REBGV launches new quarterly housing market analysis

Board Economist Keith Stewart released a new quarterly analysis that uses MLS® housing market data and other fundamental economic measures to analyze and explain the latest trends in the region’s housing market.

We recently released this report to media contacts. Click here to read it.

Share this report with your clients and on your websites and social media networks.

Here are some of the report’s highlights:

• Metro Vancouver’s job market continues to recover, but the recovery will be slower going forward.
• Job vacancies remain elevated in the Lower Mainland compared to the country’s other major centres and a large increase in housing supply will be needed to close the gap.
• Home sales and new listings have plateaued after reaching record peaks in March 2021.
• Home sale inventory (active listings) is back to lows not seen since 2016.
• New home construction has held up through the pandemic, with notable gains made in purpose-built rental units.
• Heading into the fourth quarter of 2021, expect new listings and sales in Metro Vancouver to remain near long-term averages (which will be lower than last fall) and watch for the total supply of homes for sale (active listings) to increase slowly through September and October.

Watch for more economic reports soon

Keith is working on other economic reports that’ll be available soon to help you assess the state of the market. Keep a lookout for:

• A new jobs report that looks at how the unemployment rate and other labour market measures affect our market; and
• A new report on housing supply trends that'll assess the levels of new homes and construction in the region.

We’ll share these reports with you when they’re ready.

Keith’s always looking to connect with members to learn what you’re interested in and what analysis would be helpful for you. Send Keith your thoughts and questions at kstewart@rebgv.org.

Sellers may request proof of vaccination for home showings

On September 13, the province implemented a vaccine passport program that requires people to show proof of vaccination to access certain social and recreational events and businesses in BC.

This health order didn’t include guidance for people entering a home for business purposes (i.e., a showing or open house).

To help clarify your options, the Canadian Real Estate Association’s (CREA) legal team has reviewed the vaccine programs rolling out across the country.

They advise that sellers can require potential buyers to provide proof of vaccination at in-person showings if their REALTOR® also provides reasonable alternatives to in-person showings like virtual showings.

“It is reasonable for the seller to request proof of vaccination, as it is to require the use of masks, social distancing and other measures as per advice from local and provincial health authorities,” says CREA’s legal team.

Given this opinion, we strongly recommend that any request to limit a showing or open house to vaccinated attendees only come from a client. Realtors should not make this request on their own.

Documenting your seller's request

If you’re representing a seller who wishes to implement a proof of vaccine requirement at in-person showings, we further recommend getting that instruction in writing and including it in the Schedule A on the listing.

Some members have asked why the Board doesn’t mandate proof of vaccinations at in-person showings. The legal advice we’ve received to date warns against such an approach.

“There may be privacy, human rights and competition law issues if a Realtor or Board/Association institutes a business practice that prohibits in-person showings from those who are not fully vaccinated unless directed to do so by provincial or federal authorities. For this reason, there is a risk of a lawsuit or complaint being made,” says CREA’s legal counsel.

We’ve also reached out to the BC Financial Services Authority, BC’s real estate regulator, for more information on how BC’s vaccine passport program relates to your work. We’ll share more information as it becomes available.

Practicing real estate safely

The fight against COVID-19 remains a fluid and challenging situation in our province.

We encourage you to stay engaged, follow the latest instructions and guidance and to work with your clients to accommodate their unique needs and requirements in this pandemic.

For more information on this topic, read:

• Guidelines for showings 
• Guidelines for offices and Managing Brokers 
• WorkSafeBC Real Estate Guidelines

New video: Board Development Committee Chair discusses plans for next year’s Board of Directors election

The Board Development Committee (BDC) met September 8 to continue their year-round effort of bringing the best selection of candidates for the 2022 Board of Directors election.

Watch this update from committee chair Jack Bernard.

The search for great leaders - understanding the BDC's role

The REBGV Board of Directors annually appoints a BDC to guide the process of identifying potential new board members.

Over the years, the committee has developed a rigorous process to identify candidates, which includes recommending candidates in the REBGV elections. Members who are recommended are vetted by a group of your peers and are assessed for their character, commitment, and competence to participate in leadership of a professional association of over 14,000 members.

