Featured News
Less than three months until WEBForms changes permanently
If you’ve been putting off learning CREA’s new WEBForms in favour of using the old system, be aware that the old system will go away permanently at the end of December.
At that point, you’ll only be able to use their WEBForms.
We strongly recommend using our considerable resources to familiarize yourself with the new WEBForms as soon as possible.
Take our WEBForms course
We’ve developed a new, in-person course to help you learn the new WEBForms. All members can take the course one time at no additional cost to you.
The course will show you how to create transactions, build and manage a personal clause library, and access the most up-to-date forms and contracts.
Seats are available for course dates later in October and November – click here to register for a date and time that works for you.
Please note that this course will build your understanding of the new platform. It won't cover the transition from the old WEBForms to CREA’s new WEBForms. Learn more about our transitional resources below.
New WEBForms webinars available now
We’ve developed three new webinars to help you transition to the new CREA WEBForms. They are:
Creating a transaction
Adding clauses to a form
Creating a template
Our first webinar showed you how to migrate your transaction kits:
Other resources
Our Transition Guide has everything you need to translate your workflow from the old WEBForms to the new system. We’ve received positive feedback on the guide from members – click here for your copy.
CREA’s resource page has more information, guides, and how-to videos to help you learn how to use the new system. Click here to access these resources.
Reporting issues
Since the launch of the new WEBForms, members have identified bugs and other issues with the new system.
While this is a CREA initiative, our focus is on getting you the information and resources you need to minimize the impact of this change. We’re documenting every bug and issue you send us and sharing that feedback with both CREA and Lone Wolf, the company that created the new WEBForms.
Please continue to report issues you encounter to both CREA (support@crea.ca) and our Help Desk (support@rebgv.org). You can also call our Help Desk with other WEBForms questions at 604-730-3020.
Remember, the old version of WEBForms will not be available after the end of December. Please take the time to learn and get comfortable with CREA WEBForms as soon as possible.
Board of Directors candidate nominations due November 15
We’re looking for qualified candidates to run in the 2020 REBGV Board of Directors election.
Great directors have skill, experience, and dedication. They focus on strategic direction, performance monitoring, financial performance, risk management, and succession planning.
If you think you have what it takes to make a difference in your profession, we want to hear from you.
To learn more about being a director and how our nomination process works, read our brochure on becoming a director. For a copy of the nomination package, email us at becomeadirector@rebgv.org.
The deadline to submit a nomination is Friday, November 15, 2019.
Here’s a summary of the skills and experience that help make a great director:
- Leadership – experience managing a commercial or not-for-profit entity.
- Board experience – experience on a corporate or not-for-profit board.
- Business acumen – experience operating a business.
- Information technology – an understanding of how technology applies to business processes.
- Accounting and finance – accounting designation or experience as a financial officer.
- Human resources – experience with staff recruitment, succession planning, and compensation.
- Legal – a law degree or experience managing legal issues of a complex commercial nature.
- Marketing – experience leading marketing or customer service initiatives.
- Regulatory – knowledge of the issues associated with a commercial entity regulated by statute.
President's message: Attend our breakfast meetings in October
Our fall member breakfast meetings are a month away.
These annual sessions allow your Board of Directors to engage with you on issues and strategic considerations.
You’ll have the opportunity to ask questions, share your opinions, and spend a morning with your colleagues in real estate.
One question for us this year is how to evolve REBGV’s funding model to meet your future needs.
As leaders, we must ensure our Board always has long-term financial stability in order to serve REALTORS’® and Brokers’ ever-changing needs. As such, we want to discuss with you how to evolve our funding model so that we can keep investing in the future, a future where Realtors thrive in the face of rapid technological change.
This year’s meetings will also cover the changes to PDP and WEBForms coming January 1. It’s important that all members are aware of these changes. We have considerable resources to help you prepare.
At last year’s meetings we walked you through the creative strategy behind our REALTOR® advertising campaign.
The campaign has been prominent on TV, radio, bus backs, and the web now for a year.
We’re measuring the impact that the campaign is having on the pubic. We’ll share our latest findings at the meetings. You can also watch for articles on this research over the next few weeks.
I hope to see you at one of this year’s meetings.
We’re hosting four sessions around the region in October.
