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REBGV/FVREB meet with superintendent and Council CEO

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Superintendent of Real Estate Mike Noseworthy and Real Estate Council of BC CEO Erin Seeley met with a group of us on July 26, to discuss issues around the new rules’ implementation. We also discussed processes for implementing more rules associated with the 2016 Independent Advisory Group (IAG) report.

The group included broker representatives and the presidents of REBGV and FVREB, and senior staff from both boards as well as BCREA.

Erin Seeley said they'd received BCREA’s submission on how the move away from limited dual agency was affecting REALTORS® and their clients and appreciated that input.

The members and staff asked a series of questions of both Seeley and Noseworthy and talked at length about Realtors’ experiences in adjusting to working within the new rules.

Seeley said she knows Council needs to make changes to the forms and will be doing so after a "listening tour" during which they’ll meet with groups of Realtors and brokers around the province in August and September. She said they wanted to speak directly with members and that they'd listen, report about what they hear, and make changes as necessary, most likely in September.

One concern shared equally between the profession, superintendent and Council is the need for more industry representation on the Real Estate Council. Currently, there are only two Realtors serving. We’ll be encouraging more members to put their names forward in advance of government appointing new Council directors this fall. Click here to learn how to apply.

Seeley noted that while they’re fielding a great number of questions and frustrations from Realtors about the new rules, they’re not hearing complaints from the public. She said the very few public complaints they’ve received have been through form letters.

Mike Noseworthy said it’s important to engage licensees to help shape outcomes for the profession and that his office will meet with Realtors and brokers in advance of making any further changes. The next series of rules are expected to focus on the seven IAG recommendations that deal with the role of managing brokers.

He said that his office anticipates creating a white paper as a starting point for discussion with the profession before creating new rules that affect the work of managing brokers. That white paper will likely be distributed in 2019, followed by consultation with the profession and new draft rules later that year. Council may also issue a member survey as part of the consultation process.

Noseworthy and Seeley also said they recognized that the IAG report was written in 2016 and that the market has changed since that time. They'll take those changes into consideration as new rules are drafted and implemented, agreeing that we need to move forward with a measured approach that includes reassessing the status of the market.

They also understand that other constraints exist. The majority of managing brokers, for example, are over the age of 50. Changes could put more pressure on brokers' already-tight profit margins. And brokerages in rural areas and in the commercial sector may have different needs than their urban counterparts.

“Managing brokers play an integral role in a well-managed office and in the regulatory framework in BC. It’s key and critical,” Noseworthy said.

We’ll report out more to you as we continue our advocacy work with the Council, superintendent and the government.

Phil Moore, President
Real Estate Board of Greater Vancouver

Find area boundaries and more with our new mapping tool

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Looking for details about zoning or school catchments in a particular neighbourhood? Or maybe you need to find the boundary line between two sub-areas? You’ll find all these details and more using our new mapping tool, Community Maps.

Community Maps is accessible from the REALTOR® Toolbox on our www.rebgv.ca home page.

What's the new mapping tool?

We’ve taken available mapping technology and added layers of information. This includes our area and sub-area boundaries, municipal zoning designations (for some of our areas and sub-areas), and school locations.

The result is an REBGV-crafted tool that displays information at the click of a button. You can browse areas and sub-areas in a list and see the boundaries live on the map, or you can enter an address to find a property’s exact location.

What other info can I find?

Clicking on the zoning tab allows you to choose an area, and the zoning designations will appear on the map. Clicking on the schools tab brings up a menu that allows you to select between elementaries, middle schools, secondaries, and post-secondaries. Click on the school type and the catchments will display on the map.

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

Next Paragon update streamlines tasks, makes reports look more professional

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The latest Paragon update, coming August 14, will streamline common tasks and add enhancements that'll make your client-facing communications and reports look better.

Here’s a rundown:

Paragon CMA upgrades

The Paragon CMA Horizontal Comparable Report will automatically redistribute the listings so they'll fit nicely on each page, making sure listings with long comments aren’t cut off when you create the report.

As well, any manual adjustments to your CMA will automatically save to your “saved adjustments” list. When you choose “add manual adjustment” in the CMA Wizard, you can select a previously used or saved adjustment that'll appear in a drop-down box when you type in the manually added adjustment field.

Rich text editor

Paragon’s text editor right now only allows for basic input and formatting. The update adds an upgraded editor with more advanced options formatting, allowing you to customize the look and feel of your text.

Printing large tasks

It can take time to process and print long, or multiple, reports. That’s why Paragon will add a new print feature. If you’re printing a long report, you'll be able to click the minimize button to use Paragon while the site processes and prints your work.

