REALTOR® NEWSREALTOR® NEWS
May 5, 2021



Featured News

Supply response emerges in Metro Vancouver’s active housing market

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Home sellers have become increasingly active in Metro Vancouver’s* housing market this spring in response to heightened demand and rising home values that have materialized during the pandemic.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 4,908 in April 2021, a 342.6 per cent increase from the 1,109 sales recorded in April 2020, and a 14 per cent decrease from the 5,708 homes sold in March 2021.

Last month’s sales were 56.2 per cent above the 10-year April sales average and is the highest total on record for the month.

"Our housing market has changed considerably from one year ago when COVID-19 concerns brought activity to a near standstill,” Keith Stewart, REBGV’s economist said. “This was followed by a well-documented spike in home buyer demand across the region. So far this spring, we’ve seen a corresponding supply response from home sellers," 

There were 7,938 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2021. This represents a 243.2 per cent increase compared to the 2,313 homes listed in April 2020, a 4.2 per cent decrease compared to March 2021 when 8,287 homes were listed and is the highest new listing total ever recorded in the region in April.

"While homes are now being listed at record levels, more supply is needed to meet today's demand and help market conditions achieve greater balance," Stewart said.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,245, a 9.1 per cent increase compared to April 2020 (9,389) and a 12 per cent increase compared to March 2021 (9,145).

Today’s active listings total is 11.2 per cent below the 10-year April average.

For all property types, the sales-to-active listings ratio for April 2021 is 47.9 per cent. By property type, the ratio is 37.4 per cent for detached homes, 70 per cent for townhomes, and 51.5 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.

“Record low interest rates, increased household savings, a strengthening economy and a continued focus on living space during the pandemic are all factors that are helping to bolster demand while steady price growth is encouraging more sellers to list their homes,” Stewart said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,152,600. This represents a 12 per cent increase over April 2020 and a 2.6 per cent increase compared to March 2021.

"With our market at record activity in recent months, and with the continued safety risk that COVID-19 poses, REALTORS® remain focused on helping their clients make sound and responsible buying and selling decisions today while continuing to strictly follow the pandemic safety protocols established for real estate in our province," Taylor Biggar, REBGV Chair said.

Sales of detached homes in April 2021 reached 1,655, a 326.5 per cent increase from the 388 detached sales recorded in April 2020. The benchmark price for a detached home is $1,755,500. This represents a 20.9 per cent increase from last year and a 3.2 per cent increase compared to March 2021.

Sales of apartment homes reached 2,289 in April 2021, a 355.1 per cent increase compared to the 503 sales in April 2020. The benchmark price of an apartment home is $729,600. This represents a 5.9 per cent increase from April 2020 and a 1.9 per cent increase compared to March 2021.

Attached home sales in April 2021 totalled 964, a 342.2 per cent increase compared to the 218 sales in April 2020. The benchmark price of an attached home is $900,900. This represents a 13.9 per cent increase from April 2020 and a 3.3 per cent increase compared to March 2021.

Click here for our April 2021 stats package.

BCREA introduces new standard form for unconditional offers

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The BC Real Estate Association (BCREA) recently introduced a new standard form to help you document and explain the risk of limited or no subject offers to your clients.

The new form, Buyer’s Acknowledgement of Information—Recommended Condition, isn’t mandatory, but BCREA recommends you use it if your client asks you to make a limited or no-subject offer.

The form documents that the buyer:

  • acknowledges instructions to proceed with an offer without some or all the recommended conditions and is aware of the risks involved with doing so;
  • received information about the increased risk in not completing recommended due diligence; and
  • has been advised to seek independent legal advice.

To help you understand the form, BCREA has created a toolkit

You can find this form on WEBForms today.

FINTRAC changes coming June 1: Resources to help you prepare

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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.

What's changing

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 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

To help you understand these changes, the Canadian Real Estate Association (CREA) has made draft versions of the new materials available on their website.

The drafts are based on the best information CREA has available to them so they may change once FINTRAC provides more guidance, and, in some cases, the drafts use placeholder text where FINTRAC hasn't provided guidance.

