Member Update May 19, 2020

Federal changes to small business loans program means more REALTORS® could be eligible

Prime Minister Trudeau announced an expansion to the eligibility criteria for the Canada Emergency Business Account (CEBA) small business loans this morning. 

The expansion will better cover business models in the real estate profession, including PRECs, that have a sole proprietor, are reliant on contractors, or those that pay people through dividends.

To be eligible under the expanded criteria, your business must have: 

  • a business operating account at a participating financial institution;
  • a Canada Revenue Agency business number;  
  • filed a 2018 or 2019 tax return; and 
  • eligible non-deferrable expenses between $40,000 and $1.5 million. 

Trudeau also announced that the federal government is working on more options covering business owners and entrepreneurs that operate through their personal bank account instead of a business account.

More details, including when the new eligibility criteria start, will be coming soon. 


WorkSafeBC’s real estate re-opening criteria

WorkSafeBC released real estate-specific re-opening guidelines last week to help offices around the province understand what actions need to be taken to operate safely today.

These guidelines also outline what practices WorkSafeBC expects real estate professionals to follow when practicing outside of an office environment.

Key points include: 

  • Providing virtual services like livestreaming open houses and showings;
  • Avoiding in-person contact as much as possible;
  • Limiting party sizes and enforcing physical distancing measures;
  • Adding enhanced cleaning and hygiene protocols, like disinfecting frequently touched surfaces before and after each showing; and 
  • Avoiding exposure as much as possible by not shaking hands, viewing multiple properties in person in a day, and sharing business tools like pens.

Click here to read the guidelines.

REBGV resources

Your Board has created a checklist for real estate offices to be used in conjunction with WorkSafeBC’s guides.

Click here to read the checklist.


Register for our free webinar on managing your finances in a pandemic

Join us online on May 27 at 10:00 am for an in-depth look at leading financial management practices with Barry Trischuk, founder of Endurance Financial Service.

Barry will provide advice on what REALTORS® can do to effectively manage their finances during the COVID-19 pandemic. He’ll also explain the economic knowns and unknowns we face today and offer useful strategies to help you strengthen your financial position going forward.

There is no charge to take part in this webinar.

Click here to register.


What’s working for you? Share your story

What’s working for you? Share your story

The COVID-19 pandemic has fundamentally changed the way we practice real estate. Realtors have been quick to adopt new tools, processes, and best-practices to help serve their clients during this crisis. 

We'd like to hear what you’re doing to help keep your business surviving and thriving. 

Send your tips, insights, and tools to mmoldowan@rebgv.org, and we’ll feature them in future updates.