Featured News
Watch our AGM presentations and read our annual report!
Thanks to the members who participated in our 2021 annual general meeting (AGM) online!
We held this year’s AGM virtually to comply with provincial health and safety protocols.
Watch the video presentations
Click here to view our 2020/2021 Chair Colette Gerber's video presentation.
Click here to view CEO Brad Scott's video presentation.
Click here to view keynote speaker Rob Hahn's presentation, and click here for a PDF of his presentation.
Explore our 2020 annual report
The last 12 months will be long remembered as a time when the real estate profession came together to adapt, embrace new technologies, and help meet the shelter and business needs of the community in a time of crisis. Explore your Board’s annual report for 2020 to learn more about the work we did to serve and support you in this challenging period.
Meet your 2021/2022 Chair and Board of Directors
On March 31, REALTOR® Taylor Biggar began his one-year term as Chair of REBGV's Board of Directors.
Taylor became a Realtor in 2003, following his father into the business. He's helped guide REBGV at all levels of governance for several years. He’s also volunteered with different community and government bodies in his native Steveston.
“High demand, limited supply, and persistent public health concerns are among the key elements within today’s housing market,” Biggar said. “REBGV’s focus remains on helping our Realtor community employ safe and innovative practices that meet the public’s real estate needs.”
Supporting Taylor during his term will be Chair-Elect Daniel John and Vice-Chair Jennifer Quart.
Click here to learn more about your 2021/2022 Board of Directors.
March home sales and new listings set records in Metro Vancouver
Home buyer and seller activity reached unprecedented levels across Metro Vancouver in March.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 5,708 in March 2021, a 126.1 per cent increase from the 2,524 sales recorded in March 2020, and a 53.2 per cent increase from the 3,727 homes sold in February 2021.
Last month’s sales were 72.2 per cent above the 10-year March sales average and is the highest monthly sales total ever recorded in the region.
“In March, residents bought and listed homes across our region at levels not seen before,” Taylor Biggar, REBGV Chair said. “This surge in activity is increasing upward pressure on prices. We’re beginning to see double-digit price gains for single-family homes and townhomes over the last 12 months.”
Demand was most pronounced in rural and suburban areas. Delta – South saw a 195.8 per cent increase in sales over 2020 – the largest increase in Metro Vancouver. This was followed by Whistler, which experienced a 194.7 per cent increase, and Squamish, which saw a 188.6 per cent increase in sales.
There were 8,287 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in March 2021. This represents an 86.8 per cent increase compared to the 4,436 homes listed in March 2020 and a 64.2 per cent increase compared to February 2021 when 5,048 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,145, a 4.8 per cent decrease compared to March 2020 (9,606) and a 9.4 per cent increase compared to February 2021 (8,358).
This is 18.6 per cent below the 10-year March total listings average.
“While we did see a record number of listings enter the market last month, the demand in today’s market isn’t allowing that new supply to accumulate. As a result, the overall inventory of homes for sale decreased compared to last year,” said Biggar.
For all property types, the sales-to-active listings ratio for March 2021 is 62.4 per cent. By property type, the ratio is 52.9 per cent for detached homes, 79.9 per cent for townhomes, and 65.4 per cent for apartments.
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
“Today’s activity can be attributed, in part, to an economy that’s showing signs of recovery, historically low interest rates, high demand for space, and increased household savings,” Biggar said.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is $ 1,123,300. This represents a 9.4 per cent increase over March 2020 and a 3.6 per cent increase compared to February 2021.
Sales of detached homes in March 2021 reached 1,965, a 130.6 per cent increase from the 852 detached sales recorded in March 2020. The benchmark price for a detached home is $1,700,200. This represents a 17.9 per cent increase from March 2020 and a 4.9 per cent increase compared to February 2021.
Sales of apartment homes reached 2,697 in March 2021, a 128.8 per cent increase compared to the 1,179 sales in March 2020. The benchmark price of an apartment is $715,800. This represents a 3.7 per cent increase from March 2020 and a 2.6 per cent increase compared to February 2021.