Map search improvements

Previously, you could only draw a boundary on the map after entering your search criteria for listings to display. This update will turn the map boundary search on by default and will automatically display listings. Paragon will now also accept up to seven different custom shapes on the map while searching, allowing you to exclude busy streets or undesirable areas.

Map boundary functionality has also been integrated into the Google Maps report.

Document slots

Paragon has a limit on the number of documents you can attach to a listing. With the update, you'll be able to see how many available document slots you have left.

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Government programs that could benefit your clients

CMHC to help self-employed with mortgages

If you have self-employed clients, they’re part of an increasing trend. In the past, self-employed buyers faced hurdles when it came time to qualify for a mortgage. This is changing thanks to a new initiative from CMHC.

Read more.

New powers for strata corporations

Your buyer wants to purchase an apartment condominium, but there’s a problem: A neighbour is renting their unit as an Airbnb despite strata bylaws prohibiting short-term rentals. Worry no more. Strata corporations will soon have new powers to fine non-compliant owners or residents up to $1,000 a day.

Read more.

More affordable housing on the way

The federal and BC governments signed a 10-year agreement to create and maintain affordable community housing in BC. The goal is to help more British Columbians find homes they can afford.

Read more.

How to take a holiday

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August is a month of holidays for a lot of people, including yours truly. I plan to be away doing my favourite thing – driving a vintage car and waiting for it to break down by the roadside. If you know anything about vintage cars, especially ancient British ones, you’ll know that driving one through the Nevada desert in August (with no air-conditioning) is a stupid thing to do. But, I’m a glutton for punishment, so we’ll see how things turn out.

To prepare for the road trip, my mechanic has taken up residence in my garage for the past couple of weeks. And, since I’m taking a 60-year-old car, there are all sorts of things one must do, from checking every system to taking along spare parts, oil, coolant, duct tape, bailing wire, and the safety equipment needed when one is stuck by the roadside waiting for a tow-truck. If you’re not the car, you’re going to need water, an umbrella (for shade), sunscreen, Twizzlers, and Doritos to pass the time.

Wish me luck. Stars aligned, I’ll be back on August 23.

My wife is travelling with me. I don’t know how she puts up with me. Imagine, taking a long, hot, dusty road-trip so one can visit with another 1,000 guys like me so we can all stand in a field to look at our cars? That’s a story for another day. But, at a minimum, I think some spa sessions for her at the resort we’re going to, along with a large side-order of retail therapy, might be in order.

Other than the important stuff one needs to do to get the car ready, it’s a good idea to let the credit card company and bank know one is leaving town, especially if one is leaving the country and spending our pathetic Canadian dollars, along with notifying the alarm company, the dog sitter and one’s adult children, asking that they pop by the house once in a while to make sure it’s still there. Oh, and the phone number list, the itinerary, the passports, and Nexus cards and the cash – those all have to be checked off the list before driving down the road.

That’s the kind of personal stuff you need to think about, but what about planning for your real estate business? If I were still licensed and had a herd of anxious buyers and sellers, I’d need to think about them, too. Other than self-medicating to keep their reflected worries at bay, here’s a to-do list to follow before going on holidays:

  • Advise your brokerage that you’re going to be away. If you’ll be in a different time zone, let the staff know so they understand if you don’t respond to them as soon as they might otherwise expect.
  • Put a vacation auto-reply message on your email system, so clients know why you may be slow in responding.
  • Arrange for a colleague from your brokerage to take your calls, manage your files, be on deck for closings, and to just “be you” while you’re away. As of June 15, 2018, you're obliged to inform your clients of who this person will be and whether they’ll be the agent (or not) in your absence, which requires completing a Disclosure of Representation in Trading Services form. It also wouldn’t hurt to get client approval or instructions in writing, and to introduce your colleague to your clients so they know who they’ll be dealing with. (Self-medication may not be enough here; a dose of electric shock therapy may be more effective!)
  • Add the name of your colleague who’ll be taking calls in your absence as the contact person for showings in the REALTOR® remarks.
  • When you let your clients know that you’ll be away on holidays, spend a little time to manage  their expectations. Explain what’ll happen if an offer is made on their listing, what your designate will do if that very special home your buyer wants is listed, and how a closing and transfer of keys and possession will occur.
  • Make sure you notify all lawyers or notaries involved with active files.
  • Never rely on technology when travelling. You may be able to access email on your phone only, not on your tablet, and only on Wi-Fi. Roaming may not be available, and text capabilities may be intermittent.
  • Most important, try to relax and enjoy the break so you return refreshed, renewed, and raring to get back at it.