In a year-long effort, committee members:

• Search for appropriate candidates to stand for election for the REBGV, BC Real Estate Association, Canadian Real Estate Association, Real Estate Council of BC, Real Estate Errors & Omissions Insurance Corporation, Real Estate Compensation Fund Corporation, and Real Estate Foundation of BC.
• Review the REBGV Board of Directors skills matrix and meet with REBGV’s chair, chair-elect, and vice-chair to better understand the competencies needed at the table.
• Review a list of potential candidates, including members who have expressed an interest in serving on the Board of Directors, and add new names to the list as more members are identified as potential leaders.
• Seek to identify director candidates for not only the coming year but also for following years (in the case of individuals who may, for one reason or another, not be ready now but may be in the future).
• Seek to develop leaders to ensure there are qualified candidates for all director positions.
• Contact potential candidates to assess their interest in running in the upcoming election and provide them with information to help them make a decision.
• Provide an opportunity for candidates to access more information about the election process and what’s required of directors (i.e., hold a candidates’ information session).
• Review candidates’ nomination packages, including nomination forms, bios, resumes, and declarations of consent to abide by an election code of conduct.
• Interview all candidates who have completed nomination packages.
• Develop a short list of candidates who may receive a recommendation from the committee for meeting the necessary criteria (i.e., demonstrating they have the needed competencies; identifying whether they are committed to the organization’s best interest; confirming they have time to participate; and demonstrating important traits and values such as integrity, patience, ability to collaborate, humility, courage, accountability and other virtues typical of leaders).
• Conduct reference checks of candidates who have been short-listed.
• Determine which of the short-listed candidates will receive a recommendation.
• Contact candidates to tell them whether they have received a recommendation.
• Contact the Board’s president to report which candidates received a recommendation.
• Participate year-round in committee discussions focused on continuously improving this process.

The BDC is a group of dedicated volunteer members who give their time to ensure REBGV actively searches for leaders who are willing and capable of serving as directors in the interest of all members.

For more information on the BDC, click here.

Read this article to from the Ivey Business Journal that goes into more detail on what makes a good leader.

To be or not to be

Or, perhaps, “To be or not to be [there]” is more apt, since today we’re looking at the REALTOR® Code Article 10 and Rules of Cooperation Rule 6.02 with a side-order of buyer risk management.

A recent online member discussion on whether a buyer agent should be involved in the home inspector’s debrief of buyers prompted this column, which tackles another “should” versus “must” conversation, addressing the questions: Is it legal? Is it a good idea? Is there a rule?

Rule 6.02 and REALTOR® Code Article 10 say:

6.02 Appointments

(a) Appointments by Cooperating Brokerages to inspect or show property may not be made directly with the seller unless otherwise specified on the data input form and published listing information; and

(b) Cooperating Brokerages must ensure that the buyer(s) is accompanied and supervised by a licensee throughout the appointment.

10. Outside Professional Advice

Article 10 is telling us we mustn’t stand in the way of our clients getting specialized advice that we are not able (or qualified) to give.

Giving advice outside our expertise has never been a great idea because we’re accountable for what we say. But, being salespeople, some of us can’t resist filling in pauses in conversations with the sound of our voices, often to fill dead air with our notion of whatever the answer to our client’s question is.

Discipline is always better. Say as little as possible and always suggest that the needed information be clarified with an expert. Consistent with Article 10, buried somewhere in our regulator’s crypt of rules, there’s an expectation that we mustn’t ever steer our clients away from getting the advice they need to make a decision. So, stick to what you know, directing the client to someone who knows what you don’t, and then document what you’ve done.

Which brings us to the home inspection and debrief.

First, who has to be at the inspection appointment? Under Rule 6.02, someone with a real estate licence must be there, supervising the buyer and inspector throughout the appointment. But the rule doesn’t specify who. It could be the seller’s agent. It could be the buyer’s agent. It could be a licensed assistant of either. Or, it could be some other licensed designate. For example, you might find yourself asking a colleague, “Fred, can you help me out? I have a pressing tee time and the inspection is going to get in the way. Would you do me a favour and go over there, please?”

