REALTOR® NEWSREALTOR® NEWS
September 19, 2018
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Featured News

Register for our October breakfast meetings

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Your Board of Directors is hosting our annual breakfast meetings in October to engage with you on key issues affecting your business and the profession.

At the sessions, we’ll update you on the campaign we’re developing to help improve the public image of REALTORS® in our market.

Board President Phil Moore and a representative from the marketing firm we’ve hired will discuss the research and strategy behind the campaign and present some of the creative concepts we’re considering. Phil will also discuss the cost of embarking on a high-profile campaign of this nature.

Next, Phil and Board CEO Brad Scott will discuss the recent Supreme Court ruling in favour of the Competition Bureau against the Toronto Real Estate Board. They’ll outline the details of the case and what implications the decision will have on members, the Board, and the public.

Attend one of the four free meetings we’ll host around the region this October and share your feedback with us!

Here are the meeting dates and locations:

Each meeting will start at approximately 8 am with registration and breakfast. Presentations will begin at 9 am and end at approximately 11 am.

Register today with Member Services by calling 604-730-3090 or emailing memberservices@rebgv.org.

We look forward to seeing you at one of these meetings!

The Competition Bureau, VOWs and FAQs

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The Supreme Court of Canada announced last month that it won’t hear the Toronto Real Estate Board’s (TREB) appeal of a 2016 Competition Tribunal decision.

TREB was given two months to comply.

The decision calls on TREB to allow its members to display previous home sale prices, pending sold prices—where no conditions remain other than closing— and cooperating commissions within a password-protected Virtual Office Website (VOW).

A VOW is different from a public website that advertises listings for sale. It’s a password-protected online space for you to provide services and share information virtually instead of a face-to-face setting.

(Note: Many real estate website providers offer a VOW option. A number of these providers have data agreements with the Board. To learn more about VOWs, contact your website provider.)

We received a letter from the Competition Bureau earlier this month requesting a meeting to discuss our policies on the use and online display of MLS® information and to learn about any changes we’re considering.

Our lawyer has been in contact with the Bureau to let them know that we’re working to determine what changes we need to make and by when. This work is ongoing, and we’ll share more details as it evolves.

We’re hosting a series of member meetings in October where we’ll discuss this topic in more detail. Click here to register for one of these sessions.

In the meantime, the Canadian Real Estate Association created this FAQ document to help you better understand the key issues stemming from the TREB case.

We’ll share more on this topic in future communications.

Get to know our newest 50-year members

The Quarter Century Club welcomed 229 new members, including four 50-year members and one 60-year member, at our annual Quarter Century Club reception on September 12.

Here are some stories and words of advice we learned from new 60-year member George Rusin, and new 50-year members Heiner Blum, Roy Bonkowski, Robert Kirk, and Orest Perry:

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George Rusin

George was working with a REALTOR® to sell his first home. After three or four months without success, he said something to his Realtor about it. She retorted, “Well why don’t you just go get your license and sell it yourself?”

So he did.

After seeing how quickly George was able to sell his house, a few of his neighbours hired him and within his first month, he’d already sold four houses!

People and homes are two of George’s favourite things, so a career in real estate came naturally to him. Over his career, he’s always relished the friendships he’s forged with his clients. George thinks that you need to love what you’re doing to be successful, and if you’re a people person, you can shine in this business.

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Heiner Blum

Heiner worked as a mechanic after arriving in Canada from his native Germany. He realized he wanted to be his own boss, so he became a Realtor with Rusin Brothers Realty in 1968. He started his own company with his wife Gerhilde in 1971, and he went on to be a Medallion qualifier in 20 of the next 50 years in the business.

The June 15 rule changes have affected Heiner, and in his estimation likely more than a few others who’ve been around for a while. He thinks it’s sad when he can help the clients he’s built and maintained relationships with over the years find properties but can’t represent them to buy.

If you’re just getting started, Heiner advises you to develop a program and stick with it. Don’t depend on your websites for calls, get out of the office and make it happen!

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Roy Bonkowski

Roy was a handyman who’d worked in insurance as he approached his 30th birthday. He was always interested in real estate, and at that time in his life, it was important to find a job where he could keep his own hours. He was friendly with a manager from Block Bros. Realty, and after speaking with him, became a salesman.

