Featured News
Meet the candidates for our 2022 Board of Directors election
Voting opens in our 2022 Board of Directors election this Friday, January 14. We’ll send you an email that morning with a link to this year's voting website.
Voting will run between January 14 and January 21 (until noon), with the results announced later that day.
During the voting period, you’ll find election resources on Paragon and the www.rebgv.ca home page. Just look for the REBGV Votes banner (pictured above) on these websites. We'll also send you regular emails reminding you to vote.
Eight members are running to fill five vacancies this year — four two-year terms and one one-year term.
Meet this year's candidates below.
 |
 |
 |
 |
|
Matthew Lee |
Michael Mitsiadis |
Randy Ryalls |
Arnold Shuchat |
 |
 |
 |
 |
|
Stephan Sun |
Gemma Wilson
Keller Williams Elite Realty |
Jason Wood |
Sam Wyatt |
You can review the candidates' profiles in detail here.
Recommended candidates explained
Each year, the Board Development Committee (BDC) recommends candidates for your voting consideration. The BDC works year-round to ensure there are always candidates with the necessary skills, experience, competence, character, and commitment for you to choose from in REBGV’s election.
To learn more about your Board's election and candidate recommendation processes, please review these resources:
- Review a list of commonly asked questions about the BDC and the candidate recommendation process.
- Watch a three-part video series with BDC members answering commonly asked questions about candidate recommendations.
- Review a roadmap that explains the BDC's year-round work to prepare for the Board of Directors election.
Metro Vancouver home sales set a record in 2021
Metro Vancouver home sales reached an all-time high in 2021 as housing needs remained a top priority for residents in the second year of the COVID-19 pandemic.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 43,999 in 2021, a 42.2 per cent increase from the 30,944 sales recorded in 2020, a 73.6 per cent increase from the 25,351 homes sold in 2019, and a four per cent increase over the previous all-time sales record of 42,326 set in 2015.
Last year’s sales total was 33.4 per cent above the 10-year sales average.
“Home has been a focus for residents throughout the pandemic. With low interest rates, increased household savings, more flexible work arrangements, and higher home prices than ever before, Metro Vancouverites, in record numbers, are assessing their housing needs and options,” Keith Stewart, REBGV economist said.
Home listings on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 62,265 in 2021. This is a 14.7 per cent increase compared to the 54,305 homes listed in 2020 and a 19.9 per cent increase compared to the 51,918 homes listed in 2019.
Last year’s listings total was 11 per cent above the 10-year average.
“While steady, home listing activity didn't keep pace with the record demand we saw throughout 2021. This imbalance caused residential home prices to rise over the past 12 months,” Stewart said.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 5,236, a 38.7 per cent decrease compared to December 2020 (8,538) and a 26.7 per cent decrease compared to November 2021 (7,144).
“We begin 2022 with just over 5,000 homes for sale across the region. This is the lowest level we’ve seen in more than 30 years,” Stewart said. “With demand at record levels, residents shouldn’t expect home price growth to relent until there’s a more adequate supply of housing available to purchase.”
The MLS® HPI composite benchmark price for all residential properties in Metro Vancouver ends the year at $1,230,200. This is a 17.3 per cent increase compared to December 2020.
Both detached home and townhome benchmark prices increased 22 per cent in the region last year, while apartments increased 12.8 per cent.
Looking across Metro Vancouver, Maple Ridge saw the largest increase in benchmark prices at 34.7 per cent, followed by Pitt Meadows (29.8 per cent), and Whistler (27.8 per cent).
Looking at area and property type, detached homes in Pitt Meadows saw the largest benchmark price increase at 42.2 per cent, followed by detached homes (38.5 per cent) and townhomes (35.2 per cent) in Maple Ridge.
Watch our 2021 year-end market insights video below:
December summary
REBGV reports that residential home sales in the region totalled 2,688 in December 2021, a 13.1 per cent decrease from the 3,093 sales recorded in December 2020, and a 21.6 per cent decrease from the 3,428 homes sold in November 2021.
Last month’s sales were 33.4 per cent above the 10-year December sales average.
There were 1,945 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in December 2021. This represents a 19.3 per cent decrease compared to the 2,409 homes listed in December 2020 and a 50.9 per cent decrease compared to November 2021 when 3,964 homes were listed.
