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February 7, 2018
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Advocacy update: Write your MLA about the new rules

REBGV President Jill Oudil discusses our recent government advocacy work and urges members to participate in our letter writing campaign.

The BC boards and BCREA have sent a letter requesting a delay in the implementation of the limited dual agency ban to the end of 2018. Representatives from organized real estate will meet with Superintendent of Real Estate Micheal Noseworthy next week to discuss the request.

We're working to support you and your clients in the transition to new rules resulting from the Real Estate Council of BC’s Independent Advisory Group’s (IAG) report. One of the report’s recommendations led to the elimination of limited dual agency, which is scheduled to take effect on March 15.

We’re advocating for modifications to the ban on limited dual agency where current interpretations may negatively impact the public. We also seek to ensure your voice is heard as new rules are created around the 28 IAG Report recommendations.

On February 1, the presidents of every real estate board and association in the province signed a letter which was sent to Mr. Noseworthy, and copied to Minister of Finance Carole James, Council Chair Robert Holmes and CEO Erin Seeley, and others.

Write your MLAs

The proposed changes deeply affect you and your ability to help your clients. Please join our REALTOR® Action Network and write your local MLAs. We’ve created a letter template for you to use.

Let your elected representative know you’re requesting a delay in the implemention of the ban on limited dual agency. This allows time to address issues around the new rules that could negatively impact your clients, i.e. double-recusal. It’s important to communicate that the real estate profession is:

a) Trying to avoid unintended adverse impacts that regulatory changes could have on the public; and

b) Attempting to avoid mass confusion amongst the 23,000 Realtors in BC in the absence of sufficient communication and training to assist with the transition.

Realtors have sent over 2,000 letters so far. We want to get to 10,000. Please follow the below link to join the Realtor Action Network and send a letter.

Click here to send a letter

Need help?

  1. Log in with your member ID and password.
  2. The subject line, message body, and signature will be automatically filled in. 
  3. Review your profile information to ensure it’s accurate. If there’s nothing there, enter your information – your name, email address, home address, and postal code. (Be sure to capitalize the letters in your postal code.) Your home address is used to identify the MLA your letter will be sent to.
  4. When you’re satisfied with the message, click the blue ‘Send Message’ button near the bottom. You’ll receive a confirmation email once your message is sent.

The more letters your MLAs receive, the stronger our voice will be.

We’re also interested in hearing your thoughts on how these changes will impact your clients. Email us at feedback@rebgv.org.

We’ll share more details about our government advocacy strategies in the days ahead.

REBGV in the media

Business in Vancouver published this article today, discussing how the planned implementation of the new rules is causing confusion. The article quotes Board President Jill Oudil.

We encourage you to share this article on your social media feeds.

2018 REBGV election results

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Thanks to all members who voted in our Board of Directors election this year. The election period ran between January 15 and February 4. 

Out of 14,165 eligible voters, a record 2,820 members voted in this year's election. This represents a 19.9 per cent voter turnout.

Here are the results:

  1. Deborah Spicer, Sutton Group – West Coast Realty – 1,108 votes – elected to a two-year term
  2. Douglas Dang, Amex Broadway West Realty – 838 votes – elected to a two-year term
  3. Daniel John, Sutton Group – Seafair Realty – 713 votes – elected to a two-year term
  4. Michael Mitsiadis, Royal Pacific Realty Corp. – 690 votes – elected to a two-year term
  5. Mike Hofer, Sutton Group – Vancouver First Realty – 586 votes
  6. Wendy Hunter, Keller Williams Realty – Vancouver Centre – 578 votes
  7. Ron Basra, RE/MAX Select Realty – 531 votes
  8. Lisa Morris, RE/MAX Masters Realty – 531 votes
  9. Lo-Ming Lee, Pacific Place – Arc Realty Ltd. – 489 votes
  10. Kevin Chiang, Royal LePage Sussex Klein Group – 469 votes
  11. Al Abbas, Magsen Realty Inc. – 349 votes
  12. Ralph Stiebel, Sutton Group – West Coast Realty – 298 votes

Real Estate Council of BC updates

Effective March 15, 2018, the practice of limited dual agency will be prohibited in BC and new disclosure requirements will be in effect for all real estate licensees in the province. To help you prepare, the Council created a Frequently Asked Questions (FAQ) page. This page is constantly updated with new scenarios. Stay informed — click here to read it.