Roy’s amazed at the way the business has changed over the last 50 years, both in the way business is conducted and in the people who conduct it. The biggest thing he’s noticed is how knowledgeable today’s Realtors are about other aspects of business. He believes that makes them more well-rounded businesspeople. His advice: find a niche, whatever works for you, and stick with it!

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Robert Kirk

Robert knew from an early age that he wanted independence in his career. As a 19-year-old in the mail room at Canadian Pacific Airlines, he had a falling out with the manager and decided to take the real estate course. He’d always been drawn to the business, and it turned out to be the best decision of his life.

He laments the few bad apples that have led to the new rules and regulatory changes, which he believes are overdone. If you’re just getting started in real estate today, Robert believes the same principles still apply from when he was starting out: work hard, know your stuff, and think about the future. If you do that, you should be just fine in what he considers the best business in the world.

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Orest Perry

Orest is originally from Saskatchewan. He moved to BC not really knowing what to do after spending his early years as a telegrapher. A friend of his wife’s sister was doing well in real estate, and Orest thought he should get involved in the business. He started out with Block Bros. Realty and founded his own company, Lulu Island Realty Ltd., in the early 1970s.

Orest is a believer in rules and ethics, and while he feels it’s unfortunate Realtors had no say in the recent rule changes, he thinks it’ll make new members more professional. Other than that, he thinks newer Realtors should understand that it takes a long time and lots of hard work to be successful.

Only 104 more shopping days ’till Christmas

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Around this time of year, I begin feeling a sense of dread that comes with having to make visits to the mall to do my Christmas shopping. I try to get it all done in one visit, but this plan doesn’t often pan out. Some of us like shopping. Not me. I would, if I could be assured of a parking space, knowledgeable in-store staff, a ready supply of merchandise I like in the sizes and colours I want, and a microscopic lineup at the cashier.

“Why doesn’t he just buy online?” you may be asking. I do. My garage is full of stuff I couldn’t resist online. But buying things for a beloved spouse and children isn’t as easy. It involves trust that the item being bought will actually turn out to be as described, and it’ll be nicely made and in a colour that doesn’t repulse once it arrives. I prefer not to risk this scenario, even though I know I may not find what I want in a bricks-and-mortar store, where I’m likely to be told, “Just what’s on the shelf,” when I ask if there’s a different size or colour I want to buy.

I think buyers and sellers must sometimes feel the same trepidation when they’re deciding whether they want to deal with us. They’ve heard the stories, even though their own experience with us was probably a good one. They may even recall the last great upheaval that came with changing accommodation. After all, hiring an agent to help with the colossal job of buying or selling a property isn’t to be taken lightly, and so they often say “no,” or, “I want to think about it,” until they’ve decided what they want to do. And sometimes they don’t do anything at all, much to our chagrin. So, what information about us would help potential clients make their decision easier?

Managing their expectations tops my list. Explaining what’s going to happen—the good, the bad, and the ugly—on their journey to buying or selling a property is helpful. Letting them know what they can expect from you, how often and when, is vital. It also doesn’t hurt to let them know what you expect of them.

  • Any potential buyer or seller has these questions, I think:
  • Do I like this REALTOR®? Are they a fit with me?
  • Have they taken the time to listen to me and understand what I want?
  • Are they prepared for our meetings or conversations?
  • Are they on time and do they keep their commitments?
  • Do they know what they’re talking about?
  • Do they understand the market?
  • Are they a good negotiator?
  • Are they rational and calm (because I know I am not going to be)?
  • Do they promptly respond to my calls and messages?
  • Do they have experience in the area in which I am interested?

No one wants to commit to hiring an agent only to learn the actual experience isn’t what was promised—just like no one wants to buy something online that turns out to be different than what they expected. I have many ugly sweaters I bought online that I never gave to my wife because I knew, as soon as I saw them, she wouldn’t like them! In those cases, I’ve made a trip to a good shop, found a mannequin wearing something I knew my wife would like, and then asked the staff to find that outfit for me. Along with a gift receipt.

