Featured News
Don’t miss Rob Hahn at this year’s AGM
We’ve lined up an exciting keynote speaker for this year’s Annual General Meeting on March 19 at the Delta Hotels by Marriott Conference Centre in Burnaby!
Rob Hahn is the founder and managing partner of 7DS Associates, a consulting firm specializing in creative solutions rooted in strategic analysis and data. He’s been named to the Inman 100 Most Influential Real Estate Leaders list and is an in-demand speaker at real estate events across North America.
On his popular blog, the Notorious R.O.B., he opines on topics in real estate, technology, marketing, and strategy. You’ll also find his work at Inman. Check out Rob at the 2016 Zillow MLS® Summit below.
Rob’s presentation will begin after the business of the AGM is over (approximately 10:45 a.m.). You won’t want to miss it!
Register for our AGM today
All REBGV members can attend this free meeting. You’ll need to present your membership ID at the door for admission. Registration is at 8:30 a.m. and the meeting will start at 9:30 a.m. A continental breakfast will be provided.
You can register online. You can also register with Member Services at 604-730-3090 or memberservices@rebgv.org.
AGM Package
Our 2020 AGM Package is available here. This document includes:
- Notice of annual general meeting
- Annual general meeting agenda
- Minutes of the annual general meeting held on March 13, 2019
- Proposed amendments to the constitution and bylaws
- Instructions for proxy form
- AGM voting proxy form
- REBGV AGM meeting rules (2020)
- Financial statements for the year ending on December 31, 2019
Special resolutions
At this year’s meeting, members will vote on three special resolutions.
Special resolution 1 would give Board staff the autonomy to update different administrative forms, like membership forms, without requiring approval from the Board of Directors.
Special resolution 2 would clarify wording in our professional conduct appeal procedures that may be considered ambiguous.
Special resolution 3 would change the title of the REBGV president to “chair.” This change is in line with governance best practices and is consistent with changes happening at different real estate boards across the country and throughout the not-for-profit sector.
See you there!
REBGV's 2020 REALTOR® ad campaign begins
We’ve launched our 2020 REALTOR® advertising campaign.
We’re running two new radio advertisements aimed at improving the public’s awareness of the value that Realtors provide.
The campaign is again based on considerable member and public research. This year’s strategic message positions Realtors as long-term real estate partners rather than just service providers within a real estate transaction.
Potential home buyers and sellers seek and appreciate this kind of partnership with their Realtor, according to our research.
Our ads remind the public of the depth of real estate knowledge that Realtors provide beyond the basics of the home-buying and selling process.
Click to listen to the first and second of our new radio ads.
You can hear our ads on:
- CKNW 980 AM
- 103.5 FM QMFM
- Rock 101 FM
- News 1130 AM
- 93.7 JRFM
- 99.3 FM The FOX
- 94.5 FM Virgin Radio
- LG 104.3 AM
- 96.9 Jack FM
- Z95.3 FM
- AM 730
The majority of our radio ads will play on weekdays during the coveted morning and afternoon drive hours.
This year’s campaign will also include social media, print, and online and TV video advertisements, which will start appearing in the spring.
We’ll provide more information on the campaign as we roll out more advertisements. We’ll also continue to conduct public research to measure the campaign’s impact on public perceptions of the profession.
Introducing the MLS® Suite
When you think of MLS® you probably think of a database of listings. But the MLS® is so much more than a listing service.
Since it was conceived over half a century ago, MLS® has become an expansive infrastructure to help REALTORS® cooperate with each other in service of their clients. The MLS® infrastructure includes systems, tools, data, statistics, and resources designed to support your business.
Collectively, we call this the MLS® Suite. To help you get the most out of this suite, we’re launching a campaign focused on providing you with more information, updates, and details about the different MLS®-related services available.
We’ll begin by launching a new website dedicated to keeping you informed about the latest tools, resources, and information available to you through our MLS® Suite.
You’ll also see a new MLS® Suite Insider newsletter in your inbox each month highlighting the latest MLS® updates.