For all property types, the sales-to-active listings ratio for December 2021 is 51.3 per cent. By property type, the ratio is 35.1 per cent for detached homes, 75.6 per cent for townhomes, and 60.8 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.
Sales of detached homes in December 2021 reached 794, a 22.6 per cent decrease from the 1,026 sales recorded in December 2020. The benchmark price for a detached home is $1,910,200. This represents a 22 per cent increase from December 2020 and a 2.1 per cent increase compared to November 2021.
Sales of apartment homes reached 1,464 in December 2021, a 1.4 per cent decrease compared to the 1,474 sales in December 2020. The benchmark price of an apartment home is $761,800. This represents a 12.8 per cent increase from December 2020 and a 1.2 per cent increase compared to November 2021.
Attached home sales in December 2021 totalled 430, a 27.5 per cent decrease compared to the 593 sales in December 2020. The benchmark price of an attached home is $1,004,900. This represents a 22 per cent increase from December 2020 and a 1.5 per cent increase compared to November 2021.
Click here to download the 2021 year-end stats release.
Missed our latest Standards Matter podcast? Listen today!
The second episode of Standards Matter, your Board’s professionalism podcast, is out now on all major podcasting apps!
Each episode we explore scenarios inspired by real professional conduct and arbitration cases to give you tips and insight on how to handle different situations or ethical dilemmas you may face as a REALTOR®.
In our latest episode, we cover a case that involves altered listing contracts, MLS® integrity, and how not knowing when to say "no" to clients can put you offside with your professional obligations.
We also talk with experts and answer your questions about professionalism in real estate.
Click below to listen to our podcast, and subscribe to it, on your preferred platform:
Listen to Standards Matter on your favourite podcast platform:
Missed our first episode?
In the inaugural episode, we look at a case of good intentions gone wrong and how, in real estate, asking for forgiveness rather than permission can result in disaster.
This episode also features interviews with Ethics Guy® Kim Spencer and lawyer Kaitlin Smiley with Norton, Rose, Fulbright.
Click here to listen.
Here’s an interesting question
Let’s kick off the new year with a question: Why don’t many members have their buyers sign a buyer’s agency exclusive contract?
Put your buyer agent hat on for a moment. Now ask yourself, why?
There’s a perfectly good standard form for this purpose. In fact, a lot of its language mirrors the MLS® listing contract your sellers already sign. So, what’s the problem? If you can get those signed, why not the buyer’s agency exclusive contract?
The short answer is that you’re probably not used to doing this. Other members aren’t, as well. Could it also be because you’re afraid your buyer is reluctant to sign one and if you insist, they’ll go elsewhere?
We’ve done an effective job of educating buyers not to expect to be asked to sign a buyer agency contract. That probably leads some (or a lot of) buyers to think buyer agents’ services are free, since buyers aren’t usually asked to reach into their pocket to pay their agent directly. What’s not to like?
If you’re a buyer, you get all the services a buyer agent provides, without any contractual strings attached. That means buyer agents often work with buyers on a wing and a prayer. Sometimes things work out, sometimes not, especially when a buyer decides to work with someone else without so much as a thank-you for their service. When this happens, we rage around the room for a while swearing we’ll never again work with buyers. Until the next one comes along. “This time, things will be different,” we say to ourselves.
It's not a good business model to give your life and soul to someone without any form of insurance, namely backing up that relationship with a contract. Using a standard form contract to formalize a relationship is just good business and good risk management. Believe me, our colleagues on the Standard Forms Committee and the lawyers who advise them ensure that all the standard forms address the latest legal and regulatory issues, not to mention the “boring” stuff that talks about the rights and obligations of the parties.
Take the agency clauses, for example. They contain very handy wording, such as stating that it’s not a breach of your agency duty to have other buyers. When you don’t have a buyer agency contract signed, you’re theoretically exposed to a buyer complaining you’ve been disloyal to them because you have other clients. Not that I’ve ever heard of a complaint in that regard, but do you want to take the risk?
Buyer agency contracts also address the commission you’re entitled to earn if the buyer buys as a result of the services you’ve provided. A thing of beauty, as they say. And it binds them to work with you for a period of time, just like the listing contract does. Honestly, if you spoke to a member of the Board’s Arbitration Committee, I’d bet they’d tell you that a lot of arbitration claims would go away if members simply had their buyers sign buyer agency contracts.