Attached home sales in March 2021 totalled 1,046, a 112.2 per cent increase compared to the 493 sales in March 2020. The benchmark price of an attached home is $872,200. This represents a 10.4 per cent increase from March 2020 and a 3.9 per cent increase compared to February 2021.
Click here to download the March 2021 stats package.
Do you have a minute?
I used to dread hearing these words. Even today, they bring back memories I’d rather forget.
The words were usually said by someone in my office, just before they told me they were moving to the competition. Knowing what they were about to say didn’t making hearing it any easier.
You can’t blame REALTORS® for moving on with their lives. And you can’t fault them for deciding the grass looks greener somewhere else. Yet, it still hurt when they left my office. I’d take it personally, which I now realize was unwise, but there you are. Everyone is going to do what they’re going to do, no matter how much finger-wagging one does. Just ask Dr. Bonnie Henry. Can you imagine having her job? She’s going to need some major decompression time after all of this is over. She may even suffer PTSD. That wouldn’t surprise me at all. Not that I’d wish that on her. She’s done a very credible job with just about everyone breathing down her neck and second-guessing her. Politicians are used to putting up with the constant scrutiny. Someone in Bonnie Henry’s position? Not so much. I wish her the very best.
I’ve said it many times: words do, indeed, matter. I pretty much make my living spinning words, and when I say something wrong or am tone deaf, it isn’t long before it’s brought to my attention. So, when I’m made aware of a potentially problematic social media post, I sometimes wonder as I read, what the hell was the writer thinking?
I was reminded of this the other day while fielding a member complaint about another member’s post on the Board’s Facebook site. The situation’s been resolved now and life will go on. But I don’t want to miss the opportunity to weigh in on how the whole mess might have been avoided.
I’ll be the first to admit I’m the outlier on social media. I think it’s a blight, right up there with the plague. (I’d place mobile phones one notch higher than that, by the way.) Weird, I know, but I’ve never been a fan of spilling my guts to anyone who will listen to the latest of what’s happening to me.
My inner voice says, when reading some posts, “Who cares? Life is hard and then you die. We’ve all got problems.” Not very sympathetic, I’ll admit, and definitely out of step with what I suspect the majority of us think. I remember my parents’ contractor telling them he was about to retire. They wished him the best, and as he was heading for the door, I asked him what he planned to do next. He said, “I’m gonna drive to the Stanley Park causeway, park my car at the entrance to the Lions Gate Bridge, and walk to the centre of the bridge to see how far I can throw this hammer.” Thirty years later, I now understand what he meant. I’ll be doing the same thing (figuratively, of course) with social media and my phone when I pull the plug on work.
Having exposed my prejudice, I know you’ll want to take what I write next with a grain of salt, as they say. But I’m going to say it anyway.
Just because something happened to you doesn’t mean others will necessarily want to read about it. Maybe they will, but maybe not. (If they don’t, they shouldn’t be logged in in the first place.) And if whatever happened to you made you angry, sad, or unhappy, it'll probably do the same to others. So why spread that misery around? Everyone likes to read a happy story. A sad one or one that'll also make them angry? Not so much.
Consider all this as you write your next post on social media. Will your words cause others pain? Will your words make them miserable? Will they make others angry? Will your words embarrass someone? If so, have a think about whether the post is worth it. The pleasure you may derive from writing a long, sad tale or an angry diatribe on social media is temporary. But, the result of those words may not be temporary—and could result in a professional conduct complaint being made against you by another member. Believe me, you don’t want to go through that process—it’s rarely fun.
Here are a few simple rules to remember before posting something on social media:
- Social media never forgets.
- If you’re in a so-called private forum, for example, the Board’s Facebook site, remember that anyone can take a screen shot of your post. Maybe they’ve saved what you wrote so they can frame your words for their wall. Or maybe they’re saving your post to use against you or as grounds for a complaint to the Board or in a legal action in court. I don’t believe there's anything private about social media. Whatever you say is written for all time for everyone to see. (When I think of some of the things I’ve said in my life, I’m now so very glad I didn’t commit them to writing.)