Here’s the schedule:
- Friday October 18 — Fairmont Waterfront, Vancouver
- Wednesday, October 23 — Seymour Golf Club, North Vancouver
- Monday, October 28 — Sandman Signature Airport Hotel, Richmond
- Thursday, October 251 — Executive Plaza Hotel, Coquitlam
There’s no cost to attend, but please register by contacting Member Services at 604-730-3090 or memberservices@rebgv.org.
The Ethics Guy®: My favourite public/REALTOR® remark bloopers
This week, I decided to lighten things up and focus on the sometimes unusual comments and remarks members write for their listings. I’ve combined some of these member comments and remarks into one long story for your entertainment.
Here’s the story.
Apparently, there’s a “character home in prime Dumber,” suitable for a “simple family.” Things might be a bit cramped though, because the house is on a 4-foot x 118-foot lot. But never mind, the house boasts “eight or nine bedrooms and two suites,” and “rentals and pests are okay.” There’s a “huge claw space in the basement” and “the family room has a retro chick.” The “master bed has a walkin closet and unsuite, comfortably fitting a King and, of course, a Queen.” It has “floor to window ceilings,” “stainless steal appliances,” and a “guess room.” The kitchen features “granite countertops in the butler’s panty.” Its “open kitchen concept brings you close to your guest for an intimate evening—[with] more details to come.” There’s also a “9-inch ceiling on the main.” The listing REALTOR® says the “neighbours are quiet,” apparently, because the property “backs onto a graveyard,” which is interesting, because the data input form says, “Estate Sale—Property Disclosure N,” with the comment, “owner lives in unit.” Also mentioned is, “our neighbor is for sale as well, so consider putting us together.” That should make things interesting.
We hope the area isn’t too aromatic because the “house is surrounded by manure irrigated landscaping.” Good to know this property “ISN’T a grown-up house,” because it has a “beautiful stoned driveway.” What a relief. It’s also “closed to shopping and transit.” But, no worries, there is a “rarely available strip centre for world-class hopping” nearby. That should interest some buyers because “the property is tenanted with a mid-sized God.” The other suite is rented for “$800 a month to a very long tenant.” Under “fixtures to be removed,” the seller’s Realtor has input “tenant,” so notice shouldn’t be an issue. Be careful: did we mention “to watch for the cats,” and that the “square footage includes the bolony.” And, from that bolony, you can “view the Universe, False Creek, the city lights, and Yeletown from every window.” Other features include “two bedrooms divorced for privacy,” with a “separation of bedrooms and living areas—perfect for a couple.” There’s also a “vanishing TV in the vanity,” and a “tilted bathroom floor.”
You can “show [the property] with pride to the fuzziest buyer” because it’s been “renovated for the fuzziest of buyers.” But “no showings from 12:30 p.m. to 3:30 p.m., Monday to Friday to allow for Kid Nap time.” And, make sure you “don’t disturb the guinea pigs and remember the seller’s Realtor says “PLEASE TOUCHBASE to Book your Appointments. I have a very poor memory and am not supposed to use my phone while driving. I need to know you are a bona fide Realtor, first names don't do it for me. Let's use the technology to make our lives easier, reduce stress and live longer.” The listing goes on to say, “Please do not irritate occupants without an appointment.” Which may be difficult, because the tenant is “a miserable old so-and-so—please give as much notice as you can.”
Buyers should act now because this deal is too good to miss. The property contains “70 to 80 students.” If that incentive isn’t enough to sell the place, there’s a “$3,000 bones.”
Now, to give the benefit of the doubt to those members who contributed to this story, we recognize that auto-correct, fatigue, and unfamiliarity with spell-check may have played a role in some of these bloopers. That’s a lesson for all of us; it’s always a good idea to print your listing when it goes live, just to make sure everything you’ve said is as intended.
Federal election candidates' meetings, affordable housing solutions, and the First-Time Home Buyer Incentive
The federal election is October 21. We're partnering with boards of trade and chambers of commerce throughout the region to host candidates’ meetings over the next month.
REALTORS® running in the cfederal election
Are you running for office? Do you know a member who is? Here’s what to do.
Solutions to creating more market and rental homes
The lack of available, affordable market and rental housing makes it difficult to attract and retain new workers. The Vancouver Board of Trade has recommendations to the federal government on how to solve this issue.
