Member Update April 19, 2021

Helping your clients through an unprecedented market. Council and OSRE release joint statement to encourage due diligence and cautious decision-making

Metro Vancouver’s real estate market has been picking up steam since last fall, culminating in record sales and new listing activity last month.

In light of today’s competitive market, the Real Estate Council of BC (Council) and the Office of the Superintendent of Real Estate (OSRE) released a joint statement advising the public to do their research and understand the risks involved before making a buying decision. They also cited a 42 per cent rise in complaints received compared to the same period last year.

In an active market, clear communication with your clients is more important than ever. Today’s market is marked by subject-free offers, intense competition for properties via multiple offers, and properties selling faster than usual. These conditions can cause consumers to want to make quicker and perhaps riskier decisions.

Council and OSRE are advising consumers to:

  • Understand the risks associated with subject-free offers.
  • Be realistic about how much you can afford.
  • Be comfortable with the listing price and marketing strategy you agree to with your REALTOR®.
  • Be prepared for multiple offer scenarios.

Address these issues with your clients

Help your clients understand what to expect in today’s market:

  • Always discuss the risks and pitfalls your clients could potentially encounter by making a subject-free offer. These risks will differ slightly depending on your client’s situation, but they’re usually present in some form or another. Make sure your clients are aware.
  • Make sure your clients have a clear understanding of their finances and how much they’ve been approved to borrow, and don’t encourage them to make offers that go beyond their means.
  • Plan ahead with your clients for a multiple offer situation and have a strategy in place for how to navigate through one.
  • Use our statistical resources to help educate your clients on the trends occurring within their area and property type of choice. For example, you can generate area and price specific reports using REBGV Stats Centre, or share our Stats Centre Report for their area with them.
  • Discuss the COVID-19 safety protocols in place for our profession with your clients so they’re aware (e.g., no in-person open houses, showings by appointment) and they understand their responsibilities (e.g., wearing masks and following directional signage during showings, not gathering in groups outside a home while waiting for a showing, etc.).

REBGV hires economist to provide greater insight and research into Metro Vancouver’s housing market

The Real Estate Board of Greater Vancouver (REBGV) has hired economist Keith Stewart to help the organization provide more extensive insight and analysis into the latest housing market trends.

Through research and analysis of MLS® data and other industry and economic information, Keith will lead REBGV’s development of innovative concepts, ideas and reporting on key real estate issues.

“Keith brings unique knowledge and skills to our team. He’ll regularly share his expertise with REBGV members, business and government leaders, media and the public in a variety of venues and formats,” says Brad Scott, REBGV CEO.

Keith spent the last five years as a Specialist in Urban and Housing Market Policy with the Canada Mortgage and Housing Corporation. He’s also worked in BC’s Finance Ministry and as an analyst at the Bank of Canada. He has a master’s degree in economics and numerous designations related to financial risk management, data analysis, forecasting, predictive modeling and more.

Please join us in welcoming Keith Stewart to the REBGV team!