REALTOR® NEWSREALTOR® NEWS
April 3, 2019
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President's Message: A new future for PDP

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REALTOR® education is changing in BC.

On March 26, the leadership of the province’s 11 real estate boards and the British Columbia Real Estate Association (BCREA) agreed, in principle, to a new framework for our professional development program (PDP).

With a tentative implementation date set for January 1, 2020, we want to take the next several months to talk with you about what’s being proposed and, more importantly, how to strengthen Realtor education, standards and professionalism.

Let me begin with what’s changing and why.

The Real Estate Council of BC (Council) has decided to separate its relicensing education program (REP) from PDP. For simplicity, Council and the industry had connected the two programs when both were originally created. Moving forward, Council will likely continue to require you to take Legal Update as well as at least one other course per cycle.

Under the proposed new PDP model, you’d be required to complete 18 professional development hours in your two-year licensing cycle rather than 18 PDP credits.

You’d complete 12 of these hours through PDP-accredited courses. The other six ‘self-directed’ development hours could be accumulated through learning such as in-brokerage education, conferences, or the professional learning you do outside organized real estate or through PDP-accredited courses. Adopted by accountants and other professions, the concept of self-directed learning is intended to give you more flexibility and choice in your professional education.

Education needed to re-license with Council, such as Legal Update, would no longer be PDP accredited under this model.

Some will be frustrated that their Council-required courses won’t be eligible for PDP credit hours. On the other hand, we also hear members’ feedback that Realtor professionalism is a top priority.

Education is fundamental to professionalism. Being a Realtor is intended to be a mark of professionalism, knowledge and expertise. Members tell us it’s important to continue to raise standards and expectations.

Some will say PDP is simply a cash cow for the boards. It’s not. Education revenues basically cover costs associated with creating and delivering courses, but don’t fully pay for overhead costs associated with education.

The reason members approved PDP in 2006 was to raise standards, competence, and confidence in our profession. This remains our goal today and we can only be successful with your support.

I look forward to future conversations with you on this topic in the weeks and months ahead.

If you have feedback or questions, you can reach us at president@rebgv.org.

Prospective home buyers remain on the sidelines in March

Metro Vancouver home sales dipped to the lowest levels seen in March in more than three decades.

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Watch REBGV President Ashley Smith’s April 3 interview live on Global News where she discussed the latest market trends.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,727 in March 2019, a 31.4 per cent decrease from the 2,517 sales recorded in March 2018, and a 16.4 per cent increase from the 1,484 homes sold in February 2019.

Last month’s sales were 46.3 per cent below the 10-year March sales average and was the lowest total for the month since 1986.

"Housing demand today isn’t aligning with our growing economy and low unemployment rates. The market trends we’re seeing are largely policy induced," Ashley Smith, REBGV president said. "For three years, governments at all levels have imposed new taxes and borrowing requirements on to the housing market.”

“What policymakers are failing to recognize is that demand-side measures don’t eliminate demand, they sideline potential home buyers in the short term. That demand is ultimately satisfied down the line because shelter needs don’t go away. Using public policy to delay local demand in the housing market just feeds disruptive cycles that have been so well-documented in our region."

There were 4,949 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in March 2019. This represents an 11.2 per cent increase compared to the 4,450 homes listed in March 2018 and a 27.2 per cent increase compared to February 2019 when 3,892 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 12,774, a 52.4 per cent increase compared to March 2018 (8,380) and a 10.2 per cent increase compared to February 2019 (11,590).

For all property types, the sales-to-active listings ratio for March 2019 is 13.5 per cent. By property type, the ratio is 9.4 per cent for detached homes, 15.9 per cent for townhomes, and 17.2 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.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,011,200. This represents a 7.7 per cent decrease from March 2018, and a 0.5 per cent decrease compared to February 2019.