- Imagine you’re saying out loud what you’re writing to the person you’re writing about. Would you have the stones to say what you’re writing directly to them? If not, your post could probably do with a rethink.
- If you’re angry or overtired or have been enjoying a drink or two when you are writing, do what my good friend advises: write the letter and then put it in your desk drawer overnight before you mail it. Ditto for social media posts.
Finally, remember that if members can figure out who you’re talking about from what you’ve written, it doesn’t matter if you haven’t identified them. Everyone is very good at putting two and two together. If you think another member did something wrong, why not let them know directly, with civility? If you don’t want to do that, you could ask your broker to contact the other member’s broker for a chat. And, if all else fails, you can make a formal complaint, which by the way, is not considered public so you can say pretty much anything you like about the other member in that forum. The bonus is no one else outside that forum has to read your words or feel your pain.
Title fraud, tax implications of laneway and vacation homes, and more
Are BC home owners protected against title fraud?
There have been two recent attempts at title fraud where swindlers impersonated registered owners who live abroad. Make sure you and your clients follow best practices to protect yourselves.
Two Burnaby urban villages on the drawing board
Two unique urban villages are on the drawing board and will include denser, more affordable homes, shops, businesses, greenspace, and access to transit.
What are the tax implications of building a laneway house?
Before building a laneway home or buying a property with one, your clients should understand the tax implications.
What are the tax implications of buying a vacation home?
Before buying a vacation property, your clients should be aware of tax implications.
ICYMI: New requirements to submit strata listings in effect April 12
Starting April 12, strata listings submitted to the Board for processing must be accompanied by one of the following:
- strata documents for the property under contract; or
- proof that strata documents for the property under contract have been ordered (i.e., a copy of the ‘Request for Strata Corporation Records and Documents’ form, or equivalent signed and dated request form); or
- a copy of the seller’s written instructions to the listing agent that the agent is not to obtain and/or release some or all of the required strata documents for the property and detailing where the cooperating agents are to obtain those documents (i.e., directly from the seller or directly from the strata corporation, in which case the listing agent must provide to a cooperating agent the seller’s written authority to do so, in accordance with Section 6.04(c) below). The listing’s REALTOR® Remarks must include a notation if this option is in effect.
Our MLS® staff will contact members who submit strata listings that don't meet these requirements. The listing will not be processed until these requirements are fulfilled.
Any agent-loaded or Broker-loaded strata listing is expected to meet the same standard, meaning Managing Brokers will need to ensure copies of these documents accompany the listings on file at their brokerage.
These requirements are found in Section 6.04 of the Rules of Cooperation. Here’s Section 6.04 for reference:
6.04 Strata Properties
(a) Unless otherwise instructed by the seller in writing, for each strata MLS® listing, the Listing Brokerage shall at the time of taking the listing obtain current relevant strata corporation documents including but not limited to two (2) years of strata council minutes and strata corporation minutes, registered strata corporation by-laws, financial statements, registered strata plans, and information concerning special assessments, either proposed or levied.
(i) A copy of the Request for Strata Corporation Records and Documents shall be retained on file in the office of the Listing Brokerage. The Listing Brokerage shall produce any such documentation upon request by the Board.
(ii) Unless otherwise instructed by the seller in writing, a copy of the registered strata plan must be posted by the Member to the MLS® System as an associated document within 24 hours of the listing becoming active on the MLS® System. A copy of the seller’s written direction must be provided to the Board upon request. See also 3.12 Consent to Post Documents to the MLS® System
(b) Unless otherwise instructed by the seller in writing, the Listing Brokerage shall, upon request by a Cooperating Brokerage after the seller and buyer have an accepted Contract of Purchase and Sale, provide to the Cooperating Brokerage current relevant strata corporation documents including but not limited to those documents referred to in (a) above and a current Information Certificate (Form “B”).