CREA advises that you should exercise caution when reading these draft materials and speak to your legal counsel before modifying your existing business practices.

The BC Real Estate Association (BCREA) is also developing a resource page to help you better understand these changes. We’ll provide more information as soon as it becomes available.

Attend BCREA’s free webinars on these changes

On June 2 at 10 a.m., BCREA is offering a free one-hour webinar to help you understand how these changes affect your day-to-day practice. You'll earn one hour of PDP by attending. Click here to register.

They're also hosting a session for Brokers to review these coming changes on May 19. Click here to register.

Resources from FINTRAC

You can’t have it both ways

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My dad used say when someone was sick, “You’ll either get better or you won’t.” When I asked him if I should propose, he said, “She’ll either say yes or she won’t.” He often reduced situations where there was some doubt into simple binary outcomes. I was reminded of those funny eye-rolling conversations with him (similar to the ones I now inflict on my own offspring) when the sheer inventiveness of members was on display, yet again.

In my last column, I lamented our fondness for clauses and forms—an almost universal panacea for any number of issues bedevilling members. There’s a place in our business for forms and clauses, assuming they’re properly explained and clients have given informed consent to the clever wording we’ve come up with on the standard form or in the contract.

But what about a not-so-standard form? I’m referring to a member who has taken a standard form and tweaked it to fit whatever purpose or situation they have in mind. What do we have then? A not-so-standard form.

It’s a bit like the COVID virus. We started off with the “standard” coronavirus.” Then the name changed to COVID-19. Then place names were attached to the virus. Then the virus lost the plot and started remaking itself into different forms. Soon, everyone was catching it. Now there are the UK, Brazilian, South African, and the bizarre-sounding “double mutant” virus from India. Heaven forbid! Who’s going to win: the double mutant or the vaccine? Dad would have said, “The virus will either win or it won’t.”

Getting back to our topic, namely mutating standard forms, let’s have a look at the latest variant.

Rules of Cooperation 4.02 describes what you must do if your seller wants you to delay offer presentations from the default “without delay”; for example, to “Thursday, May 13, at 5 p.m.”  

We all know, or should know, that a seller’s written instructions override the rule’s default requirement. Rule 4.02 also specifies the form be used for the seller instructions, namely the Direction Regarding Presentation of Offers (DRPO) form. The relevant part of the form says:

4.02 Presentation of Offers (a) Unless otherwise instructed by the seller in a completed Direction Regarding Presentation of Offers form signed by the seller: (i) offers must be presented to the seller without delay; (ii) offers must be presented to the seller through the Listing Brokerage, but a Cooperating Brokerage submitting an offer shall have the right to be present during the presentation; and (iii) the Listing Brokerage shall without delay make the seller’s decision on the offer known to Cooperating Brokerages that had submitted offers. If requested by the Cooperating Brokerage such decision on the offer shall be provided in writing. Any direction by a seller to delay presentation of offers must also be noted in the REALTOR® Remarks. A copy of the seller’s completed Direction Regarding Presentation of Offers form shall be provided to the Cooperating Brokerage upon request. A Listing Brokerage who has posted the completed Direction Regarding Presentation of Offers form as an associated document would satisfy the Listing Brokerage’s obligation under this Section to provide a copy.

I hereby instruct my agent, Jane/John Doe, that I/we will not review offers until May 13, 2021, at 5 p.m. Note to seller(s): This is your written authorization to advise brokerages/licensees and clients/Unrepresented Parties that, unless otherwise instructed by you in writing, offers will only be dealt with as stated above. You acknowledge that the above-named Designated Agent has informed you of the pros and cons of these instructions and has advised you to obtain independent legal advice prior to authorizing these instructions.

It’s pretty clear what the seller is instructing their agent to do: Namely, “I don’t want to review any offers until May 13 at 5 p.m.” It doesn’t say in the standard form, “But if I change my mind, I’ll look at an earlier offer.”