Report from Council: Legal Update

The Council’s latest newsletter focuses on the new Legal Update course you must take to renew your license. Council explains what the course will look like, what it covers, and who’ll teach it. Read more here.

Duty of confidentiality

Council is receiving many questions around conflict of interest under the new rules. To help clarify what a licensee’s duties are after March 15, they’ve published an article on “the ongoing duty of confidentiality”. Read it here.

Looking for clarification?

Do you have questions about the upcoming rule changes? Click here to ask Council.

Council staff read and assess each question. Answers to the top questions are posted on their Consumer FAQ and Licensee FAQ pages or in their newsletters.

Puffery and proof in advertising

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The REALTOR® Code’s article 15, the Rules of Cooperation’s, rule 8.01, and the Real Estate Council’s professional standards require Realtors advertising to be accurate. The Competition Bureau requires Realtors’ advertising to not be misleading. Pretty clear, right? Advertising must not give a false impression. But there are grey areas, and this is where advertising lives.

The art of sales can involve selling sizzle. This means making the best of what we’re being asked to sell.

Advertising agencies and media relations firms have entire departments devoted to image management—putting subjects or products in the best possible light. Sadly, for me, at 5’6’’ tall, no amount of sizzle selling can make me look taller. When Elton John wore his fabulous platform shoes, I was tempted to get a pair. But I thought I would just look like a small man trying to be tall, so I resisted.

But I’ve had other temptations from time to time. The photo you see of me in this column was taken in 2012. How long should I wait before having a new photo taken? Time to get another one, I think. But I probably won’t like what I see, so maybe I’ll keep using this old one. I’m not alone in wanting to appear younger than I am. Is using an older photo false advertising? Sure. Allowable? Probably, because it doesn’t harm anyone and flattering one’s vanity isn't illegal, at least not yet.

Where do “puffery” and “proof” in our real estate advertising come in? If you’ve ever watched Will Ferrell in the movie Elf, you’ll probably recall the scene where he bursts into a coffee shop to congratulate its owners for having the world’s best cup of coffee. Buddy the Elf thought it had to be true because the sign in the coffee shop window said so. But the statement on the sign is a good example of puffery. And this is allowable, at least according to our understanding of how far we can go to make things sizzle.

Here’s an explanation of puffery that I really like:

Claims made by puffery may be false, but they are not really lies because no one can disprove them. No one can prove them either. A company may claim that its hamburger is the best hamburger in the world. No one can prove the hamburger is really the best, but no one can prove it is not. However, if the advertiser says that its hamburger contains ingredients that help to prevent cancer, that is something science could prove or disprove. Trying to persuade someone that hamburgers prevent cancer would be a false claim.*

*Fenner, Susan, “Puffery in Advertising: Definitions and Examples,” (no date). Retrieved from https://study.com/academy/lesson/puffery-in-advertising-definition-examples.html#lesson

How would this apply to what Realtors say in our advertising? For example, if a Realtor claims, “I work harder than anyone else,” how on earth would this be proven or disproven? What about: “This house has a lot of potential.” This is a nice way of saying it’s not in the best shape right now, but with a coat of paint, re-sanded hardwood floors, new wallpaper, and kitchen cabinets, it would be really great.

In real estate, words like “cute” and “cozy” are often code for a microscopic room or apartment. How about “semi-waterfront?” That term is often used to describe a property that is across the highway from the beach. There are many more examples. Just read a page or two of real estate advertising.

But be careful when you use puffery in your advertising. You can say whatever you like (subject to your managing broker having a stroke). Remember though, if there's a complaint about your advertising, the Real Estate Council or the Board can open a file to investigate and make a decision as to whether the words were misleading. It'll be your responsibility to make a reasonable case that your puff would not have misled a reasonable person. Sometimes, this isn't an easy task. Do you want to take the chance? I suggest erring on the side of caution. Let’s be accurate with the facts while putting the best face on them. It’s a fine line to walk indeed.

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Empty Homes Tax clauses, foreign buyers, mortgage insurance, and cannabis toolkit

Vancouver’s Empty Homes Tax is now in effect, and the BC Real Estate Association created 22 clauses, related to the tax, to include in the Contract of Purchase and Sale.

Learn more.

Are the headlines correct? Did foreign buyers drive the market in Metro Vancouver in 2017? Here’s the latest data from the BC Ministry of Finance.

Learn more.

When home buyers with less than 20 per cent down buy a home, they typically buy mortgage loan insurance. How does this insurance work? Who qualifies to buy it? Who sells it? Who does it protect?