New rules resources roundup

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The new real estate rules took effect nearly two months ago. To increase your knowledge about these changes and better understand how to comply with them, here are several helpful resources:

Council’s website

All of Council’s resources for the new rules can be found in their Licensee Knowledge Base. You’ll find:

  • Downloadable versions of the new required forms and guides for when and how to use them;
  • A series of FAQs that explain the new rules in greater detail;
  • An archive of Council’s Real Advice newsletter;
  • The Managing Broker Toolkit; and
  • Video resources.

REBGV resources

We’ve created two new video series featuring Ethics Guy® Kim Spencer.

The first are Kim’s Top Tip videos that deal with client relationships under the new rules, including disclosures, dealing with clients at open houses, and protecting personal information. Access them here.

The second is a series of Q&A videos featuring Kim and our long-time legal counsel Brian Taylor. Together, they discuss some of your most common questions related to the new rules. Access them here.

REBGV members’ Facebook group

We started this group for you to share your experiences and feedback on the new rules. If you haven’t joined already, you can do it now, and follow along to see if others are encountering the same issues as you.

Public information

To help your clients better understand the new rules, share these resources:

  • We created this video that explains what the public can expect from REALTORS® under the new rules.
  • This resource page from Council’s website, including FAQs and more.

If you have feedback, please email us at feedback@rebgv.org and we’ll share it with Council. You can also contact Council directly at 604-683-9664 or info@recbc.ca.

Other News

Updated WEBForms platform goes live

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The Canadian Real Estate Association (CREA) has recently updated WEBForms. You’ll be automatically redirected to the new WEBForms platform the next time you log in.

The new WEBForms features a more modern, intuitive design that’s compatible with mobile devices, giving you access to forms from virtually any computer, tablet, or cell phone. Under the ‘Printable Forms’ tab, you’ll find forms sorted by organization and category.

If you saved transaction kits in WEBForms Classic, they’ve automatically transferred to the new WEBForms so you don’t need to re-create your kits.

If you need help navigating the new WEBForms, review this online guide. If you’re still stuck, call CREA’s Help Desk at 1-888-237-7945 or email support@crea.ca.

Our Schoolhouse Training Facility is open for business!

In June, we opened the doors to our new Schoolhouse Training Facility at 228 Schoolhouse Street in Coquitlam. In the nearly two months since it’s been open, we’ve hosted 24 courses for 856 members.

In July, we held a grand opening event with REBGV directors, staff, and more than 70 members. Congratulations to Tony Chen of Sincere Real Estate Services for winning a free PDP course in our business card draw!

Through October, we’ll host 34 more courses at this new facility. We'll add more courses for the remainder of the year.

It’s easy to find courses at our Coquitlam location:  

  1. Visit www.rebgv.ca.
  2. Select Courses and Events Calendar from the Education and Technology Support section of the site.
  3. Scroll to the “Location” section on the left-hand side menu.
  4. Click the box beside “REBGV Coquitlam.”
  5. See the results and choose the course you want.
  6. Register online or by emailing education@rebgv.org or call 604-730-3087.

See you in class!

Our summer of softball tourneys

Members across the region got into the swing of summer by participating in one of our three slow pitch softball tournaments. Here are the highlights:

Ridge Meadows

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Sixty members from four brokerages came out to compete this year. Thanks to our team captains for leading the charge: John Kenney (Keller Williams Elite Realty, a.k.a. KW Ballers), Mark Cardas (RE/MAX Results Realty, a.k.a. 4/Closers), Josh Craig (RE/MAX LifeStyles Realty, a.k.a. Little Sluggers), and Trevor Tache (Royal LePage Brookside, a.k.a. Royal LePage Rampage).

The KW Ballers (pictured) defeated the Little Sluggers on a walk-off homerun to claim the title. Congratulations also to Chase Shymkiu, Rob Swift, Terri Smith, and Sarah Eales for winning the home run derby.

Special thanks to sponsor Nicole Macdonald Notary for the doughnuts and coffee in the morning, and for the burgers and dogs in the afternoon!

Port Coquitlam

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Teams from Keller Williams Elite Realty, Sutton Centre Realty, Royal LePage West R.E.S., RE/MAX Sabre, RE/MAX Advantage, and RE/MAX All Points competed this year. RE/MAX All Points (pictured) beat Royal LePage West R.E.S. in an exciting final game. Congratulations to all our participants.

Thanks to volunteers Marlene Cornish and Gilles Laliberte of Royal LePage West R.E.S., and Michelle Hawthorne of RE/MAX Sabre for their assistance.  

Special thanks to sponsors Mark Lalonde of Dominion Lending Centres for the delicious lunch, and Staged Vancouver for the coffee and pastries in the morning, and the shaded rest area for the players!