Usually, at the beginning of the year, I talk about goal-setting. This year, I relegated that conversation to a Top Tip. The “why don’t we get buyers to sign contracts” question is more interesting, especially in light of some possible developments in this area. Maybe, just maybe, the government (via BCFSA) will deal with the issue for us.
I’m not a big fan of the heavy hand of government, but if our provincial government were to step in to mandate that buyers must sign contracts with their agents, would that be so terrible? What are the chances? In past years I would’ve said, “slim to none,” because our provincial government, so far, hasn’t been enthused about mandated buyer agency contracts. This may change as other provinces come on board. Buyer agency contracts are now mandated for real estate agent-buyer relationships in Manitoba. See the recent announcement below from the Manitoba Real Estate Association (MREA); they’ve been in place in Ontario for a while. Could we be next?
Would you be upset, or would you be cheering?
*MREA would like to share some exciting news related to recent changes to the real estate industry in our province. The Real Estate Services Act (RESA) came into effect January 1, 2022.
The new act includes many changes which impact both REALTORS® and their buyer and seller clients. One significant impact is the requirement for written service agreements.
REALTORS®, on behalf of their brokerage, must now enter into a written service agreement with each prospective buyer, seller, landlord, and tenant prior to providing them with real estate services, property management services or private sales services. Written service agreements are intended to provide clarity as to what specific real estate services an individual can expect to receive from REALTORS® on behalf of their brokerage.
For information, visit https://www.promisesonpaper.ca/
Top tip
Every January, my broker used to ask me to set listing and sales goals for the year. When I became a broker, my boss downtown used to do the same thing. It was a bit like throwing a dart at a board far across the room. I usually didn’t have the foggiest idea how many people I’d be able to convince to do business with me. Not wanting to be pinned down with an uncomfortable conversation later, explaining why I hadn’t hit my target, I used to try hiding in the bushes by saying something like, “I’m going to try to do better this year.” Rubbish. A goal that can’t be counted isn’t a goal. So, if you really want to set your goal this year, come up with a realistic number of listing and sales contracts to be signed. Then, figure out how many potential buyers and sellers you’re going to have to talk to meet one who will sign a contract with you. This part is simple. The difficult part is sticking to your daily plan. I wish you the very best for 2022.
Only one device can be registered with your Sentrilock lockbox
In the wake of recent security issues, we’ve restricted access to Sentrilock lockboxes to one registered device per member to help secure the lockbox system.
If you want to update or change your preferred device to access your lockbox, you must do so with Member Services by calling 604-730-3090 or emailing memberservices@rebgv.org. If you want to do this in advance of a weekend, make sure you contact us before the end of the day on the Friday before.
SentriCard phase-out extended to March
SentriLock has extended the phase-out period for SentriCard to the end of March. SentriLock’s app, called SentriKey, will be your primary tool to replace the SentriCard. SentriKey lets you:
- receive instant notifications,
- generate access codes.
- customize showing instructions,
- manage contacts and track access, and
- link to third-party integrations like HomeSpotter.
How do I download SentriKey?
Search for “SentriKey real estate” in the Google Play or Apple App stores. The app is free to download.
Use the same login information you use for the SentriCard utility program or Sentrilock’s website to enter the app.
Follow the prompts on the setup wizard. When you’re finished, you’ll be ready to go!
How do I use SentriKey?
If you’re new to Sentrilock, familiarize yourself with the app by taking the SentriKey app training. There’s also a full library of how-to videos you can access. Did you know you can access a lockbox when you’re out of cell range? Learn how with these resources.
Sentrilock has also developed a comprehensive FAQ to help you understand and prepare for these changes.
Check out SentriKey today to see what you’ve been missing!
Other News
BC Assessments and home owner grant up, federal help for home buyers, new regulations for wood stoves
BC assessments up overall
Property owners received their 2022 assessment notices the first week of January and assessments are up throughout Greater Vancouver for all housing types.
Home owner grant home price threshold increases
The home owner grant has been increased and is now available to owners of properties assessed at up to $1.975 million in 2022.