(c) In the event that the Listing Brokerage has received written instructions from the seller not to provide all or some of the documents described in (a) and (b) above to buyers and Cooperating Brokerages, a notation to that effect must be included in the REALTOR® Remarks, and, where the seller is not providing such information directly to buyers and Cooperating Brokerages, the Listing Brokerage shall provide written authority from the seller to the Cooperating Brokerage to obtain the Form “B” and other pertinent information directly from the strata corporation. The responsibility for the cost of these documents should be detailed in the appropriate condition clause in the Contract of Purchase and Sale.
Questions? Call James Lindow at 604-730-3085 or email jlindow@rebgv.org.
Other News
Make an appointment if you need to visit us
While our office on Spruce Street in Vancouver is open for a limited number of staff, it remains closed to walk-in traffic. You can still make an appointment to receive in-person services if needed.
We’ve implemented safety measures at the office to ensure we’re following all public health orders and guidelines set out by WorkSafeBC.
This includes spacing out staff workstations to ensure physical distancing, installing plexiglass shields, providing hand sanitizer stations throughout the building, and adjusting the office layout to avoid crowding in smaller spaces like hallways.
Note that while our Vancouver classrooms are closed, our full course complement is available to you online.
Making an appointment to visit our office
You can contact any REBGV staff member and access all our services virtually. (Click here for our staff and services contact list.)
If you need to come to the office, please follow these steps:
- Contact the person or department you need to see to set up your appointment. You’ll need to complete a health questionnaire.
- When you come to the office for your appointment, enter from the lobby doors on Spruce Street.
- Please sanitize your hands and proceed immediately to reception to sign in.
- You’ll be required to wear a double-mask for the duration of your visit. We recommend you bring your own; we'll provide them for you if you don’t have any.
- Keep at least two metres (six feet) of physical distance between yourself and others while in the building. Always read and follow the signage posted around the building.
- When your appointment is finished, please sign out at reception.
If you have questions, please call us at 604-730-3000.
Touchbase adds COVID-19 screening questionnaire for showings and more
Touchbase has added a screening feature called the COVID Terms Agreement to help you easily document your efforts to follow health and safety protocols while conducting a showing.
The next time you use Touchbase to book a showing, you’ll need to complete a brief questionnaire that asks you to confirm that you and your clients:
- agree to follow health and safety protocols,
- aren’t exhibiting any COVID-19 symptoms, and
- haven’t recently travelled outside the country,
This feature creates a retrievable record of your efforts to observe the safety protocols in place for REALTORS® during the pandemic.
This new screening tool is part of your profession’s continued efforts to help prevent the spread of COVID-19 in our communities.
Questions regarding this new feature? Contact the Help Desk at 604-730-3020.
New character limits, links added to Notice of Property messages
Touchbase will be limiting their SMS text messages to 160 characters to help improve their deliverability and response time.
To do this, the Notice of Property message will now only include the notice, the address, and a URL link to more details.
This won’t change what these notifications look like in the TouchbaseSM2 app.
The reason behind the delays
Over the past year, members who use Rogers or Fido as a mobile service provider have experienced delays when receiving Touchbase messages via SMS text message.
Touchbase determined this was mainly due to the length of the messages triggering anti-spam filters. The Notice of Property message, for example, needed to be sent in three separate texts.
Take our first REALTOR® quiz and test your knowledge!
We've developed a new series of quizzes to test your knowledge on all things real estate!
In our first quiz, we test your knowledge of newer homes. Did you know that every year REALTORS® list and sell thousands of homes that are under 10 years of age and are affected by the Homeowner Protection Act? How much do you really know about this legislation?
Take our new quiz to find out!
Test Your Knowledge
Our new Test Your Knowledge quiz series will help you identify your knowledge gaps so you can plan your professional education accordingly.