Vancouver

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Seven teams participated in the Vancouver tournament this year: Century 21 In Town Realty (a.k.a. Homerunners), Engel & Volkers (a.k.a. Meet the Volkers), Key Marketing (a.k.a. YanKeys), RE/MAX Select Realty/Properties (a.k.a. West Coast Selects), Dexter Associates Realty (a.k.a. Dexstars), Oakwyn Realty, and RE/MAX Crest Realty (a.k.a. RE/MAX Rebels).

The team from Oakwyn Realty (pictured) beat Meet the Volkers in an exciting final game. Thanks to all our volunteers and participants who made the tournament so much fun!

Special thanks to sponsor Staged Vancouver for the shaded rest area and snacks!

You can view all the photos on our Facebook page.

Individual fax numbers no longer on REALTOR.ca

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Due to lack of use, individual fax numbers will be removed from REALTOR.ca as of August 23.

Questions? Contact Help Desk 604-730-3020.

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Read Rules of Cooperation, Rule 9.01 Key Boxes and Access Cards. If you’re going to be away and you can’t attend a showing, please don’t be tempted to release a one-day lockbox code (or the actual key) to someone who isn’t a member of a local real estate board. Fortunately, this situation is rare. What isn’t rare, though, is the Professional Conduct Committee’s stern punishment of members who’ve done this.

Register for Council’s required agency and disclosure course today!

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Did you know you can deepen your knowledge of the Real Estate Council of BC’s (Council’s) new rules and complete their mandatory education requirement at the same time?

Rule Changes: Agency and Disclosure is a self-paced online course that gives you the information you need to understand and comply with the rule changes that took effect June 15. You’ll learn:

  • when to use the new disclosure forms;
  • the reasons for the changes to agency and disclosure;
  • how you may need to adapt your day-to-day business practices; and
  • how to communicate effectively with consumers about the required disclosures and changes to agency.

Registration is open now so don’t hesitate!

Completion required to re-license

As of October 1, the completion letter you receive for completing Council’s Rule Changes: Agency and Disclosure course will be required to accompany your license renewal application.

Course details

  • The course has five online modules. Each module contains a lesson and an assessment. You must score 70 per cent or higher to pass each assessment.
  • It should take approximately five to six hours to complete. You must complete the course within three days of registration.
  • The course costs $75 plus tax.

Click here for full details from Council’s website. If you have questions, email education@recbc.ca.

Housing supply up, demand down across Metro Vancouver

July’s residential housing sales in Metro Vancouver reached their lowest levels for that month since the year 2000.

Sales

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,070 in July 2018, a 30.1 per cent decrease from the 2,960 sales recorded in July 2017, and a decrease of 14.6 per cent compared to June 2018 when 2,425 homes sold.

Last month’s sales were 29.3 per cent below the 10-year July sales average.

“With fewer buyers active in today’s market, we’re seeing less upward pressure on home prices across the region,” Phil Moore, REBGV president said. “This is most pronounced in the detached home market, but demand in the townhome and apartment markets is also relenting from the more frenetic pace experienced over the last few years.”

Listings

There were 4,770 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2018. This represents a 9.2 per cent decrease compared to the 5,256 homes listed in July 2017 and a 9.6 per cent decrease compared to June 2018 when 5,279 homes were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 12,137, a 32 per cent increase compared to July 2017 (9,194) and a 1.6 per cent increase compared to June 2018 (11,947).

“Summer is traditionally a quieter time of year in real estate. This is particularly true this year,” Moore said. “With increased mortgage rates and stricter lending requirements, buyers and sellers are opting to take a wait-and-see approach for the time being.”

For all property types, the sales-to-active listings ratio for July 2018 is 17.1 per cent. By property type, the ratio is 9.9 per cent for detached homes, 20.2 per cent for townhomes, and 27.3 per cent for condominiums.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

HPI benchmark prices

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,087,500. This represents a 6.7 per cent increase over July 2017 and a 0.6 per cent decrease compared to June 2018.

Sales of detached properties in July 2018 reached 637, a decrease of 32.9 per cent from the 949 detached sales recorded in July 2017. The benchmark price for detached properties is $1,588,400. This represents a 1.5 per cent decrease from July 2017 and a 0.6 per cent decrease compared to June 2018.

Sales of apartment properties reached 1,079 in July 2018, a decrease of 26.5 per cent compared to the 1,468 sales in July 2017. The benchmark price of an apartment property is $700,500. This represents a 13.6 per cent increase from July 2017 and a 0.5 per cent decrease compared to June 2018.

Attached property sales in July 2018 totalled 354, a decrease of 34.8 per cent compared to the 543 sales in July 2017. The benchmark price of an attached unit is $856,000. This represents a 12.1 per cent increase from July 2017 and a 0.4 per cent decrease compared to June 2018.

Click here for the full stats package.

Courses and Events