Market housing – major federal government help coming
In mandate letters to both the housing and the finance ministers, the prime minister outlined top priorities, which include developing a Fairness in Real Estate Action Plan and a new anti-flipping tax.
Five ways the federal economic and fiscal update affects you
The latest Economic and Fiscal Update includes funding for COVID and affordable housing, an underused housing tax, an air quality improvement tax credit, and an enhanced COVID home office expense deduction.
Metro Vancouver regulates wood burning fireplaces and stoves
To help reduce pollution, Metro Vancouver is now regulating wood burning fireplaces and stoves. In designated neighbourhoods residents can burn wood only during cold months and registration is required.
Obituary: Bob Wallace
On December 9, 2021, former Real Estate Board of Greater Vancouver (REBGV) CEO Bob Wallace passed away peacefully and on his own terms, surrounded by loved ones. He was 75.
Bob was born and raised in Saskatchewan and was always proud of his Saskatchewanian roots. He graduated from the University of Saskatoon, then moved on to work at Clarkson Gordon in Calgary in 1970. He spent time as a member of the business faculty with Mount Royal College before moving to Vancouver in 1977.
That year, Bob began a 16-year run as director of education and professional standards for the Institute of Chartered Accountants of BC. He earned his distinguished fellowship designation (FCPA) during this time. In 1995, he joined the REBGV as CEO.
Bob’s immense legacy within the REBGV and organized real estate in Canada cannot be overstated. His focus on business excellence and REALTOR® professionalism drove the development of several of our most well-regarded programs and initiatives, many of which went beyond REBGV and BC. Bob guided the growth of our REALTORS Care® program to be a national program, adopted by the Canadian Real Estate Association (CREA), and helped create the national MLS® Home Price Index.
Bob led collaborative efforts to pioneer a regional MLS® system with the Fraser Valley, Calgary, Edmonton, and Chilliwack real estate boards, regarded today as the model of cooperation for boards and associations across the country. He also spearheaded REBGV’s Excellence Program, which has seen the Board recognized by Excellence Canada for being a national leader in business excellence, innovation, and wellness.
In 2010, Bob was honoured with CREA's Association Executives Council Award of Excellence for professionalism, commitment, and leadership. He retired in 2013 to spend more time with his family.
Whether in a professional or a personal setting, Bob’s greatest joy in life was being a friend and mentor. He dutifully pursued his passions with a down-to-earth mentality and a warm sense of humour. He enjoyed being generous with his time and knowledge, especially when it meant helping someone out.
He’s predeceased by his parents, Kenneth and Lillian Wallace; his wife, Judy; and his brothers, Donald and Ralph. He’ll be missed by his children, Terry (Jackie), Marc (Ingrid), Danielle (Brad), Kirsten (Erwan), and Rebekka (Marc-Andre); his grandchildren, Jaimee, Griffin, Ava, Ophelia, Blake, Greta, Oskar, Hugo, Felix, and Iris; and his many nieces and nephews, extended family, friends, and business associates.
In lieu of flowers, donations can be made to Covenant House, one of Bob's favourite charities, or to the Canadian Pulmonary Fibrosis Foundation.
Register for one of our upcoming virtual events!
We're adding new member events all the time. Register for one of our upcoming virtual member engagements - here are the details:
COVID-19 Update with Dr. Patricia Daly and WorkSafe BC
Vancouver Coastal Health’s Chief Medical Health Officer Dr. Patricia Daly is back for an update on the latest news and issues in the ongoing fight against COVID-19 in British Columbia.
This virtual event will also include REALTOR®-specific tips and advice from WorkSafe BC’s Director of Occupational Health and Safety, Chris Back.
They’ll discuss:
- Lessons learned over the last two years of the pandemic.
- What we can expect in the future.
- The COVID-19 vaccination campaign.
- Unintended, harmful consequences of the pandemic response.
- Tips and advice you should know when transitioning back to the workplace.
- How to keep your workplace safe.
REBGV Roundtable: Housing Supply and Affordability
Two of the biggest factors affecting BC’s housing market are housing supply and affordability. Our province faces the tricky task of building different types of homes that'll be suitable and affordable for current and future British Columbians.
