considerations for Licensees Regarding Second-hand Smoke #558Second-hand smoke can be a source of conflict and aggravation in shared living spaces like strata buildings. Don’t let this issue go unnoticed and talk it through with your clients.Tags: Municipal Bylaw Second-hand Smoking Smoking Strata Bylaw Strata Corporation Strata Properties Tobacco and Vapour Products Control RegulationPosted Mar 06, 2023
by Oana Hyatt -
BCREA Welcomes Budget 2023’s Housing Measures with Cautious OptimismOn February 28, 2023, Minister of Finance Katrine Conroy delivered the BC 2023 Budget Speech, adding financial promises to bolster Premier Eby’s stated governmental priorities.Posted Mar 01, 2023
by Matt Mayers -
Navigating Canada’s Underused Housing TaxOn June 9, 2022, the federal government enacted the Underused Housing Tax. While REALTORS® do not assume direct responsibility, they can help inform their clients of their tax filing obligations.Tags: Canada Revenue Agency (CRA) Empty Homes Tax Speculation and Vacancy Tax Taxes Underused Housing TaxPosted Feb 23, 2023
by Matt Mayers