Sellers can’t have it both ways. As dad would have said, “You’re either looking at offers on May 13, 2021, or you’re not. You can’t tell everyone what the rules are going to be and then change them after they’ve relied on them. Only governments get to do that. But some of our most creative colleagues are attempting to do just that by changing a perfectly good, straightforward form into a mutated variant, trying to enable someone to have it both ways. And like COVID-19, it’s spreading.

Folks, the MLS® department will not accept an altered DRPO form. If our very capable but sometimes fallible staff (or brokerage staff) don’t notice your mutant form when the listing is being input, I can guarantee you your colleagues will. And they’ll tell us. And then we’ll tell you, “Sorry, but your client can’t have it both ways. It’s either a delayed offer or it isn’t.”

Top tip

Check out BCREA’s new standard form, the Buyer’s Acknowledgement of Information—Recommended Conditions.

The future of transportation, home owner grants, and heritage properties

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Help shape the future of transportation in Metro Vancouver 

TransLink is asking for advice on its 30-year transportation strategy, Transport 2050. Do you want better walking and cycling paths? Better transit? Better roads and bridges? Let TransLink know.

Read more.

Home owner grants are now required to be filed with the province 

All applications for the 2021 home owner grant must now be made through the province, not municipalities. 

Read more.

Heritage fact sheet

If your clients are buying or selling a home that's 60 years in age or older, it may have character merit or be considered heritage no matter what its condition. It might also be in a heritage neighbourhood or on the heritage register.

Read more.

What you need to know about real estate fraud

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Conditions are fertile for real estate scammers these days. It’s a result of the combination of a busy market where emails and information travel quickly, and the COVID-19 pandemic that has forced us to move to a world where more business is done virtually.

Private investigator Denis Gagnon, president of BCSI Investigations, and Steven Wilson, president of the Vancouver chapter of the Association of Certified Fraud Examiners, recently spoke to our members about real estate fraud. Here’s a recap.

Real estate fraud starts with identity theft

Identity theft is how most real estate fraud starts. Scammers can do almost anything if they’re able to convince REALTORS®, bank officials, lawyers, and other professionals that they’re someone else. In the most recent cases of attempted title fraud, the BC Land Title and Survey Authority (LTSA) reported that scanned copies of fraudulent passports were used.

Realtor tip: Even with more interactions taking place virtually, you need to make every effort to ascertain the identity of the clients you’re dealing with. If anything seems shady at any time during your interactions, trust your instincts and seek advice from your broker. You can also use a third-party service to further investigate potential clients.

Risk factors for identity theft

There’s more available and accessible personal information out there than ever before. Scammers use this to their advantage. Potential targets for scammers include people with active social media profiles and people who aren’t cautious about the kind of information they’re sharing in texts, emails, or on websites.

Snowbirds and owners who live abroad also make prime targets as they have a built-in excuse for not being able to meet face-to-face. Another popular scam is using the names of recently deceased persons. Scammers regularly review obituaries for opportunities to steal identities.

Realtor tip: If you have clients who are selling the property of a deceased relative, advise them to start the probate process as soon as possible to ensure the title isn’t exposed to fraud.

Best advice for your clients

The best advice you can share with your clients is to be vigilant about safeguarding their sensitive personal information—especially their mortgage information. Some basic tips include shredding documents, regularly changing passwords, and checking the title every six to 12 months.

Realtor tip: Always recommend your clients get title insurance. This is the best protection against title fraud.

What to do in a worst-case scenario

If your clients are victimized by title fraud, you can help them by:

  • Writing down what happened. Try to sequence a chain of events and establish a paper trail.
  • Reporting the fraud to your local police, the LTSA, and the Canadian Anti-Fraud Centre.
  • Contacting the appropriate financial institutions to inform them of the fraud.

Realtor tip: If you find yourself in this scenario, follow the steps listed above as quickly as possible. Time is of the essence, and acting quickly gives you the best chance of limiting the damage.

More resources

Steven Wilson’s PDF presentation from our event has a lot of useful information and links to other websites and resources to learn more about real estate fraud and fraud prevention.

Our presenters are also happy to hear from you and answer other questions you have. Feel free to contact them:

We've emailed your REBGV April statement - check your inbox or go to REBGV.ca to get it

We moved to a new, modernized customer relationship management system on March 31. Part of this change is a shift to digital invoicing and statements for members who're individually billed for their membership dues.