Sales of detached homes in March 2019 reached 529, a 26.7 per cent decrease from the 722 sales in March 2018. The benchmark price for a detached home is $1,437,100. This represents a 10.5 per cent decrease from March 2018, and a 0.4 per cent decrease compared to February 2019.

Sales of apartment homes reached 873 in March 2019, a 35.3 per cent decrease compared to the 1,349 sales in March 2018. The benchmark price of an apartment property is $656,900. This represents a 5.9 per cent decrease from March 2018, and a 0.5 per cent decrease compared to February 2019.

Attached home sales in March 2019 totalled 325, a 27.1 per cent decrease compared to the 446 sales in March 2018. The benchmark price of an attached home is $783,600. This represents a six per cent decrease from March 2018, and a 0.7 per cent decrease compared to February 2019.

Download the March 2019 stats package here.

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Updated sub-area boundaries coming in May

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In consultation with members, we're introducing sub area changes in Vancouver, North Vancouver, and Ladner. The changes go into effect May 14.

We’ve created a series of maps that slide between the old and new boundaries so you can see where the changes are happening. Click here to view them.

If you’ve saved searches in a sub area that’s changing, you’ll need to update them on or after May 14. If you’ve embedded links from REBGV Stats Centre that reference a sub area that’s changing, you’ll also need to update those links on or after May 14 as well.

Need help? Call our Help Desk at 604-730-3020.

The Ethics Guy®: Saying “I’m going to be writing an offer” isn’t the same as “I have an offer.”

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To state the obvious, not having an offer makes it unlikely you’ll end up with a deal and a commission cheque. Less obvious, though, is the difference between saying, “I’m going to be writing an offer” and “I have an offer.”

I wish I had a US dollar for all the times frustrated buyer agents have called me over the years saying that sellers and/or their agent had already accepted someone else’s offer when they’d advised the seller’s agent they were “going to be writing an offer.” Annoying, indeed, not only for the buyers’ agent but also for their buyers.

So what’s the difference between “going to write” and “having a signed offer”?

Before getting to the answer, it’s important to keep in mind that when a buyer thinks their offer hasn’t been properly dealt with, we all suffer a reputational hit. And if the buyer or their agent thinks something “odd” occurred, there can be serious consequences for all of us, including the buyer dining out on their horror story for years to come, with the possibility of them making a complaint to Council, the Board, or both.

Buyers relaying bad real estate stories hurts us in the court of public opinion. We all know this. The public court is relentlessly harsh, going straight from allegation to sentencing with little in between. Just read a newspaper. Even the best public image campaign in the world won’t change public perception if buyers and sellers are unhappy with how things have gone.

I’m reminded of a recent controversy in Parliament, creatively referred to as an “imbroglio” by one journalist. At question was whether a law had been broken. When it was pointed out it had not been, the comment was, “Is that the best we can do? Not breaking the law? What kind of a standard is that for parliamentarians?”

This points to the difference between the minimum standard the law requires and the often higher standard the public expects from those in positions of trust. Like us. And since our reputation comes from what the public thinks of us, it’s a good idea to keep the law and a higher standard in mind when we’re deciding what to do.

Which brings me back to our question about offers: What are the minimum Board requirements, bearing in mind we can always exceed the expected standard.

First come agency obligations: Be loyal to and follow your client’s lawful instructions; exercise reasonable care and skill; disclose material information; keep a client’s confidences and avoid conflicts of interest.

Next, consider what the Rules of Cooperation have to say, particularly Rules 4.02 and 4.04. In a nutshell, a signed offer triggers action under the rules. But your saying, “I’m going to be writing an offer” doesn’t (except for a general seller’s agent’s obligation to disclose material information to their clients and to then follow their instructions about what to do next). But even if a rule isn’t triggered, saying to a seller’s agent that you’re going to be writing an offer is something that should be disclosed to the seller.

If you’re a buyer’s agent, by all means let the seller’s agent know your buyer intends to write an offer, assuming, of course, your buyer is okay with the notification. And let the seller’s agent know when you expect to have the signed offer in hand or will be ready to send it electronically. But don’t forget that if you don’t have a signed offer, the sellers may not be willing to wait if they have other offers on the table.