We’ll soon begin making office visits to talk with you in person about different aspects of the MLS® Suite. Let us know if you’d like a visit from our MLS® Suite team. Email us at mlssuite@rebgv.org.
What’s the MLS® Suite?
The MLS® Suite is a comprehensive business system, powered by MLS® data, that drives the real estate transaction. It provides the tools, technology, education, statistics, data, support, and rules and regulations that allow Realtors to effectively help their clients buy and sell homes.
The Suite consists of five pillars:
1. Sharing
We provide you with ways to share and market MLS® data, turning numbers and statistics into tangible information you can use to inform your clients.
2. Utilities
We provide an array of utilities to get your complex job done, from communication to market research and beyond.
3. Integrity
We have systems and processes to protect and manage the integrity of the MLS® and ensure your data remains accurate and trusted.
4. Training
We bring training to you with courses and education resources that enhance your MLS® experience.
5. Essentials
And finally, we give you the essentials—access to the MLS® data and legally tested contracts you need to close a deal.
The Ethics Guy®: Click here to unsubscribe, and “Oh my gosh, I didn’t know there was GST on this.”
Respect people’s requests to unsubscribe from your mailing list
When an email recipient tells you that your messages are no longer welcome, please stop sending them.
Business-to-consumer email messages are governed by Canada’s anti-spam legislation (CASL). This means you shouldn’t send commercial electronic messages to recipients unless they’ve opted in to receive them. You can familiarize yourself with CASL legislation requirements by reading the Canadian Real Estate Association’s guide or this article that we created, Anti-spam requirements.
Legal requirements aside, it’s just good business to respect the wishes of someone who asks you not to send them email messages—and this also applies to your colleagues. While “business to business I have a new listing” messages are not technically covered by CASL, many members consider these messages to be spam. And they don’t like receiving spam. At a minimum, configure an unsubscribe system and put an unsubscribe note at the bottom of your messages. If or when you get an unsubscribe reply, immediately remove the recipient from all your distribution lists. Never put them in the position of having to contact you more than once to get themselves off of your list.
If you’re using a commercial email sending subscription service, check to ensure it has a robust unsubscribe feature and that unsubscribe requests are promptly dealt with. I suspect you’d be considered responsible (and in the crosshairs of recipients) if your subscription service wasn’t properly dealing with unsubscribe requests.
Not paying attention to unsubscribe requests can result in recipients labelling your messages as “junk,” or even worse, they may block you altogether. This may seem fine until you want to communicate with them about a showing or an offer presentation. If you’ve been labelled as junk by someone, they likely won’t know you’ve sent them an email message, which isn’t a great way of getting started on a potential deal.
Understand when the Goods and Services Tax (GST) is applicable
Understanding the basics of the GST can be challenging, but I think it’s fair to say that anyone who faces an unexpected GST bill just before closing (or at any time) will be annoyed and may complain. A surprise GST issue is a problem that could result in having to face a judge, the Council and (later on) the Board. It could also mean a healthy risk of social media notoriety.
I’m no GST expert (there’s a whole department of the federal government devoted to that infernal tax), but you can find lots of information online about GST, including resources from our Board at rebgv.ca and our Government Relations Department’s GST Fact Sheet.
What type of situation might result in an unwelcome GST surprise? The scenario below shows one GST situation that members should be familiar with.
A few years back, a pre-sale strata condo was sold during the show suite frenzy. The pre-sale buyer signed the contract, paid the deposits as required, and then closed on the deal, paying the Property Transfer Tax and GST, plus, I suspect, other expenses like legal fees, appraisal costs, disbursements, and the like. For whatever reason, the buyer decided not to move into the place. So shortly after closing, the buyer sold the unit. He advised his REALTOR® that the GST had been paid, as indeed it had. His Realtor noted the GST had been paid in the listing information. A buyer’s agent then showed and sold the unit to her buyer. Understanding that GST had been paid, the buyer was unhappy to learn that GST was applicable to her transaction.