We’ve directly emailed you a link to access an online portal that contains your statement. This email was sent from accounting@rebgv.org.

Here's an example of what this looks like:

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Accessing your statement through REBGV.ca

You can also access your latest statement any time by going to “My Profile” on REBGV.ca. From this screen, click “My Statements” in the left-hand column, then click “View Statements”.

Paying your statement

The process of making a payment will remain the same. We will collect payment from the debit or credit card we have on file for you on the 15 of the month, or the closest business day to this date if it lands on a weekend or a holiday.

Other News

Review our latest disciplinary decisions

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Stay on top of the work your Board does to uphold and enforce professional standards within the profession and resolve disputes between members.

Our Professional Conduct Committee (PCC) investigates alleged member breaches of the REALTOR® Code and our Rules of Cooperation. Click here to review the PCC’s latest ruling (C20-05).

The Real Estate Council of BC regularly publishes their disciplinary decisions. Click below to review them.

Tim Seo.

Jin Wei Luo.

Land Owner Transparency Registry search now open to the public

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On April 30, the BC Land Title and Survey Authority (LTSA) made the Land Owner Transparency Registry (LOTR) searchable to the public via their myLTSA portal. People can search for owners (individuals and corporations) or by a parcel identifier (PID). Each search will cost $5. Click here for more details.

We expect that the Real Estate Council of BC (Council) will release more information in the coming days that’ll outline any responsibilities or obligations REALTORS® may have relating to the LOTR. We’ll share that information with you as it becomes available.

For background info, watch our February event about the LOTR, featuring real estate lawyer Bijan Ahmadian.

Take our latest quiz and test your knowledge of multiple offers

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We’ve developed a series of quizzes to test your knowledge on all things real estate.

In our latest quiz, we test your knowledge of multiple offer scenarios. Do you know how to give your buyers the best chance of having their offer accepted? Or how to properly prepare your sellers for possible pre-emptive offers?

Take our new quiz to find out!

Test your knowledge

Our new Test Your Knowledge quiz series will help you identify and correct your knowledge gaps in a no-consequence environment.

These 10-question quizzes are completed anonymously, and you’re the only one who’ll see your score. If it’s not a passing score, you’ll see information about a 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! We’ll release new quizzes every two weeks for you to continue to test your knowledge.

If you missed them, try our first quiz on the Homeowner Protection Act, or our second quiz on REALTOR® Safety.

Questions? Email education@rebgv.org.

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:

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The Cambie Corridor Plan and Municipal Town Centre at Oakridge

The Municipal Town Centre at Oakridge is a key focus of the Cambie Corridor Plan, which was approved in 2018. It’ll feature diverse housing options, retail and office space, and the creation of community amenities such as park space, childcare, and social housing.

As this project takes shape, other major project sites like the Oakridge Transit Centre (former TransLink bus barns) and Heather Street lands (former Fairmont Academy) are transforming the area to a more complete, livable and vibrant community.

The City of Vancouver’s Deputy Director of Long-Range and Strategic Planning, Susan Haid, will share the latest updates on this emerging new urban centre.

Register for this event here.


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Vancouver’s post-COVID housing needs with Mayor Kennedy Stewart

Join us for an update from City of Vancouver Mayor Kennedy Stewart on the housing issues and needs Vancouver will face once the COVID-19 pandemic ends.

Mayor Stewart will discuss:

  • How the COVID-19 pandemic has impacted all levels of Vancouver’s housing market, from social housing and shelter to individual home owners.
  • How and why Vancouver needs to rethink how housing is developed and built to match the challenges of post-pandemic recovery.
  • Concrete plans to meet these challenges now and in the future.

Register for this event here.


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Managing your reputation when the media comes calling

Award-winning journalist Renu Bakshi has become one of Canada’s leading authorities on media training and messaging development, crisis communications, and reputation management. 

On Wednesday, May 19, she’ll join REBGV’s Director of Communication Craig Munn for a discussion about how you can proactively manage your reputation and effectively plan for dealing with a crisis situation from the perspective of a REALTOR®. 

