Date:        Saturday July 6th, 2024

Time:       11:00am -12:30pm

Location: 5366 Crooked Branch Road, University Endowment Lands
                 (near UBC campus)

Sign up: https://forms.gle/sXuAiQByKXfJftBG7

NOTE: For video filming, please contact Vivian at 778-869-0504

edge way Preview Package
edge way Floor Plan Preview Package
edge way VIP Offering Sheet

• Rules of Cooperation - August 2024

• Rules of Cooperation - What’s Changing (side by side comparison of the previous and new standards)

If you have a child in grade 12 in 2024, we encourage them to apply for one of our annual entrance scholarships!

Each year we award five $1,500 entrance scholarships to our members’ children entering post-secondary education.

We award scholarships based on performance in academics, athletics, fine arts, and community service. The recipients are chosen by a team of independent adjudicators.

Your child is eligible to apply if

• you, as their parent or legal guardian, are an active member of Greater Vancouver REALTORS®

• they’re currently in grade 12

• they’ll be enrolled in full-time studies in fall 2024 in a program of at least two years’ duration leading to a recognized degree, diploma, or certificate at a university, college, or institute recognized by Universities Canada

Key Information

• Deadline for applications is August 30, 2024. Adjudication will take place in September, and successful applicants notified in October.

• Successful applicants will be asked to submit a certified copy of their final transcript (all grade 11 and 12 marks and provincial exam results). The applicant’s transcript will be mailed to them by the provincial government. The student’s school may also certify copies.

• Applicants are advised to begin collecting required documents early, as some references may not be available during the summer.

Request your scholarship application here

Questions?

Email scholarship@gvrealtors.ca.

The Goods and Services Tax (GST) is a key factor in real estate transactions, applying to commissions, fees, and even some housing.

It’s important for Greater Vancouver REALTORS® (GVR) members to understand how GST is applied so you can properly guide your clients.

Here’s a collection of resources you can use to ensure you’re up to speed on GST.

GST on housing fact sheet for Realtors

GST applies to the purchase of a new residential home in BC – but what exactly does the government consider a “new” home? And are there any rebates or exemptions?

To help you understand the rules around GST, we’ve compiled all this information and more into a fact sheet for Realtors.

You can also download a PDF version.

Need to know more? Take our course

Our GST for Realtors and Real Estate Transactions course provides you with a basic understanding of how the GST applies to your business. You’ll learn how it applies to both commercial and residential real estate transactions, and how you can determine if you have a GST situation that needs action.

You’ll also learn about risks and liabilities associated with the GST and when you should advise your client(s) to seek legal or professional tax advice.

This course also complements BCREA’s Tax Tips for Selling Real Estate course.

The next available date for our course:
June 25, 9:30 am – 3:30 pm via Zoom webinar

Register today.

MLS® rules around GST

Residential listings on the MLS® have an optional field for GST. This yes-or-no field gives you the option to let other members know if the listing price includes GST or not.

If you have a listing that GST applies to and you want to include GST in the listing price, we encourage you to use this field.

Note that all sales prices must be reported to GVR without the tax included even if your original listing included the GST in its price.

When in doubt, ask an expert

If you’re in doubt about GST, we recommend you ask an expert like an accountant, or ask your managing broker for advice.

The new sales statuses for MLS® listings will now be coming to Paragon, REALTOR.ca, and other platforms in July. We'll announce the exact date in the coming weeks.

These new statuses will help REALTORS®, homebuyers, and sellers get a better sense of how far along a listing is in the transaction lifecycle.

What are the new statuses?

There will be three new statuses:

1. Active Under Contract – This optional status will be used when a listing has an accepted offer with subjects on it. If your brokerage has permitted use of this status, and you have the Agent Modify ability, you can change to this status on your own.

2. Pending – Replacing the current “Sold” status, this status will be applied to listings that have an accepted subject-free offer, or once all subjects are removed.

3. Closed – Listings will automatically move to this status at the end of their completion date.

The “Active Under Contract” status will be available to all members with agent modify ability, but your brokerage may apply rules on whether you can use it, or how you can use it. Please check with your office to see how they intend to use the status.

Please note that association staff will not be updating listings from Active to Active Under Contract.

More recent sold prices coming to Realtor.ca

Along with the new sale statuses, we also plan on including more recent sold prices for listings on public-facing listing websites like Realtor.ca.

After the starting date in July, all listings with the new “Closed” status will automatically show their sale price.

We’ll provide more information on the new sale statuses and public facing sold prices in the coming weeks.

Questions? Please contact the MLS® department at mls@gvrealtors.ca

The Bank of Canada decided to reduce its target for the overnight lending rate from 5% to 4.75%. The move was widely expected by financial markets and marked the Bank’s first rate reduction since the onset of the pandemic four years ago, bringing rates down to where they stood exactly one year ago.

In a scheduled announcement on Wednesday, June 5, 2024, the Bank noted Canada’s economy picked up in the first quarter of 2024 but still came in weaker than anticipated. While growth in consumer spending, business investment, and the housing market remained solid, the Bank once again made note of the fact that employment has been rising at a slower pace than working-age population growth.

The Bank continues to focus on elevated shelter costs as a significant contributor to inflation. However, it also noted that both headline and core measures of inflation are showing signs of downward momentum and are close to historical averages.

With inflation now back in the Bank’s preferred range of 1-3% and increased confidence that inflation continues to move toward its 2% target, the Bank stated, “monetary policy no longer needs to be as restrictive” in its decision to lower the policy rate by 25 basis points.

The Bank of Canada will make its next scheduled interest rate announcement on July 24, 2024, as well as publish its full outlook for the economy and inflation in its next Monetary Policy Report.

Are you looking for interest rate information to share with your clients? REALTOR.ca Living Room has put together an article for prospective home buyers about what they should do if they’re buying a home in the current market, and why working with a REALTOR® is important.

VANCOUVER, BC – June 4, 2024 – The number of transactions on the Multiple Listing Service® (MLS®) declined in May compared to what is typical for this time of year in Metro Vancouver1. This shift has allowed the inventory of homes available for sale to continue to accumulate with over 13,000 homes now actively listed on the MLS® in the region.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,733 in May 2024, a 19.9 per cent decrease from the 3,411 sales recorded in May 2023. Last month’s sales total was also down 19.6 per cent from the 10-year seasonal average for May (3,398).

GVR Stats Package for May 2024

SURREY, BC – Slower seasonal sales helped build inventory to its highest level since September 2019 in the Fraser Valley in May, creating more balanced market conditions for home buyers and sellers. The increase in supply over the past several months has further contributed to a softening of price growth, which is good news for buyers.

Active listings increased eight per cent from April to May to 7,904 — up 42 per cent over May 2023 and 19 per cent above the 10-year average.

Sales, however, remained seasonally slow, with 1,517 transactions on the Fraser Valley Real Estate Board’s Multiple Listings Service ® (MLS®) in May, up 3 per cent from April, but down 11 per cent compared to May 2023. May sales were 21 per cent below the 10-year average.

FVREB Stats Package for May 2024

CASA168 – Mount Pleasant | Move-in Ready

DATE: Thursday June 20, 2024

TIME: 2:00 pm - 3:00 pm

LOCATION: 1127 E 15th Ave. Vancouver

Prize draw, drinks, and snacks

Sign up: https://forms.gle/hHWG5rzEyJChYgDW7

Website: casa168.ca