“Why?” you might ask. I certainly did.
The second buyer is the actual end user because the first buyer never moved into the unit. And because the first buyer hadn’t moved in, the GST is applicable to the second buyer’s deal. This unhappy situation probably arose when the first buyer’s lawyer suggested he could apply for a GST rebate. Who wouldn’t want to do that?
There’s more: A seller’s motivation for buying a pre-sale, including their plans for the unit after closing, may also have an effect as to whether GST is payable. Things can get murky at this point. Clarification should be left to a professional, like an accountant or lawyer/notary. Your red flag will be a brand-new unit not yet occupied by the seller. If that’s the case, start asking questions and pointing your seller to their accountant or lawyer for GST advice. Ditto for your buyer. That’s a safer bet than making assumptions as to whether or not GST is payable (and who must pay it.)
Watch lawyer Tony Spagnuolo summarize these types of GST situations in this 90-second video.
In summary, if you’re in doubt, suggest your clients get professional advice. You should also talk to your managing broker. Whatever the situation, make sure the contract of purchase and sale is clear about GST and who’s paying it.
GR Voice: Anti-spam requirements and a new small business tax break
Anti-spam requirements – what you need to know
Anti-spam legislation came into force in 2014. Here’s a reminder of the types of messages the legislation covers and what you must do to comply.
New tax break for small business
A new BC government program will soon allow municipalities to provide property relief to small businesses with a property assessed in a commercial class – Class 5 (Light Industry), Class 6 (Business and Other).
BCREA calls for increased cooperation to tackle money laundering in BC
Last week, the BC Real Estate Association (BCREA) made an opening statement to the Cullen Commission of Inquiry into Money Laundering on behalf of BC REALTORS®. In her comments, BCREA CEO Darlene Hyde called for more cooperation and evidence-based decision making to tackle this issue in the province.
"We are committed to working with government to better understand this issue and address any pre-existing vulnerabilities within our sector," Hyde said in the statement. "It is our hope that by working collaboratively we can steer a path forward that strengthens consumer protection measures and limits illicit impact on the housing market".
Read her full statement here.
Your Board also provided input to the commission last year.
We’ll keep you up to date on the Cullen Commission as more information becomes available.
Steady demand and low supply benefits home sellers
February saw steady home buyer demand and reduced home seller supply across Metro Vancouver.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,150 in February 2020, a 44.9 per cent increase from the 1,484 sales recorded in February 2019, and a 36.9 per cent increase from the 1,571 homes sold in January 2020.
Last month’s sales were 15.6 per cent below the 10-year February sales average.
“Home buyer demand again saw strong year-over-year increases in February while the total inventory of homes for sale struggled to keep pace,” Ashley Smith, REBGV president said. “This was most pronounced in the condominium market.”
There were 4,002 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2020. This represents a 2.8 per cent increase compared to the 3,892 homes listed in February 2019 and a 3.4 per cent increase compared to January 2020 when 3,872 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,195, a 20.7 per cent decrease compared to February 2019 (11,590) and a 6.7 per cent increase compared to January 2020 (8,617).
"Our Realtors are reporting increased traffic at open houses and multiple offer scenarios in certain pockets of the market. If you’re considering listing your home for sale, now is a good time to act with increased demand, reduced competition from other sellers, and some upward pressure on prices," says Smith.
For all property types, the sales-to-active listings ratio for February 2020 is 23.4 per cent. By property type, the ratio is 17.3 per cent for detached homes, 26.9 per cent for townhomes, and 28.4 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 $1,020,600. This represents a 0.3 per cent increase over February 2019 and a 2.7 per cent increase over the past six months.
Sales of detached homes in February 2020 reached 685, a 52.9 per cent increase from the 448 detached sales recorded in February 2019. The benchmark price for a detached home is $1,433,900. This represents a 0.7 per cent decrease from February 2019 and a 1.9 per cent increase over the past six months.