CMHC now accepting applications for the First-time Home Buyer Incentive
Canada Mortgage and Housing (CMHC) is accepting applications for the new federal $1.25 billion First-Time Home Buyer Incentive. Funds are available on a first-come, first-served basis.
New discipline decisions available
The BC Real Estate Association (BCREA), along with real estate boards around the province, are changing the framework of the professional development program (PDP) effective on January 1, 2020.
To help you understand these changes, we’ve developed this FAQ.
What’s changing?
Under the new framework, you’ll be required to complete 18 professional development hours in your two-year licensing cycle rather than 18 PDP credits.
You’ll complete 12 of these hours through PDP-accredited courses. The remaining six hours will be accumulated through either additional PDP-accredited courses or through ‘self-directed’ development hours.
What's self-directed learning?
Self-directed learning is intended to give you more flexibility and choice in your professional education. It’s used in other professions.
Some self-directed learning possibilities could include in-brokerage learning, conferences or professional learning outside of real estate. This means you'll be able to get credit for some of the learning you already do.
What about Legal Update and other courses I need to re-license?
Education needed to re-license with the Real Estate Council of BC (RECBC), such as Legal Update, will no longer be PDP accredited under this model. This is due, in large part, to RECBC’s recent moves to separate its relicensing education program (REP) from PDP.
Council will likely continue to require you to take Legal Update as well as other courses per cycle.
If I’m in the middle of my licensing cycle on January 1, 2020, what will happen to my credits?
To help ensure a smooth transition, any PDP credits you’ve earned as of December 31, 2019, will be directly converted to accredited hours under the new framework.
How can I learn more about these changes?
BCREA hosted the webinar below to go over these changes in more detail.
BCREA has also created a PDP transition website where you can learn more about the coming changes.
If you have questions, email us at education@rebgv.org.
We’ll communicate more about the changing PDP model in the weeks and months ahead.
Other News
Take our professionalism survey today!
Your Board wants to know more about how you work and the issues you face.
What can be improved? Help us strengthen professionalism within the REALTOR® profession.
Click here to take our survey. It should take approximately 10-15 minutes to complete.
Everyone who completes the survey can enter a draw for one of 10 Cactus Club gift cards or 20 Starbucks gift cards.
Thanks for your input!
New and proposed amendments to Board regulations
Please be aware of one new amendment and one proposed new amendment to Board regulations.
New amendment
The Board’s new Regulation 6.9 – Prohibition On Accepting Cash Deposits, was adopted by the Directors on September 5, 2019 and is now in effect, as follows:
6.9 PROHIBITION ON ACCEPTING CASH DEPOSITS
1. Definition
“Cash” means legal tender of Canada or another jurisdiction (i.e. bills and coins) and does not include cheques, electronic fund transfers or money orders.
2. Cash Deposits – General Prohibition
Except in the specific circumstances set out in sub-section 3, a brokerage must not accept a deposit of any amount from or on behalf of any party to a real estate trading services transaction, excluding deposits paid in respect of the rental or leasing of real estate, if the deposit (or any portion thereof) is paid in cash.
3. Cash Deposits – Exception
Notwithstanding the foregoing, a brokerage located in a community without a financial institution may accept deposits paid in cash up to $7,500.
4. FINTRAC Compliance
Every brokerage and each REALTOR® is responsible to be aware of, and ensure full compliance with applicable obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations, in accordance with guidelines provided by FINTRAC.”
The amended Regulation is now online as part of the updated REBGV Member Manual (revised September 2019).
Proposed new amendment
The Board of Directors proposes to amend Regulation 1.3 – Membership, Educational Requirements (Professional Development Program), to codify changes to reflect the new PDP accreditation model in effect January 1, 2020. These amendments reflect the changes from “PDP credits” to “PDP hours” and the fact that the course categories of “A, B & C” are being replaced with the categories of “Accredited” and “Self-Directed” hours.
You can view the proposed new amendment here.
This new model is intended to give REALTORS® more choice and flexibility in their professional development. The new regulations also reflect the separation of the regulator’s Re-licensing Education Program (REP) from PDP. After January 1, 2020, mandatory REP courses will no longer be accredited in the Professional Development Program.
The Board of Directors will vote to adopt the amended Regulation in October. If you have comments or questions regarding the proposed Regulation, email Francesca Buono at fbuono@rebgv.org or call 604-730-3095 by October 2.