Learn more.

The Canadian Real Estate Association has a new cannabis toolkit which explains the law that will legalize cannabis. It also addresses our profession’s concerns about the risks of personal indoor home cultivation.

Learn more.

Home buyer demand depends on property type

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Attached and apartment homes are in demand across Metro Vancouver while detached home buyers are facing less competition today.

Sales

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,818 in January 2018, a 19.4 per cent increase from the 1,523 sales recorded in January 2017, and a 9.8 per cent decrease compared to December 2017 when 2,016 homes sold.

Last month’s sales were 7.1 per cent above the 10-year January sales average. By property type, detached sales were down 24.8 per cent from the 10-year January average, attached sales increased 14.3 per cent and apartment sales were up 31.6 per cent over the same period.

“Demand remains elevated and listings scarce in the attached and apartment markets across Metro Vancouver,” Jill Oudil, REBGV president said. “Buyers in the detached market are facing less competition and have much more selection to choose. For detached home sellers to be successful, it’s important to set prices that reflect today’s market trends.”

New listings

There were 3,796 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2018. This represents an 8.3 per cent decrease compared to the 4,140 homes listed in January 2017 and a 100.7 per cent increase compared to December 2017 when 1,891 homes were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 6,947, a four per cent decrease compared to January 2017 (7,238) and a 0.2 per cent decrease compared to December 2017 (6,958).

For all property types, the sales-to-active listings ratio for January 2018 is 26.2 per cent. By property type, the ratio is 11.6 per cent for detached homes, 32.8 per cent for townhomes, and 57.2 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.

MLS® Home Price Index

The MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver is currently $1,056,500. This represents a 16.6 per cent increase over January 2017 and a 0.6 per cent increase compared to December 2017.

Detached home sales in January 2018 reached 487, a 9.7 per cent increase from the 444 detached sales recorded in January 2017. The benchmark price for detached properties is $1,601,500. This represents an 8.3 per cent increase from January 2017 and a 0.3 per cent decrease compared to December 2017.

Apartment home sales reached 1,012 in January 2018, a 22.7 per cent increase compared to the 825 sales in January 2017. The benchmark price of an apartment property is $665,400. This represents a 27.4 per cent increase from January 2017 and a 1.5 per cent increase compared to December 2017.

Attached home sales in January 2018 totalled 319, a 25.6 per cent increase compared to the 254 sales in January 2017. The benchmark price of an attached unit is $803,700. This represents a 17.5 per cent increase from January 2017 and unchanged compared to December 2017.

For the complete January 2018 stats package click here

Other News

Latest disciplinary decisions posted

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Our Professional Conduct Committee investigates alleged breaches of the REALTOR® Code of Ethics and our Rules of Cooperation. Stay on top of our efforts to uphold and enforce professional standards. The latest decisions from our Professional Conduct Committee (C17-18, C17-19 and C17-20) are available here.

We receive a lot of questions from members. Here are answers to some of your most frequently asked questions:

What is my Medallion status?

Check out your member profile at REBGV.ca. This provides a snapshot of your status as a member. Your Medallion standing is at the lower right-hand side of the screen. Click here for a direct link.

Where can I see my PDP or REP compliance status?

Again, your member profile page on www.rebgv.ca can help. Right at the top of your profile on the home page, you’ll see your membership picture and a snapshot of your PDP and REP compliance status. Click here for a direct link.

How do I register for a course?

You can register for a course from our Course and Events Calendar on REBGV.ca. Just click the course you're interested in taking and scroll down to the “register” button. If the course is full, the button will change to “sold out”.

What's the parking lot code?

Vandals recently targeted our underground parking area. As a safety measure, we’re closing the gate more often during the day. If you’re coming to the Board for a class or other business and the gate is closed, you can open it using the following code:  * 6 1 3 1 5.

If you have questions, contact Sandy Morris at smorris@rebgv.org.

How do I register for the new Legal Update course?

Registration for the new Legal Update course is now provided by the BC Real Estate Association. Click here to go to the registration page.

Last year’s Legal Update is still available online through your Board. Council informed us they will only recognize the 2017 online course for people whose license expires before July 1. If your license expires on or after July 1, you’ll have to complete Legal Update in the new blended format.

For further Legal Update questions, email BCREA at rep@bcrea.bc.ca or call them at 604-683-7702. Press three for the re-licensing information extension.

Still have questions? Call Member Services at 604-730-3090.