But if you’re a seller or buyer and have “bought” an agent you later didn’t like, it isn’t nearly so easy to deal with the problem. Agents don’t come with gift receipts. And that’s the point: giving a bad sweater away is easy, but ending a relationship with a human being is much more difficult. Who needs the grief?

In short, be sure your clients know what they’re buying before they commit. The current market and the new rules aren’t pushing anyone to deal exclusively with us anymore, so give them all the reasons why they should be dealing with you—after, of course, you’ve satisfied our superintendent’s edict to “DORT” them first.

Making our voices heard locally, stopping speculation along Broadway

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Put your real estate knowledge to use

Your community can benefit from your knowledge and expertise. Consider applying to sit on a municipal board or committee – from the Board of Variance to planning and development, to heritage, environment and more. They’re waiting for you.

Read more.

Run REALTOR® Run!

There’s a municipal election on October 20. Are you, or do you know, a Realtor who’s running for mayor, council, school board, or as an elected representative? Tell us.

Read more.

Stopping speculation along the Broadway corridor

To stop the type of speculation that occurred along the Cambie Corridor when the SkyTrain extension was announced, the City is bringing in policies for the Broadway SkyTrain extension.

Real more.

Commercial real estate sales down, prices up in the Lower Mainland

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The commercial real estate market in the Lower Mainland continued to see fewer transactions in the second quarter (Q2) of 2018 compared to recent years.

There were 569 commercial real estate sales in the Lower Mainland in Q2 2018, a 16.3 per cent decrease over the 680 sales in Q2 2017, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).

The total dollar value of commercial real estate sales in the Lower Mainland was $4.047 billion in Q2 2018, a 13.4 per cent increase over $3.570 billion in Q2 2017.

“Similar to our residential market in recent months, we’re starting to see fewer transactions across all categories in our commercial market,” Phil Moore, REBGV president said. “Higher interest rates, reduced retail activity, and other economic factors are contributing to this change.”

Q2 2018 activity by category

Land: There were 217 commercial land sales in Q2 2018, which is a 16.5 per cent decrease from the 260 land sales in Q2 2017. The dollar value of land sales was $2.287 billion in Q2 2018, a 24.6 per cent increase over $1.836 billion in Q2 2017.

Office and Retail: There were 192 office and retail sales in the Lower Mainland in Q2 2018, which is down 20 per cent from the 240 sales in Q2 2017. The dollar value of office and retail sales was $813 million in Q2 2018, a 19.7 per cent decrease from $1.013 billion in Q2 2017.

Industrial: There were 126 industrial land sales in the Lower Mainland in Q2 2018, which is down 6.7 per cent from the 135 sales in Q2 2017. The dollar value of industrial sales was $0.387 billion in Q2 2018, a 23.9 per cent increase over $313 million in Q2 2017.

Multi-Family: There were 34 multi-family land sales in the Lower Mainland in Q2 2018, which is down 24.4 per cent from the 45 sales in Q2 2017. The dollar value of multi-family sales was $559 million in Q2 2018, a 37 per cent increase over $408 million in Q2 2017.

Download the full Q2 2018 Commercial Edge Market Report

Other News

Property Transfer Tax return changes now in force

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Changes to the Property Transfer Tax (PTT) return came into force on Monday, September 17.

When buying real estate using a corporation or trust, buyers and transferees with significant interest in property will now be required to be identified on the PTT return and must disclose:

  • their name(s);
  • date of birth;
  • citizenship information;
  • contact details; and
  • tax identification numbers.

Although REALTORS® don’t complete the PTT return, you should be aware of the changes to keep clients informed.

Changes aren’t retroactive. They apply from September 17 onwards to all property types and classes, including commercial and residential.

All data collected on the PTT return is confidential.

Exemptions

Exemptions include charitable trusts and corporations such as hospitals, schools and libraries.

Purpose

The changes will provide the BC Government with new tools to ensure:

  • property buyers aren’t evading taxes owed; and
  • better verification of real estate ownership.

Learn more

For questions about the Information Collection Regulation, contact PTTEnq@gov.bc.ca.

Baldev Gill announced as FVREB CEO

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The Fraser Valley Real Estate Board (FVREB) announced Baldev Gill as its new CEO starting November 1, 2018.