Changes to Medallion Club policies
Effective October 1, 2019, changes will be made to the Medallion Club Policies.
Highlights include:
- Added information around the formation of Medallion Club teams,
- Changing the sales reporting deadline of the Medallion Club year to December 31 rather than the board’s last working day of the year, and
- Clarity on advertising as a Medallion Club qualifier.
All changes can be viewed here.
If you have questions, please email medallionclub@rebgv.org.
REBGV issues joint recommendations to government
Your Board partnered with real estate boards across Canada to issue the below recommendations to governments ahead of the October 21 federal election. We sent the following message to our media contacts on September 12:
REALTORS® across Canada urge governments to reduce costs and remove barriers to home ownership
REALTOR® associations from Canada’s largest real estate markets are calling on all levels of government to take meaningful action to make home ownership more accessible to people across the country.
With the federal election on October 21, the Toronto, Calgary and Vancouver real estate boards, together with the Quebec Professional Association of Real Estate Brokers, the REALTORS® Association of Edmonton and the Nova Scotia Association of REALTORS® are urging the federal political parties to commit to policies that will help remove barriers and reduce the cost of home ownership.
These organizations are asking the federal political parties to adopt the following housing affordability recommendations:
- Revise the Office of the Superintendent of Financial Institutions’ (OSFI) mortgage stress test to take into account its impact on different real estate markets across the country. The federal government should view the stress test as a flexible policy and adjust it based on changing economic trends and interest rates.
- Replace the $750 First-Time Home Buyers Tax Credit with a $2,500 non-refundable tax credit for first-time home buyers.
- Reintroduce 30-year mortgage amortizations.
- Consider regional differences when implementing nation-wide measures that affect home buyers.
With housing affordability and supply a top-of-mind issue for Canadians, REALTORS® across the country want to work with federal, provincial and municipal governments to increase home ownership in Canada. There is too much regulation, at all levels of government, focused on curbing demand and providing “one-size-fits-all” solutions that do not take local market conditions into account.
“With increasing pent-up demand and accelerated price growth, recent policies focused on demand such as the mortgage stress test have made home ownership less attainable. Affordability pressures need to be addressed by restoring a 30-year allowable amortization period on mortgages,” said Michael Collins, President of the Toronto Real Estate Board (TREB). “We need concrete results in the Greater Toronto Area to address the lack of supply by reducing red tape for building, relaxing zoning to expand mid-density (e.g., townhomes) housing, facilitating more transit-oriented development, accelerating infrastructure improvements and lightening the taxation burden facing home buyers. The Ontario government and the City of Toronto are working on solutions to bring more supply on-line, but specific milestones should be set,” added John DiMichele, Chief Executive Officer of TREB.
“We believe in responsible lending and regulation, but there’s a balance. The stress test is causing more harm to hopeful home buyers than it needs to. It’s hurting affordability and stifling people’s ability to meet their housing needs,” Ashley Smith, President of the Real Estate Board of Greater Vancouver said.
“No two real estate markets are the same. The one-size-fits-all housing policies, like the mortgage stress test, are simply not solutions that will work across our diverse country. In Nova Scotia, transactions through the NSAR MLS® System generated an estimated $513 million in spin-off spending last year. This economic impact is recognized by all levels of government, who we encourage to continue working with REALTORS® to ensure that policies encourage growth in our market and make home ownership more affordable and accessible,” said Matt Honsberger, President, Nova Scotia Association of REALTORS®.
“Quebec’s home ownership rate continues to lag, according to the 2016 Census, as it stands at 61 per cent in Quebec compared to more than 70 per cent in Canada’s other provinces,” said Julie Saucier, President and Chief Executive Officer of the Quebec Professional Association of Real Estate Brokers (QPAREB). “We believe that there needs to be better support offered to buyers of residential properties, particularly first-time buyers. We also support the implementation and maintenance of home renovation tax credit programs to encourage the purchase of properties requiring upgrades, a refund of transfer duties for first-time buyers, and the introduction of mortgage rules that are adapted to regional and provincial differences,” she added.
“The time has come for Canada to have a clearly articulated housing strategy that brings all government agencies onto the same page. We are supportive of initiatives that facilitate Canadians in achieving their dream of home ownership. Leadership in government is needed to bring an end to adhoc policy changes that makes tough economic conditions harder in some markets or introduce measures too late,” said Alan Tennant, Chief Executive Officer, Calgary Real Estate Board.