Learn how to build better CMAs in our updated course

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We’ve recently updated our Comparative Market Analysis (CMA) course. The first offering will be on February 20.

This three-and-a-half hour, hands-on course familiarizes you with two CMA applications: Paragon CMA and Cloud CMA. Both take MLS® data to build a CMA consisting of either one subject property with comparables, a complete CMA presentation, or anything in between.

Gain experience using both applications, so you can decide which is most suitable for you.

Help your clients understand current market conditions with professional presentations that look sharp and are easy to understand.

This course covers how to apply adjustments. It doesn’t address how to assign dollar values to adjustments. We’re developing a separate course for that topic.

To learn more, check course availability, and register, visit our Course Catalogue.

Get MLS® data on the go with HomeSpotter

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More than 5,500 REALTORS® in Metro Vancouver are using our HomeSpotter MLS® app. Are you one of them?

What's HomeSpotter?

We provide HomeSpotter to you at no additional cost in the Apple App and Google Play stores.

HomeSpotter gives you access to your saved searches, contacts, and listing carts from any mobile device. You can upload new photos to a listing and, if you have “agent modify” privileges, you can edit the remarks of your active listings. You can also perform common MLS® tasks such as searches and scheduling appointments via Touchbase.

Share listings with your clients

HomeSpotter allows you to communicate and share listings and messages directly with your clients within a branded version of this MLS® app. HomeSpotter also works with SentriLock’s SentriSmart app to deliver listing information about a home when you open a lockbox.

Communicate with other Realtors

Use HomeSpotter to send messages to other Realtors. Simply search for them by name in the Agent Roster and select how you want to contact them: by phone call, email, or text message.

Learn more

Once you've downloaded the app, check out one of HomeSpotter’s free tutorial webinars to learn more about how it works. If you have questions, contact the Help Desk at 604-730-3020.

Online security tips to live by

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Hackers and cyber criminals are constantly looking to exploit computers and mobile devices. As a REALTOR®, you’re obligated to protect the data you collect, everything from MLS® data to sensitive client information.

Here are some security tips you can follow to keep your data secure:

  • Always keep your operating system and security software updated with the latest versions. New viruses and variants of old ones are created daily.
  • Back up your data. External hard drives are affordable. You can also use cloud services to back up your data.
  • Use strong passwords and change them annually. Also, don’t use the same password for every site.
  • Be vigilant with email. Emails are the primary medium that hackers use to infect computers, as we detailed in this article about phishing attacks. Always scrutinize sender details and hover your curser over links to see their web address. Never open unsolicited attachments or click on unsolicited links.
  • Be mindful of using public Wi-Fi networks. Last fall, serious security flaws were discovered with Wi-Fi encryption protocols that expose almost any type of device that can connect to a public network. Stick to secured Wi-Fi networks that you and/or a trusted professional set up.
  • Before clicking on anything, stop to think if it’s expected, valid, and trusted. What may initially appear to be an email from a trusted source may not be upon closer inspection. 

ICYMI: Council alters transition rules for new Legal Update course

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The Real Estate Council of BC (Council) is launching a redesigned version of its Legal Update course this month. To complete the new course, you’ll be required to first complete an online component, including an assessment, then complete a five-hour classroom component.

The 2017, online-only, Legal Update course is still available, but we’ve recently learned that, effective immediately, Council will only recognize the 2017 online course for people whose license expires before July 1. If your license expires on or after July 1, you’ll have to complete the new Legal Update in the new blended format before you can relicense with Council.

Legal Update is Council’s required course for its Relicensing Education Program that you must complete every two years before you can renew your license.

What we know about the new course

  • It’s a two-part course with an online component and a classroom component. The online portion will likely take around five hours to complete.
  • The online component must be successfully completed prior to scheduling and attending the classroom session.  You’ll have two weeks from the time of registration to complete it. 
  • There are five sections, each with 10 assessment questions.
  • A score of at least 70 per cent is required to move to the next section.
  • Licensees must complete both components 30 days prior to their license renewal date.
  • While owned by Council, the Boards will host the classroom portion.
  • Members will register for both components of the new course through BCREA.
  • It will cost $275.
  • Council strongly recommends you register for the course at least eight weeks before your licence expires.

We've been advocating for Council to change their approach to implementing this new course. We’ll keep you informed as we learn more.

In the meantime, the Council created an FAQ page for the new course here.

For further Legal Update questions, you can email BCREA at rep@bcrea.bc.ca or call them at 604-683-7702. Press three for the re-licensing information extension.

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