Join us online on January 19 for a roundtable discussion about opportunities and ideas to expand, accelerate, and diversify the construction of new homes in BC. Our panelists are Rennie Group Vice President of Advisory Services Andrew Ramlo, former BC Deputy Premier and Finance Minister Joy MacPhail, and Coquitlam Mayor Richard Stewart.
Nominate a worthy colleague for one of our awards!
We’re looking for nominees for our REALTORS Care® and Professional Excellence Awards. Help us celebrate the best of our profession by nominating a deserving REALTOR®. The deadline to submit a nomination for either award is Monday, January 24.
The Professional Excellence Award
The Professional Excellence Award recognizes members who have helped strengthen our profession throughout their careers.
Professionalism is about putting your clients’ interests first, making a commitment to lifelong learning, and volunteering your time and expertise to help others. These qualities are what the Professional Excellence Award stands for.
Previous recipients include Josh Bath, Cal Lindberg, Sandra Wyant, and Rosemary Barnes.
Click here to nominate a member for the Professional Excellence Award.
The REALTORS Care® Award
This award celebrate Realtors or real estate offices that consistently help others by raising funds, volunteering, or doing other good deeds in the community. They are community champions who are always looking to help those in need.
Previous recipients include Michelle Porter, Debi Pearce, Jody Squires, John Patricelli, and Laura-Leigh Shaw.
Click here to nominate a member or an office for the REALTORS Care® Award.
Send your clients to the BC Home + Garden Show!
The BC Home + Garden Show is coming to BC Place on March 10–13. Through our partnership, you can purchase discounted tickets, until March 3, to send to your clients and support our REALTORS Care® Shelter Drive at the same time!
How it works
Purchase your tickets for our lowest price yet - just $10 ($16 regular price)! You only pay for tickets redeemed by your clients. For example, if you order 100 tickets and 20 clients attend, you pay $200. For every redeemed ticket, $3 goes to our REALTORS Care® Shelter Drive charities:
- Coast Mental Health Foundation
- Howe Sound Women’s Centre (Pearl’s Place Transition Home)
- Imouto Transition Housing for Young Women
Ticket order deadline is March 3
Click here for the order form. You can choose between paper or electronic tickets. The deadline to order tickets is March 3.
Attention Brokers: Attend our first Broker Meeting of 2022 featuring data security specialist Steve Chapelle!
Leading information privacy and security specialist Steve Chapelle is our first guest of 2022. On February 1 at 10 am, Steve will discuss privacy and information security best practices all Brokers should know about.
Learn more about what you can do to better protect the data and privacy of your clients and your business against eight areas of risk, including phishing scams and document security, and social media threats. Attendees will receive a PDF copy of the event presentation afterwards.
The session also features an introduction to REBGV Chief Executive Officer Jeff King. Assistant Manager of IT Operations Volker Seidel will host.
This meeting is for Managing Brokers. There’s no cost to attend, but you’ll need to register to receive a meeting link.
Test your knowledge with new quizzes on advertising, mortgages, and stratas
We’ve developed a series of 10-question quizzes designed to test your real estate knowledge.
These short quizzes are completed anonymously and you’re the only one who will 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!
Check out our latest round of quizzes:
Advertising
Does your advertising follow the rules and guidelines set out in the REALTOR® Code, the Rules of Cooperation, the Real Estate Services Act, and the Competition Act? Getting it wrong could lead to penalties, damaged client relationships, and irritated colleagues. Getting it right helps you present a professional image.
Take our quiz on advertising here.
Mortgages
Many clients expect their REALTOR® to be familiar with mortgages. What options are available? What does the approval process look like? What are the differences working with mortgage brokers versus banks?
Take our quiz on mortgages here.
Strata wind-ups
As more strata buildings face significant repair bills and reach the end of their useful life, winding up a strata can be a financial relief to its owners. What do they need to know before winding up their strata, and how can you assist them?
Take our quiz on strata wind-ups here.
Try our other quizzes today!
These short quizzes will help you make the best choice about professional development courses that'll benefit you most in 2022. Try them today!
Reminder: Submit your sales errors or omissions for Medallion by January 15
While the deadline to submit your 2021 sales has passed, the 2021 Medallion Club year will close on January 15. Email any errors or omissions you find for any of your 2021 sales on or before January 15 to sales@rebgv.org.