Broker Update, March 31, 2023
How to comply with the new BCFSA teams rules on April 1
Our regulator, the BC Financial Services Authority (BCFSA), is instituting new rules for real estate teams starting on April 1, which include new obligations and definitions on what constitutes a team.
Recently, BCFSA reached out to clarify how they intend to interpret and enforce these new rules. Some of these interpretations are currently unfeasible to comply with using Board systems such as the MLS® and WEBForms.
We’re working with our vendors as quickly as possible to ensure our tools are compliant.
We’ve communicated these shortcomings to BCFSA and were ensured that they will be flexible when enforcing the rules during the initial launch of the new regulations.
However, members must be as compliant as possible in all avenues under their control to avoid fines.
Update your advertising
Part of the new rules revolve around advertising as a team. If you’re considered a team, you must identify as a team in all advertisements starting April 1.
We recommend you update all your marketing vehicles to include your team name, including:
- email signatures
- brochures
- marketing emails and newsletters
- mailers
- traditional and digital ads
- business cards
- websites
- social media accounts
VOW websites, REALTOR.ca and Realtylink.org
The new advertising rules include all publish spaces where your listings are advertised, however our MLS® isn’t built in a way to facilitate this requirement at this time.
That means listing feeds on Virtual Office Websites (VOWs) and listing sites like REALTOR.ca and Realtylink.org will not be compliant to start.
We’re working to fix this and BCFSA is aware and have assured us that as long as other marketing avenues are compliant, they won’t levy any fines based on this.
Contracts
The new requirements state that if you are a part of a team, the team name must be included on your contracts. If you have completed a team disclosure there is no need to list every team member.
Otherwise, all team members must be included, typically in the schedule A.
We’re currently working with WEBForms to better accommodate this requirement.
More information
Members vote to modernize REBGV’s constitution at 2023 AGM
Over 94 per cent of participating members voted to approve a special resolution to modernize the Real Estate Board of Greater Vancouver’s (REBGV’s) constitution at the Annual General Meeting (AGM) on March 24.
To learn more about this change, this document outlines the organization’s previous constitution and the proposed constitution that was approved at the AGM.
For the first time, members from across the region had the opportunity to attend the AGM either in-person or online.
Those in attendance heard updates from REBGV Chair-Elect Jennifer Quart and myself on operational progress as well as key strategic initiatives that the organization has focused on achieving over the past year. If you missed the meeting, please review our 2022 Annual Report for the latest on these issues.
At the conclusion of the AGM, Jill Oudil, the Chair of the Canadian Real Estate Association, provided a brief update on work and initiatives underway within the profession at the national level.
I thank everyone who came out or took part online!
Jennifer Quart begins her term as REBGV's 2023/2024 Chair
After our AGM, Jennifer Quart became Chair of REBGV's Board of Directors for the 2023/2024 term.
Jennifer became a Realtor in 2010 and has served on REBGV's Board of Directors since 2017. In that time, she's gained experience in Board governance and looks forward to working with REBGV’s leadership team over the next 12 months to progressively advance the profession and help navigate the significant changes it faces in the coming years. I am excited to get to work with her.
Meet your 2023/2024 Board of Directors here.
CREA to vote on new cooperation policy at their AGM in April
The Canadian Real Estate Association (CREA) announced plans to implement a Realtor Cooperation policy requiring REALTORS® to place residential listings on their board's MLS® within three business days of any public marketing.
Member boards will vote on this proposal at CREA’s annual general meeting (AGM) on April 18.
If the amendment passes, the policy will come into force on January 3, 2024.
Learn more about this proposal and our position on it here.
Attend upcoming events on the foreign buyer ban and the future of housing in BC
We’re bringing you two events in April that cover some of the key issues affecting real estate in BC today. I encourage you and the members in your office to join us at these events.
Greater Vancouver Board of Trade presents Future of Housing in BC: A Conversation with Minister Ravi Kahlon
British Columbia's Minister of Housing Ravi Kahlon will discuss the government's housing strategy at this REBGV-sponsored lunchtime event in the Pacific Ballroom at the Fairmont Hotel Vancouver on Wednesday, April 12.
REBGV members can purchase discounted tickets when you register for a free Board of Trade account.
Get all the details, including how to get your discounted tickets.
Foreign Buyer Ban: What REALTORS® Need to Know
The federal government announced new changes to the foreign buyer ban they implemented January 1.
These changes include:
- Non-Canadians can now purchase residential properties for the purposes of development.
- Non-Canadians can now purchase vacant land that’s zoned for residential and mixed-use. The ban previously applied to all properties zoned for residential and mixed-use.
- An exemption for work permit holders. Now, work permit holders with 183 days or more of validity remaining on their work permit or work authorization can purchase one residential property.
- An increase in the corporation foreign control threshold from three per cent to 10 per cent for privately held corporations and/or entities created in Canada and controlled by a non-Canadian.
To help you understand how this may affect you and your clients, we’ve invited Real estate lawyer Bijan Ahmadian to host our Foreign Buyer Ban: What REALTORS® Need to Know event on Tuesday, April 4 at the Arras Banquet & Event Space, 1464 W. 7th Avenue, Vancouver. Before it starts, enjoy a delicious buffet breakfast with eggs, bacon, hashbrowns, pastries, French toast, fruit salad, and coffee and assorted juices.
Tickets are $65 plus taxes – get yours before they’re gone!
The Medallion Club Awards Gala returns in style!
The Real Estate Board of Greater Vancouver honoured our 2022 Medallion Club qualifiers at the Medallion Club Awards Gala on Monday, March 6 in Vancouver.
It was our first in-person celebration in three years. The evening’s “Med Gala” theme played on the popular fashion event, the Met Gala, complete with a pink carpet entrance and a runway fashion show.
Relive the evening with photo galleries, videos, and more.
Congratulations to all our 2022 qualifiers!
Review the latest disciplinary decisions in your office
Stay on top of the work your Board does 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. Review the PCC’s latest rulings (C22-31 Consent to Discipline).