“Home ownership is a key component of the national economic fabric and its role in creating economic diversity cannot be overlooked. To help Canadians, the real estate market must have liquidity, but the federal government’s anti-homeownership policies have made it difficult for millennials to purchase their first home, difficult for families to upsize or downsize as their needs change and difficult for seniors to exit the market. For example, the mortgage stress test, implemented as national policy with total disregard for regional differences, has had a significant downward impact on the price point at which buyers can qualify and purchase. This has lowered prices and stolen equity from homeowners. Home equity is a substantial asset for many Canadians, and this equity will not be easily or quickly rebuilt,” said Michael Brodrick, Chair, REALTORS® Association of Edmonton.
Quick facts:
- The combined real estate boards and associations represent 92,000 REALTORS® across the country, 70 per cent of REALTORS® across Canada.
- Between 2014 and 2016, on average, there were 504,538 home sales processed annually through Canadian MLS® Systems.
- Ancillary (spin-off) spending for these transactions is estimated to total over $31 billion per year across Canada – a significant contribution to the Canadian economy.
- The First Time Home Buyers Tax Credit is a $750 non-refundable tax credit for first time home buyers
Ladner MLS® Tour discontinued, agent's opens still on Wednesdays
There's no longer an MLS® Tour in the Ladner area, but agents' opens will still occur on Wednesdays from 10 am until 11:30 am.
If you'd like your listing on the agents' open, enter this information on your listing in Paragon. If members are interested in meeting prior to the agents' open, meet at Speed's Pub between 9 am and 9:45 am.
If you have questions, email James Lindow at jlindow@rebgv.org.
Fun ways to support REALTORS Care®
REALTORS Care® 2020 calendar – gift for clients
The REALTORS Care® 2020 calendar is on sale now! Our new calendar is full of vivid images from across the region.
Your name will be top-of-mind with this year-long gift! Order your calendars today!
For every calendar sold, 10 cents goes to our REALTORS Care® Shelter Drive.
To order, call 1-888-983-5366 or email sales@teldon.com.
Get your Home Show tickets!
Send your clients to the Vancouver Fall Home Show October 24-27! Our discounted tickets are $12 (value $16), and you pay only for the tickets your clients use.
For every ticket sold through us, $3 goes to our REALTORS Care® Shelter Drive.
Order your tickets online by 5 p.m., Friday, October 11, or while supplies last!
Commercial real estate sales down from last yearís pace
Sales activity in the Lower Mainland's commercial real estate market declined in the second quarter (Q2) of 2019 compared to the more active market experienced in the region last year.
There were 407 commercial real estate sales in the Lower Mainland in Q2 2019, a 32.6 per cent decrease over the 604 sales in Q2 2018, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).
The total dollar value of commercial real estate sales in the Lower Mainland was $1.463 billion in Q2 2019, a 65.6 per cent decrease from the $4.253 billion in Q2 2018.
"The reduced activity in the commercial market has largely mirrored what we saw in the residential market through the first half of 2019," Ashley Smith, REBGV president said. "Residential demand did pick up in the summer months. How this change will affect the commercial market remains to be seen."
Q2 2019 activity by category
Land: There were 103 commercial land sales in Q2 2019, which is a 54.8 per cent decrease from the 228 land sales in Q2 2018. The dollar value of land sales was $738 million in Q2 2019, a 69.1 per cent decrease from $2.388 billion in Q2 2018.
Office and Retail: There were 179 office and retail sales in the Lower Mainland in Q2 2019, which is down 12.3 per cent from the 204 sales in Q2 2018. The dollar value of office and retail sales was $367 million in Q2 2019, a 57.8 per cent decrease from $870 million in Q2 2018.
Industrial: There were 112 industrial land sales in the Lower Mainland in Q2 2019, which is down 15.8 per cent from the 133 sales in Q2 2018. The dollar value of industrial sales was $206 million in Q2 2019, a 49.9 per cent decrease from $412 million in Q2 2018.
Multi-Family: There were 13 multi-family land sales in the Lower Mainland in Q2 2019, which is down 66.7 per cent over the 39 sales in Q2 2018. The dollar value of multi-family sales was $152 million in Q2 2019, a 73.9 per cent decrease from $583 million in Q2 2018.
Download the full stats package here.