REBGV launches professionalism podcast. Listen to Standards Matter today!

We’ve created a professionalism podcast called Standards Matter that’s now available to you on all major podcast platforms, including Apple Podcasts, Google Podcasts, and Spotify.

In this new series, we use past professional conduct and arbitration rulings as case studies to help members better understand and navigate the rules, standards and ethical behaviors that REALTORS® are expected to meet today.

Our host also brings in legal and professional standards experts to discuss the compliance or ethical issues that were at play in each case. (Note: We remove the names and identifying information of the people involved in the cases that we feature.)

The Best Intentions

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.

Listen to it below:

“We’re using the podcast medium to engage, inform and hopefully entertain you in a conversation about professionalism in real estate,” says Brad Scott, REBGV CEO. “We hope you tune in to each episode and submit your questions and comments about the issues or challenges that you feel are impacting Realtor professionalism today.”

If you like what you hear, you can subscribe and rate us on your preferred podcast platform. We plan to release new episodes every two months.

Questions for Standards Matter?

Do you have a question or comment you’d like our experts to answer on the podcast? We’d love to hear from you! Reach out to us on our member Facebook group or email us at standardsmatter@rebgv.org.

If you send us a question or a comment before November 30, you’ll be entered into a draw for an iPad!

We’ll email you new episodes as we create them.

BCFSA is developing a new process for disciplinary hearings

The BC Financial Services Authority (BCFSA) announced recently that it's developing a new disciplinary process for hearings. When implemented, disciplinary hearings for real estate licensees in the province will be heard by a single hearing officer instead of a panel, as it was under Council.

Aside from this shift in the hearing process, we understand that the rest of the disciplinary process will remain as it is now, where BCFSA can issue letters of advisement, impose administrative penalties, issue fines, and/or suspend or cancel licenses.

We'll share additional information on this change as it becomes available.

Attend our event with BCFSA CEO September 22

To help you learn more about BC’s new real estate regulator, we’ll host a free member event featuring BCFSA CEO Blair Morrison on Wednesday, September 22. Watch for more event and registration details in the weeks ahead – stay tuned! 

BCSFA resources

• BCFSA’s searchable knowledge base, a hub for real estate information and the latest news and developments.
• BCFSA’s education and licensing requirements, including registration for their required courses.
• BCFSA’s latest disciplinary decisions, including consent orders and suspensions. 
• BCFSA’s managing broker resources, including regulatory information, fact sheets, training tools, and FAQs. 

Summer sees home listing supply decline across Metro Vancouver

While home buyers have remained active in Metro Vancouver* throughout the summer, the supply of homes for sale has declined steadily since June.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,152 in August 2021, a 3.4 per cent increase from the 3,047 sales recorded in August 2020, and a 5.2 per cent decrease from the 3,326 homes sold in July 2021.

Last month’s sales were 20.4 per cent above the 10-year August sales average.

“August was busier than expected, and listings activity isn’t keeping up with the pace of demand. This is leaving the market under supplied.” said Keith Stewart, REBGV economist.

There were 4,032 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2021. This represents a 30.6 per cent decrease compared to the 5,813 homes listed in August 2020 and a 7.9 per cent decrease compared to July 2021 when 4,377 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,005, a 29.7 per cent decrease compared to August 2020 (12,803) and an 8.6 per cent decrease compared to July 2021 (9,850).

“Housing supply is the biggest factor impacting the market right now. To help relieve pressure on prices and improve peoples’ home buying options, the market needs a more abundant supply of homes for sale.” Stewart said. “Housing affordability has been a key issue in the federal election. We encourage the political parties to focus on policy solutions that will help streamline the creation of more diverse housing options for hopeful home buyers today and into the future.”

For all property types, the sales-to-active listings ratio for August 2021 is 35 per cent. By property type, the ratio is 25.3 per cent for detached homes, 51.8 per cent for townhomes, and 39.2 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.

“When assessing the market, it’s important to understand that while year-over-year price increases have reached double digits, most of the increases happened three or more months ago,” Stewart said. “To better understand the latest home price trends in your preferred location and home type, talk with your local REALTOR®.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,176,600. This represents a 13.2 per cent increase over August 2020 and a 0.1 per cent increase compared to July 2021.

Sales of detached homes in August 2021 reached 945, a 13.7 per cent decrease from the 1,095 detached sales recorded in August 2020. The benchmark price for a detached home is $1,807,100. This represents a 20.4 per cent increase from August 2020 and a 0.3 per cent increase compared to July 2021.

Sales of apartment homes reached 1,631 in August 2021, a 22.4 per cent increase compared to the 1,332 sales in August 2020. The benchmark price of an apartment property is $735,100. This represents a 7.6 per cent increase from August 2020 and a 0.2 per cent decrease compared to July 2021.

Attached home sales in August 2021 totalled 576, a 7.1 per cent decrease compared to the 620 sales in August 2020. The benchmark price of an attached home is $952,600. This represents a 16.5 per cent increase from August 2020 and a 0.3 per cent increase compared to July 2021.

Click here to see our full August 2021 housing market report.

How confusing is confusing?

Member organizations like ours shouldn’t take fining their members lightly. It’s the Professional Conduct Committee that decides guilt or innocence, and then decides a suitable punishment on behalf of the Board and all its members (if there’s to be one).

In the end, the cheque gets written in favour of the Board, so it isn’t a big leap for members to think, “the Board fined me.”

An association, like the Board, can only do so much to get members to do what members collectively want. We can write about an issue and hope the communication takes root. Or, we can harness the formal complaint process and start issuing fines. We’ve done both.