Sales of apartment homes reached 1,061 in February 2020, a 39.8 per cent increase compared to the 759 sales in February 2019. The benchmark price of an apartment property is $677,200. This represents a 0.9 per cent increase from February 2019 and a 3.6 per cent increase over the past six months.
Attached home sales in February 2020 totalled 404, a 45.8 per cent increase compared to the 277 sales in February 2019. The benchmark price of an attached home is $785,000. This represents a 0.6 per cent increase from February 2019 and a 1.7 per cent increase over the past six months.
Download the February 2020 stats package.
Other News
ICYMI: Use the new clause to help clients in wake of rising strata insurance rates
Strata insurance rates are rapidly increasing across BC, affecting owners of strata properties, and potential buyers.
To help REALTORS® protect their buyer clients, the BC Real Estate Association (BCREA) and the Standard Forms Committee developed a new strata insurance clause to use.
This clause ensures a home buyer is able to receive and review copies of strata corporation’s insurance policy.
The clause also gives the buyer an opportunity to approve these documents before entering into an unconditional offer.
You’ll find this new clause on WEBForms in the clauses section. Call Help Desk at 604-730-3020 if you need help with clauses on WEBForms.
BCREA also developed a guide to help you understand when and how to use this new clause. Click here to access this resource.
What’s going on with insurance rates?
Strata owners in BC are facing insurance rate increases of between 50 and 300 per cent this year, according to the Condominium Home Owners Association of BC.
Deductibles to cover claims are also rising. In some cases, we’ve heard of deductibles increasing as much as $500,000.
Why are rates increasing so much?
There are many factors contributing to these increases, including rising property values, global catastrophes, increasing claims cost, frequency of claims, and lack of competition in the industry,
“Unfortunately, buyers and sellers are caught in the extreme conditions of the insurance market at this time, with serious consequences for the real estate market as well as the personal liability of strata property owners and buyers across British Columbia,” said Tony Gioventu, executive director, Condominium Home Owners Association.
What are we doing about this?
Your Board is working with the BC Real Estate Association (BCREA) and the Canadian Real Estate Association to explore ways to mitigate problems related to this issue.
We’ve asked BCREA to approach the province to amend the Strata Property Act Form B Information Certificate to require that insurance policies for the strata be attached. This would ensure that your clients know about deductible and policy costs up front.
We also know that the Insurance Bureau of Canada and the federal government are discussing regulations for condominium insurance. We’ll continue to follow this and report back to you.
More information
- The Insurance Brokers Association of BC’s new FAQ
- How mortgage stress test changes affects home buyers
- Legally Speaking #515: Liability for strata insurance deductibles (BCREA)
- Condo insurance crisis: what you need to know (Fraser Valley Real Estate Board)
- How do strata corporations and owners manage the dramatic increase in insurance rates? (Condominium Home Owners Association of BC)
New discipline decisions available from Council
The Real Estate Council of BC regularly publishes their disciplinary decisions. Click here to review them.
Resources to help you with the recent Rules of Cooperation changes
Changes to the Rules of Cooperation took effect on March 1.
The changes address a variety of topics that include new standards for listings and listing information, including posting and removing supporting documents and photos, privacy protection, new anti-money laundering rules, and more.
These changes are the result of feedback from members, staff, and our Professional Conduct Committee in recent years.
We’ve created a resource that shows the old and updated version of the Rules of Cooperation side-by-side so you can understand what’s changing. Click here to view this document.
Our Ethics Guy® Kim Spencer has also written about the coming changes. Click here to read his article.
Kim's also created 10 Top Tip videos that cover these changes in more detail. Watch the playlist below:
Click on the list icon in the top right corner of the video to select a different video.
Take our WEBForms readiness survey
We want to know how you feel about CREA WEBForms.
Click here to tell us about your comfort level with the new system and other feedback you want to share. The survey should only take a few minutes to complete.
Note that we’ve already sent this survey to members who’ve taken our WEBForms course. If you’ve already completed the survey, thanks for your feedback.