Rule 4.02 requires offers to be presented “without delay” unless otherwise instructed in writing on the Direction Regarding Presentation of Offers form. When you have your signed offer, make sure you pull the trigger by giving a formal notification that you now have an offer to present. How you do that is up to you. To my mind, a text or phone call to the seller’s agent would work. If you’re the seller’s agent receiving this information, remember that the seller is entitled to know before a decision is made about any other offers that may be under consideration. Maybe your seller will want to wait for the new offer; maybe they won’t. It’s their choice.

And finally, when the seller has accepted an offer, you’re required to let the buyer’s agent know what happened at the presentation (Rule 4.02 a) iii).

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Foreign ownership rates, secondary suites, and duplex zoning

New data on foreign ownership

As part of a new data project, CMHC and Statistics Canada recently released a report that found 7.6 per cent of properties in the Vancouver census metropolitan area have at least one non-resident owner.

Read more.

Secondary suites bylaws in Metro Vancouver – a matrix

In Metro Vancouver, rules governing suites vary depending on the municipality. Here’s our handy summary.

Read more.

Vancouver allows duplexes in single family zones

Vancouver recently passed a new policy that allows four units – a duplex with secondary suites – on most single-family lots.

Read more.

Redesigned Realtylink.org public listings website coming April 9

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We'll complete the move to the redesigned Realtylink.org public website on April 9. That's when we'll retire the longstanding version of the site.

Click here to preview it.

The new site provides a more modern online experience for the public with enhanced search and filtering capabilities. It also features the latest real estate news and statistics to help inform home buyers and sellers.

Most importantly, it connects consumers with you. 

The new Realtylink was created in partnership with Centris, a Quebec-based company that operates Centris.ca – the most visited real estate listing website in Quebec and the third most frequented in Canada. Centris.ca will also feature a link to Realtylink for their users looking for homes for sale in BC.

“We designed the new Realtylink to make it easier for home buyers to find your listings,” says Brad Scott, Board CEO. “It’s a powerful tool based on proven technology. We’ll continue to work with our Centris partner to add features and data to improve and grow the site over time.”

Visitors to the new site can create a profile and save their searches and favourite listings. Search results can be organized in a map, gallery, or list-based view. You can also explore a home’s location through embedded Google Maps options and assess a home’s proximity to amenities through the Walk Score® rating feature.

“As a real estate association–owned company, Centris is proud to partner with REBGV. Thanks to our experience and expertise, we're able to provide a world-class solution to BC home buyers and sellers,” says Éric Charbonneau, president of Centris.

Listing information on the site is updated every 20 minutes, pulling the most up-to-date data from the MLS® systems operated by the Greater Vancouver, Fraser Valley, Chilliwack, BC Northern, and Vancouver Island real estate boards.

Beyond home listings, the site also contains the latest real estate news and statistics to help inform home buyers and sellers.

Feel free to share our new site with your clients. We’ll provide Realtylink buttons and other digital materials in future communications that you can embed on your website or in your communications should you choose to do so.

REBGV 100: Henry Pybus Bell-Irving

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Henry Pybus (H.P.) “Budge” Bell-Irving was one of our most storied members. In addition to the significant contributions he made to the Real Estate Board of Greater Vancouver and the industry, he accomplished much outside of the profession.

Born in Vancouver and raised on Vancouver Island, he began attending the University of British Columbia (UBC) as a young man when the Second World War began. He enlisted and commenced a decorated career in the military, first serving as a battalion leader with the Seaforth Highlanders of Canada, an infantry regiment of the Canadian Army.

He eventually took over command of the 10th Canadian Infantry Brigade for the duration of the war. He was decorated for his service in Italy and the Netherlands. After the liberation of the Netherlands, Bell-Irving commanded the first Canadian soldiers to enter Amsterdam, where they received a hero’s welcome. He continued to serve the regiment in various capacities until his honourable discharge in 1989.