Once the inspection is complete and the property has been secured and locked, the home inspector will meet with the buyers to review what’s been found. Must we be at that meeting? Should we be there? Should we not be there?

I’m not aware of a Board or regulator rule requiring us to be at that meeting. So that answers the question of “must,” but should we be there? I think so, but there’s room for debate on this.

In these polarized times, it can sometimes be difficult to remember that it’s okay to have varying opinions. I mean, the buyers know and hopefully value your opinion. And, very likely, you know a heck of a lot more about properties and the whole process than they do. So why not give them their money’s worth and tell them what you think?

That’s what agents do: they advise and clients decide. There’s a risk though, but it’s an acceptable one, in my opinion. It’s possible if you weigh in on some property issue that’s been found in the inspection, you could be accused of having an unseemly amount of influence on the buyers, perhaps causing them to say yes instead of no. While this is possible, I think the risk of undue influence is low, knowing that most buyers aren’t robots blindly doing what they’ve been told. I’ve not met too many passive buyers. It’s a rare one who doesn’t have an opinion. And I think they want and expect to hear what you think so they can then form their own opinion.

But what if the risk manifests itself in the form of a lawsuit in which the buyers claim you hovered too close by, affecting the conversations they were having with the home inspector?

With all due respect to our friends in the legal profession, my response is, “You could also get run over crossing the street, as they say.” If you act reasonably, give calm input and a professional opinion, I think you’re in a good position to defend yourself (with the help of our fine errors and omissions insurance lawyers).

No one, including judges, expects perfection. You can’t eliminate risk so just do your best. Stand up for your clients and help them. But don’t pressure them or give them advice or information you’re not confident about. Let the experts weigh in with that information.

Paragon Connect enhancements you should know about

More control over photos

Did you know that Paragon Connect’s latest enhancements give you more control over your listing’s photos?

If you have more than one photo with your listing, you can now reorder them with the swipe of a finger on your smartphone. You can also select a primary photo by dragging it into the primary photo slot.

New splash screen

Paragon is updating the splash screen to more explicitly guide users on mobile devices to Paragon Connect.

There will still be a link on the landing page to Paragon Desktop if you'd rather use the desktop version.

Learn more about Paragon Connect

Our Paragon Connect resources will help you get going! Check out our Paragon Connect Quick Start Guide for everything you need to get started. You can also watch our video guide below:

Questions? Call the Help Desk at 604-730-3020 or email support@rebgv.org.

Everything you need to know about Paragon’s September 21 commercial updates

On September 21, you’ll be able to access new and updated commercial reports on Paragon.

These new reports are the result of changes to Paragon Commercial and the commercial Data Input Form (DIF) as requested by commercial members of the REBGV and the Fraser Valley, BC Northern, and Chilliwack and District real estate boards. 

Take a look at the rundown of changes you’ll find on the updated commercial DIF and Commercial Paragon system.

Lease listings

Lease listings are receiving several updates, including:

• replacing the Lease Rate Sq Ft per annum field with options that match the Authority to Lease contract (Gross Rent or Basic Rent per Annum per Sq Ft, per Month or per Annum);
• replacing three options from Lease Type (Gross Escalating, Net Escalating, and Other) with two (Gross or Net); and
• replacing Lease Operating Cost Sq Ft with two options: Additional Rent per Annum per Sq Ft and/or Additional Rent per Month.

Updated DIFs mean updated reports

All the commercial reports you use are changing. The new reports:

• are redesigned and reorganized to clearly display the information; and
• divide the information into sections, such as measurements, lease details, general building data, and property data.

We’ve also combined the Business and Business with Property reports into one and removed some reports that are no longer relevant or rarely used.

Remember to update your saved searches

Some existing commercial reports will see significant adjustments based on these changes. To help, we recommend you update your saved searches when the new commercial DIF is released on September 20.

Questions? Contact Tammy Dunn at tdunn@rebgv.org or 604-730-3033.