Gill previously worked with the Certified General Accountants of Canada (now CPA Canada) and most recently with the Chartered Professionals in Human Resources of BC & Yukon (CPHR BC & YK).

“It is a true privilege and pleasure to lead the FVREB and I am looking forward to working with the members, the board, and employees in enhancing the effectiveness, efficiency, and economy of the FVREB,” said Baldev Gill.

FVREB announced its search for a new CEO in February 2018.

PDP-accredited environmental seminar coming this fall

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Our newest PDP-accredited event is coming to Vancouver and Coquitlam this fall, entitled Environmental Due Diligence and Baseline Property Condition Assessments—How to Protect Yourself from Legal Implications and Financial Losses during a Real Estate Transaction.

We’re holding this three-credit, Category C breakfast seminar twice: on October 16, in Vancouver, and again on November 15, in Coquitlam.

We’ve assembled a panel of experts who’ll  explain BC’s environmental regulations and phased assessment process. The panel will review significant changes in environmental regulations over the last decade and how they’ve affected development, management, financing, assessment, and remediation of real estate in BC.

These sessions will cover:

  • issues that’ll help real estate advisors ensure the overall costs of environmental due diligence are minimized;
  • how to mitigate legal risks by showing examples of past legal actions; and
  • information on baseline property conditions assessments that help REALTORS® identify potential deficiencies and expenditures associated with the site.

For more information and to register for one of these seminars, visit our Course Calendar.

Questions? Email education@rebgv.org or call 604-730-3078.

Small Housing Summit coming in November

Do you want to learn more about the small housing movement in BC? Now’s your chance. The Small Housing Summit is coming to the Sheraton Wall Centre on November 17.

Small Housing BC is hosting the event. They’re a non-profit organization founded in 2012 that promotes the creation and inclusion of smaller housing forms in established single-family communities across BC. The Real Estate Foundation of BC is providing funding for the summit.

The day-long event will consist of two panels, one on design and the other on financing structures and small housing. After that, two Small Housing Challenge case studies will be reviewed, where participants will share their project issues and get the advice of expert panelists and practitioners in the room.

The summit will end with a networking event.

Small Housing Summit details

When: November 17, 8:00 am – 5:30 pm

Where: Sheraton Wall Centre, Vancouver

Registration and ticket information.

Visit SHBC’s Small Housing Summit page for full details.

Fraser Valley Board adds MyCondoPlans

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If you help clients buy or sell strata properties in the Fraser Valley Board, you now have a new tool to use. MyCondoPlans, which we added to Paragon in 2016, is now available for Fraser Valley listings. You can access plans for over 140 buildings in the Fraser Valley using the same action icon you see on our Paragon system.

As with our own version of MyCondoPlans, Fraser Valley is adding new plans all the time. Check it out today!

Ethics Guy® Top Tip

Send your clients to the Vancouver Fall Home Show

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Tickets for the Vancouver Fall Home Show make a great closing gift for your clients. Our discounted tickets are $12 (regularly $16), and you'll only pay for tickets your clients actually use.

Click here to order your tickets - while supplies last!

For every ticket sold through us, $3 goes to our REALTORS Care® Shelter Drive.

Order deadline: 5 pm, Friday, October 5, 2018

MLS® survey is open

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You should've received an email from Framework Partners asking you to complete our MLS® survey last week. We’d appreciate it if you’d take the time to complete it.

This is your chance to share feedback with us that we’ll use to improve our service to you.

Thank you!

Elain Duvall appointed chair of Real Estate Council of BC

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Effective Monday, September 17, the Ministry of Finance appointed Elain Duvall to chair of the Real Estate Council of BC (Council). Duvall replaces departing chair Robert Holmes.

Duvall brings a wealth of experience in housing-related roles, including nine years as a member of the board of the Real Estate Foundation of BC.

Learn more on Council’s website.

Hotsheets to be discontinued

Due to a steady decline of usage over multiple years, we’ll no longer create Hotsheets on our www.rebgv.ca website as of September 30. To find the information within these documents, you can contact the Help Desk at 604-730-3020 if you have questions.

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Courses and Events