When he returned to Vancouver, he went to work for the family business, Bell-Irving Insurance Agencies. Later, he started Bell-Irving Realty.

Bell-Irving was elected president of the Board in 1958 after serving the previous year as vice-president. During his tenure, he contributed to two of the biggest events in the history of BC real estate: the passing of the Real Estate Act, and the establishment of a pre-licensing course at UBC for students studying to become REALTORS®.

In 1972, Bell-Irving merged his company with A.E. LePage. Two years later, while serving as a senior executive with the company, he was elected chairman of the Vancouver Board of Trade.

Then in 1978, he was appointed as the Lieutenant Governor of British Columbia by Governor General Jules Léger. He dutifully served the office for just over five years, stepping down in 1983.

In 1984, he was made an Officer of the Order of Canada. A year later, he received the Order of British Columbia, and in 1986, he was named a Freeman of the City of Vancouver.

Giving back was second nature to Bell-Irving, who dedicated time and effort throughout his life to places like Vancouver Children’s Hospital, National and Provincial Council of the Boy Scouts of Canada, St. John Ambulance (British Columbia and Yukon), BC Corps of Commissionaires, Seymour Demonstration Forest Committee, Steelhead Society of British Columbia, and Disabled Sailing Association of British Columbia, to name a few.

He passed away in 2002.

Other News

New discipline decisions available

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Stay on top of the work your Board is doing 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 rulings (C18-07 and C19-04).

Enter our contest and win an REBGV 100 prize!

This year is our centennial, and to celebrate, we’re kicking off a series of contests where you’ll have a chance to win REBGV 100 prizes.

To participate, answer our below question correctly and you'll be entered to win one of 12 water bottles (pictured below).

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Onto the first question:

In her first president's message, Ashley Smith explained that instead of tracking members' PDP "credits", the new PDP framework will track what?

Email your answer to mmoldowan@rebgv.org by April 12 at noon. We'll draw the names of 12 members to win prizes. Good luck!

Does your license expire within the next three months?

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If your licence will soon expire, here’s what you need to do.

Before you submit your licence renewal application to the Real Estate Council of BC (Council), you must complete Council’s two mandatory courses:

  1. Rule Changes: Agency and Disclosure:  You can complete this online course at your own pace, on your own computer, in the comfort of your home or office. Register online here.

    Questions? Contact Council at education@recbc.ca or call 604-683-9664.

  2. Legal Update: This course has two components: An online self-paced course and a one-day classroom course. You must complete the online course before you attend the classroom course. Register online here.

    The next available class is May 13 and seats are limited. Registering early gives you a better chance at securing a seat in the classroom component.

    If you’re a commercial member, please register for the Commercial Legal Update course instead.

    Questions? Contact BCREA at rep@bcrea.bc.ca or call 604-683-7702 and press 2.

We recommend you register at least eight weeks before your licence expiry date to ensure you have enough time to complete these requirements.

Remember, Council now requires the following proof that you’ve completed these courses when you send in your licence renewal:

Rule Changes: Agency and Disclosure: Council will mail you a letter verifying that you completed this course. Include a copy of that letter when you submit your licence renewal.

Legal Update: We’ll update your education history upon completion of this course. You can either print a copy or request a copy from our Education Department at education@rebgv.org. Include a copy when you submit your licence renewal.

More information on relicensing requirements.

BCREA announces new president for 2019–2020

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Fraser Valley REALTOR® Michael Trites was elected as the BC Real Estate Association’s (BCREA’s) 2019–2020 president on March 26. Trites is the managing broker of Royal LePage Northstar Realty in South Surrey and White Rock.

He’ll be joined on BCREA’s Board of Directors by president-elect Anthony Bastiaanssen of the Okanagan Mainland Real Estate Board, past president James Palanio of Royal LePage Penticton, and BCREA CEO Darlene Hyde.