But some issues still drag on. With 14,000 members, it’s inevitable that there are going to be some who don’t get the message. That’s a pity because I can’t help feeling some sympathy, maybe tinged with a bit of aggravation, for a member who is facing a fine because of a rule breach the Board has written about more than once.

Sometimes the Professional Conduct Committee asks me to write an article to emphasize or clarify (or both) the latest issue needing a bit of amplification. A perennial favourite is Direction Regarding the Presentation of Offers (DPRO)/Delayed Offers, namely, “the seller’s agent sold the damned property before I could get my foot in the door or present an offer.”

Fines for breaches of this protocol now run as high as $20,000 with a side order of courses and member shaming so, a bit of clarification wouldn’t be amiss, I think.

We’ve had a few complaints on this subject lately. Again. I thought we’d driven a stake through the heart of the DRPO complaints we’d been getting. But no, like whack-a-mole, the problem keeps popping up. With the amending of Rule 4.02 in 2018 and 2019, I’d even started to think that we were all on the same page on this requirement, but apparently not.

In a recent meeting, committee members discussed Rules 3.22(c) and 4.02(b):

3.22 (c) In the event the Listing Brokerage received a written offer during a “no show” period, the Listing Brokerage shall, prior to presenting the offer, inform all Cooperating Brokerages that have requested a viewing appointment, or who have requested in writing to be kept informed about offers, that an offer is scheduled for presentation.

4.02 (b) When an MLS® listing indicated “No offers until (a specified date or time)”:

(i) the Listing Brokerage must maintain a record of all Cooperating Brokerages who have requested in writing to be kept informed about offers or possible changes to the published offer presentation and time;

(ii) in the event the Listing Brokerage receives a written offer and the seller wishes it to be presented prior to the published presentation date and time, the Listing Brokerage must obtain a revised Direction Regarding Presentation of Offers form, signed by the seller, and must update any such instruction that has been published in the listing and posted as an associated document, all prior to presenting the offer; and

(iii) prior to presenting the offer, the Listing Brokerage must notify all Cooperating Brokerages that have requested in writing to be kept informed, that an offer will be presented earlier and must give those Cooperating Brokerage equal and, where practical, concurrent opportunity to present their offer.

Both these rules describe the protocols to follow if an earlier showing or presentation than what is stated in the listing is to occur. It’s worth pointing out that there is a variation on each rule’s requirements on this point, which is why the Professional Conduct Committee suggested I explain potential differences without a distinction, as they say.

So here’s the deal:

If you’re a buyer’s agent with a booked appointment to show a property after a no-showing period has ended, you’re entitled to get a notification from the seller’s agent if an offer is going to be presented during the no-showing period. Getting that notification will enable you to also make an offer, perhaps subject to viewing, if desired. The seller’s agent isn’t a mind reader, so if you haven’t made an appointment but are simply waiting out the no-showing period, and haven’t asked in writing to be alerted about offers, you can’t expect to be notified.

If you’re a buyer’s agent waiting patiently until just prior to the published presentation date (supported by a DRPO form and suitable heads-up in R/Remarks) before writing/submitting an offer, you’re entitled to get a notification from the seller’s agent that an offer presentation will occur earlier than published only if you have asked in writing to be kept informed. The same seller’s agent who couldn’t read your mind about your intention to request a showing can’t read your mind about your intention to slip in an offer right at the published deadline. The “in writing” requirement could be met via text, Touchbase, email, or other means. A verbal “Let me know if I can present my offer earlier” can easily be missed or forgotten and simply won’t cut it.

There. Clear? I thought so.

Get the latest guidance on wearing masks when conducting your business

On August 25, Dr. Bonnie Henry reinstated the mask mandate for indoor public spaces. While there was no specific guidance provided for REALTORS®, your Board along with BCREA and the regulator all strongly urge members to wear masks when conducting business whether in an office or at showings or open houses.

The mandate requires people 12 and older, regardless of vaccination status, to wear masks in indoor public settings including:

• malls, shopping centres, coffee shops and retail and grocery stores;
• liquor and drug stores;
• airports, city halls, libraries, community and recreation centres;
• restaurants, pubs and bars (unless seated);
• on public transportation, in a taxi or ride-sharing vehicle;
• areas of office buildings where services to the public are provided;
• common areas of sport and fitness centres when not engaged in physical activity;
• common areas of post-secondary institutions and non-profit organizations; and
• inside schools for all K-12 staff, visitors and students in grades 4-12.

Click here for the latest information, orders, and guidance from the province. We’ll share any updates that affect you as soon as they’re available.

You can now register for your BC vaccine card online

Click here to register for your BC vaccine card. Starting September 13, you’ll need to use this card, showing you’ve received at least one dose of the COVID-19 vaccine. This card will allow you to access ‘discretionary’ social and recreational events in the province. By October 24, you’ll need two doses to access these same events.

Once you’ve registered, you can download a copy of your vaccine card to your mobile phone or to print. If you don’t have access to the internet and/or a printer, you can call 1-833-838-2323.

The site has experienced heavy traffic since it opened this week, so if it doesn’t work for you right away, try again later.

Click here for more information.

Autoprop adds enhancements to searches, reports

Did you know that Autoprop recently enhanced its search capabilities and added a new customization option for full comparable reports?

You can now search for properties using the MLS® number, making it convenient to locate properties quickly. New search filters also to allow you to search by property type and, for residential properties, by the number of kitchens.

You can also now adjust tables in residential comparable reports to highlight the information your clients care about most. Read this article to learn more about Autoprop’s residential comparable reports.

How to use Autoprop

If you want to learn more about Autoprop, check out our Autoprop support page for a series of how-to videos.

Autoprop also has a library of resources, including guides, videos, tutorials, and more. They also run free webinars valid for one self-directed PDP hour every Thursday at 10 a.m. Get the dates and register online.