These short quizzes are completed anonymously and you're the only one who'll see your score. If it’s not a passing score, you’ll be directed to information about the course you can take to learn more about that topic.
Our quizzes are quick and easy, and they’re optimized for mobile devices so you can take them anywhere, anytime! We’ll release new quizzes every two weeks for you to continue to check your knowledge.
Questions? Email education@rebgv.org.
Register for one of our upcoming online events!
We're adding new member events all the time. Register for one of our virtual member engagement events in April - here are the details:
Contract Wrap-Up: What REALTORS® need to know
Join us online on Monday April 12 when we welcome back real estate lawyer Bijan Ahmadian for a free event covering the top tips real estate lawyers want REALTORS® to know.
Bijan will highlight issues with contracts that could lead to a deal falling apart, including:
- Changing purchase prices and closing dates.
- Dealing with non-resident sellers.
- Offers and counter-offers with no subject removals.
BC real estate regulatory update with Council and OSRE
Join us online on April 20 for a free update from BC’s real estate regulatory bodies: The Real Estate Council of BC (Council) and the Office of the Superintendent of Real Estate (OSRE). Our presenters are Council CEO Erin Seeley and Superintendent of Real Estate Micheal Noseworthy.
Council’s presentation will cover:
- Updates coming in 2021.
- Regional trends and data.
OSRE’s presentation will cover:
- Recent changes to administrative penalties.
- Updates on education and licensee fee changes, managing broker project, consultation on teams and more on the amalgamation with the BC Financial Services Authority.
- Updated regulatory guidelines for information sessions and webinars.
The impact of global events on real estate industry partners
Join us online for an overview of the impact COVID-19 has had on the real estate industry from the perspective of home buyers and sellers, and mortgage brokers and lenders.
Our presenter is Ed Karthaus. He’s the Executive Vice-President for Sales and Marketing – Residential Lending with Home Trust Company, one of Canada’s leading financial services institutions focused on real estate.
Ed will discuss:
- How the rapid adoption of technological solutions helped pave the way to a record year for real estate sales, despite challenging circumstances.
- How exceptional service to your clients will remain a top priority with the rise of technology.
FINTRAC changes coming June 1: Be prepared with these resources
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has made regulatory amendments and added reporting obligations that apply to REALTORS® starting June 1, 2021.
These amendments include:
- New and revised definitions
- Additional foreign money services businesses obligations
- Virtual currency obligations for all reporting entities, including submitting Large Virtual Currency Transaction Reports to FINTRAC
- Prepaid payment products and accounts obligations for financial entities
- Obligations for life insurance companies, brokers, and agents when they are acting as financial entities
- Beneficial ownership obligations extended to all reporting entities
- Business relationships and ongoing monitoring obligations extended to all reporting entities
- Politically exposed persons obligations extended to all reporting entities
- Deemed receipt of funds and virtual currency obligations
- Repeal of third-party deeming for persons acting on behalf of an employer
- Certain record keeping obligations
FINTRAC will be providing more real estate–specific guidance in the coming months. The BC Real Estate Association is also developing a resource page to help provide information on these changes.
We’ll provide more information as soon as it becomes available. In the meantime, you can view FINTRAC’s published resources below.
Resources from FINTRAC
- Beneficial ownership requirements
- Business relationship requirements
- Ongoing monitoring requirements
- Politically exposed persons and heads of international organizations guidance for non-account-based reporting entity sectors
- Record keeping requirements for real estate brokers or sales representatives, and real estate developers
- Risk assessment
- Notice on forthcoming regulatory amendments and flexibility
Complete our Member Survey before it closes April 9
Our 2021 Member Survey will close in just two days. If you haven’t already, please take the survey here.
Completing this survey is your opportunity to share your thoughts and satisfaction levels on the multitude of services, programs, and support we offer. Your feedback helps us determine how we can better serve you, our members.
You’ll also be eligible for gift cards and other prizes when you complete the survey.
Share your feedback with us before our survey closes on April 9!