BCREA also welcomes new Realtor directors Gian-Piero Furfaro (Victoria) and Janice Stromar (Vancouver Island). Returning Realtor directors are Ray Harris (Port Coquitlam), Dan Morrison (Vancouver), Cory Raven (Vancouver) and Katherine Rutherford (Kamloops). Public directors Kam Raman and Mark Sakai are also returning.

Read more about BCREA’s 2019–2020 Board of Directors, and check out their 2018-2019 annual report.

Obituary: Sydney Foster

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Former REALTOR® Sydney Foster passed away in March. He was 87.

Sydney was born and raised in Scotland. He followed in his father’s footsteps and became a bricklayer, working in the construction industry for many years.

In 1957, Sydney and his wife moved to North Vancouver. After a bout of homesickness that caused them to return to Scotland for a time, they came back to North Vancouver in 1966 for good to raise their family.

In 1971, Sydney gave up his bricklaying job to become a Realtor. He was first licensed with Prudential Sussex Realty and spent over 20 years with their office. He’d even pop in after he’d retired to organize the office lottery pool.

Outside of real estate, Sydney was a 60-year member of the Masons, eventually becoming the master of the Burrard Lodge. He had a wonderful sense of humour and often couldn’t stop laughing long enough to finish the joke he was trying to tell.

Sydney is predeceased by his brother, Tom. He’s survived and dearly missed by his wife of 64 years, May; children Ian (Kelly), Susan (Rob), and Karen (John); grandchildren Sarah, Chris, Gavin, Derrick, Siena, Lindsay, and Declan; great-grandchildren Nathan and Sydney; sister Anne; and many nieces and nephews.

The 2018 Medallion Club Awards Gala in pictures

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We held the Medallion Club awards gala to celebrate the top-producing REALTORS® on MLS® on March 21 at the Vancouver Convention Centre.

Photos from the gala are now available. You're welcome to download them for personal use. If you'd like to use any for commercial use, please contact Julie Mandarano at medallionclub@rebgv.org for more information.

Click here for the first photo album, and here for the second.

Thanks to our generous event sponsors:

Presenting

Concord Pacific

Platinum

Contact Printing & Mailing Ltd.

Landa Global Properties

Montecristo Jewellers 

Gold

BOSA Properties

CIBC, Anna Yeung

Dracco Pacific Realty

Enrich Developments

Guaranti Mortgages, Team Elvis Hui

Jerome Tsang Notary Corporation 

Mosaic Homes

RBC Wealth Management, Ivan Luo

Roche Bobois

Silver

Giftd 

ONIKON Creative

PD Moore Homes

RBC, Kevin Lutz

Zillow Group

Furniture sponsor

Staged Vancouver

CREA launches 2019 ad campaign

The Canadian Real Estate Association (CREA) has launched their 2019 ad campaign. As in years past, CREA’s campaign focuses on the value of working with a REALTOR® by showing how they protect the public from problems that arise from going it alone.

This year’s theme is “Total Regret in My Heart,” a play on the Bonnie Tyler hit “Total Eclipse of the Heart.” You can watch the ad using the link below.

You can find this ad and more on CREA’s YouTube channel and share them on your websites and social media channels.

Take our Broker survey(s)

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Your Board wants to know more about the day-to-day work and challenges facing our Managing Brokers and we need your help. We know it’s a difficult job, and we’d like to know more about how you do what you do.

Your feedback will help us identify areas where more support is needed and develop new products and services to better service your needs. Share it with us by completing this short survey. It’ll only take a few minutes.

We also want to know more about what motivates our members to become Managing Brokers and what motivates them to give up the position if they’ve been one.

If you’ve been a Managing Broker in the past, click here to share your experience with us. It’ll only take a minute.

If you aspire to become a Managing Broker in the future, click here to tell us why. It’ll only take a minute.

Please note: Your feedback is confidential and will not be used for any other purpose.

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