WEBForms resources
The Canadian Real Estate Association (CREA) is extending read-only access of the old WEBForms into March. While this extension gives you more time to move your transaction kits (old contracts) over to the new WEBForms, you’ll still need to use the new platform for new transactions.
Please invest the time necessary to learn the new WEBForms as soon as possible. We’ve created a library of resources you can access to help you with this change.
Report bugs
If you encounter bugs within the system, please share them with both CREA (support@crea.ca) and our Help Desk (support@rebgv.org).
Technical support
Our Help Desk is available during regular business hours to help you with WEBForms issues you encounter. Call us at 604-730-3020 or email us at support@rebgv.org.
CREA’s Help Desk is available:
- weekdays from 5 a.m. until 9 p.m., and
- weekends from 5 a.m. until 7 p.m.
Contact them at 1-888-237-7945 or email support@crea.ca.
Obituary: Robert H. "Bob" Lee
Robert Horne “Bob” Lee, a long-time REBGV member and prominent member of the Vancouver business community, passed away in February. He was 86.
Bob was born in Vancouver, the sixth of seven children. He attended UBC and earned a bachelor of commerce degree in 1956. After he graduated, he spent time working for the family import/export business before earning his real estate license in 1959.
He developed a network using his family’s business associates and quickly became a go-to guy for helping people from China and Hong Kong broker deals in Vancouver. In 1966, he co-founded the Wall Financial Group with Peter Wall and Peter Redekop.
After a successful run there, he founded his own real estate development company called Prospero International Realty in 1979. Today, Prospero continues to be a prominent sales, leasing, and property management company in Metro Vancouver.
Outside of real estate, Bob was highly regarded for his business sense and charitable spirit. He was awarded the Order of BC in 1990, and the Order of Canada in 1999. His name graces several buildings around Vancouver, including the Robert Lee YMCA on Burrard and the Robert and Lily Lee Family Health Centre near Commercial Drive.
UBC was close to Bob’s heart. He joined their Board of Governors in 1984 and served as chancellor from 1993–96. He founded the UBC Properties Trust, which led to much of the modern development on campus, including market housing and alumni facilities. The Robert H. Lee Graduate School and the Robert H. Lee Alumni Centre were named in his honour.
Bob is survived by his loving wife, Lily, their four children, Carol, Derek (Carlota), Leslie (John), and Graham (Angela), his beloved grandchildren, Christie, Rachel, Michelle, Alex, Robert, Nicole, Jacqueline and Ava, his siblings Maye, Mary and Bill (Mirian), sisters-in-law, Mamie and Rhoda, and many nieces and nephews.
In lieu of flowers, please consider a donation to the Vancouver Chinatown Foundation.
New course: Residential mortgage financing for REALTORS®
The mortgage industry continues to evolve and change. Changes to mortgage rules and policies have made real estate financing more complex than ever before. Clients often ask their Realtor questions that are more suited for a mortgage broker, which can lead to confusion.
Have you ever experienced a situation where your buyers got caught with insufficient financing?
Can you recommend a mortgage broker to your client?
What’s the difference for your client if they’re pre-qualified versus pre-approved?
What are some challenges to be aware of when pre-qualifying your client?
Get answers to these questions in our new six-hour, PDP-accredited course, Residential mortgage financing for REALTORS®: The basics.
This course introduces you to common mortgage terms, the application and approval process, buyer qualification specifics, the basics of mortgage underwriting, the sources of financing or funding available, and how to help clients avoid financing challenges. You’ll also discuss the differences between working with mortgage brokers versus banks, and different types of mortgages or programs available to your clients.
This new course will begin April 22. Click here to register.
Paragon updates: Associated documents, mapping your listings
To keep in line with best practices concerning privacy, we're removing documents associated with listings that have been sold or inactive for three months starting March 3.
If you have questions about this change, please contact Ian Abbott at iabbott@rebgv.org.
In Paragon’s next update, anyone who inputs a listing will be required to manually map the listing. Click here for a resource that shows you how to do this.
Need help? Call the Help Desk at 604-730-3020 or email support@rebgv.org.