Renu will discuss:

  • One harsh reality Realtors need to accept and how to change it. 
  • How to stand out from the crowd in a good way.
  • A new kind of crisis nobody expected.
  • The biggest mistakes she sees professionals make.
  • How to attract the media you want.

Register for this event here.


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Cyber security update for REALTORS®

Get a better understanding of the current cyber threat landscape with pragmatic takeaways for your business from two leading cyber security thought leaders: Dominic Vogel, Founder & Chief Strategist, CyberSC and Michael Castro, Founder & CEO of RiskAware Cyber Security.

Dominic and Michael will discuss the cyber risks facing the real estate sector today, including:

  • How COVID-19 has changed the cyber threat landscape.
  • What specific cyber threats should real estate firms be focusing on?
  • How does cyber insurance work as a risk reduction tool?
  • Pragmatic takeaways you can use in your business.
  • How to respond to a data breach.

We’ll also have a Q&A session for you to ask your most pressing questions.

Register for this event here.


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Strata issues with Tony Gioventu: Restrictive bylaws

We’re bringing the ever popular Tony Gioventu, President of the Condominium Home Owners Association, back for a session on restrictive bylaws for strata properties.

Strata properties are a large segment of our real estate market. Learn about the varied restrictions some strata corporations enforce and how to best advise your clients.

Tony’s presentation will cover:

  • Pet restrictions.
  • Age restrictions.
  • Long- and short-term rentals and everything in between.

Register for this event here.

Common calls to the Help Desk answered

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How do I customize my Market Monitor?

Go to the top-right corner, click “edit widget,” then choose your desired filters (e.g., class, type, area). You can also change which section is displayed by default by editing the “default section.” The general default is “market,” which displays hotsheet-style information about your market area.

You can also adjust the “days back default” section by choosing how many days back you’d like to include. By keeping it at zero, you'll see all of the current day’s entries.

After you’ve made your desired changes, click “save.”

Here’s a guide that shows you how to do this in more detail.

New administrative fee from Fraser Valley Board in effect May 1

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The Fraser Valley Real Estate Board has notified us that they’re charging a $50 penalty for any Fraser Valley area listings that don’t have a title search uploaded to the Associated Documents tab within three days of the listing being posted on Paragon.

They’ll also charge an additional $50 penalty every seven days after that until a Title Search has been uploaded.

This is in effect as of May 1.

Obituary: Susanne Jorgensen

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REALTOR® Susanne Jorgensen passed away in February.

Susanne was born and raised on the Sunshine Coast. She studied nursing and managed a drug store at the Trail Bay Mall before becoming a Realtor in 2005 with RE/MAX Oceanview Realty. She also spent time with Royal LePage Sunshine Coast Realty and Prudential Sussex Realty during her nearly 15 years in the business.

Outside of real estate, Susanne was a dedicated mother of four with a spunky outlook on life and a hearty, boisterous laugh. She was proud of her Danish heritage and kept her family’s holidays full of hygge, akvavit, and some tra-la-la. She was an avid supporter of her local Rotary Club and the Sunshine Dragons Abreast dragon boat paddling club.

She's survived by her children Kaliegh, Stephanie, Jenna, and Kai; grandson Knox; sister Kirsten and brother Per. In lieu of flowers, please consider donating to the Ruby Slipper Fund, The Rotary Foundation Annual Fund, or the Sunshine Coast Hospice Society.

Stay up to speed – follow REBGV on Instagram, Facebook, Twitter, YouTube, and LinkedIn

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If you’re looking for the latest real estate news, market stats or infographics to share with clients, follow our social media accounts! REBGV has a presence on most major social media sites.

In a world where information flows faster than ever, following our social media accounts is a great way to stay current on real estate.

Follow us today on:

REBGV members-only Facebook group

We also host a members-only Facebook group where you can connect and engage with more than 3,100 other REBGV REALTORS®. Here you’ll find the latest media coverage on the market, new resources, practice tips and details about our upcoming events.

Click here to join today!

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