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As part of our ongoing commitment to elevating professionalism and maintaining the integrity of our MLS® system, Greater Vancouver REALTORS’® (GVR) MLS® team is now proactively auditing MLS® listings.

Our aim is to reduce member frustration and increase MLS® data accuracy.

What you need to know

GVR’s MLS® team will conduct audits to verify that listings meet the standards set by the Rules of Cooperation, starting with ensuring all necessary documents and pictures are uploaded within 24 hours.

As we refine this process, we’ll expand the scope of our audits to address other issues such as missing data, incorrectly completed fields, and violations in remarks.

Action required

If you receive an audit email, you’re required to respond and resolve the issue within 24 hours. If you don’t respond, we’ll “cancel protect” your listing, meaning it won’t be visible until its expiry date, or the issue is resolved.

Why are we doing this?

When surveyed, most common complaints among members revolve around incomplete or inaccurate information on MLS® listings.

The MLS® system is a critical tool for Comparative Market Analyses (CMAs) and for generating accurate industry statistics.

And it’s not just members who are affected.

When listings are posted with missing, inaccurate, or incomplete information, like incorrect square footage or missing strata documents, it undermines public trust in our profession and the value of the MLS®.

We believe that by proactively addressing these issues, we can uphold high standards and maintain the reliability of the MLS® as a resource for professionals and the public.

What can you do?

1. Meet your obligations: Ensure all your listings comply with MLS® rules. Complete data fields, upload required documents, and double check the accuracy of the information you provide.

2. Use the corrections button: If you notice rule violations in other listings, please continue to notify us by using the corrections button. Your vigilance helps maintain the system’s integrity.

3. Respond promptly to audit requests: If you receive an audit notification, make it a priority to resolve the issue and communicate with our staff within 24 hours.

A commitment to data quality

GVR is committed to improving data quality across the board. We’re allocating more resources to monitor and ensure that all MLS® listings meet the highest standards.

Section 3.06 of the Rules of Cooperation clearly states, "It is the responsibility of every member to provide clear, accurate, and factual information regarding any listing."

This is a responsibility we all share, and we cannot achieve success without your cooperation.

By working together, we can create a stronger, more reliable MLS® system and continue to enhance the professionalism of our industry.

Thank you for your ongoing support and dedication to maintaining the high standards that benefit us all.

The BC Real Estate Association (BCREA) is updating many of their Standard Forms on November 12 to better reflect current practices and requirements.

One critical change REALTORS® should note is the update to the Contract of Purchase and Sale - Residential that will now include GST in the purchase price, if it's applicable.

Updated forms include:

• Buyer Acknowledgement of Advice, Rights, and Benefits

• Contract of Purchase and Sale for Business Assets Including Real Property

• Contract of Purchase and Sale of a Leasehold Interest in First Nations Reserve Lands (Third Party Approval Not Required)

• Contract of Purchase and Sale of a Leasehold Interest in First Nations Reserve Lands (Third Party Approval Required)

• Contract of Purchase and Sale of a Manufactured Home on a Rental Site

• Contract of Purchase and Sale – Residential

• Offer to Lease (Commercial)

• Offer to Lease Addendum / Amendment

• Privacy Notice and Consent Form

These new forms will be available on WEBForms on November 12.

What’s changing?

Here’s a quick overview of what’s changing:

Buyer Acknowledgement of Advice, Rights, and Benefits

The Buyer’s Acknowledgement of Information – Recommended Conditions form will be renamed to Buyer Acknowledgement of Advice, Rights, and Benefits to better reflect its contents.

It'll also include new language addressing risks associated with making unconditional offers before securing financing, along with better documentation of agent-to-buyer disclosures.

Contract of Purchase and Sale for Business Assets Including Real Property

The Contract of Purchase and Sale for Business Assets form will be renamed to Contract of Purchase and Sale for Business Assets Including Real Property. It'll include a provision requiring real property trading services to use the form.

Additionally, "Section 28: GST" will be updated to include references to the Provincial Sales Tax Act, with the section now titled "Section 28: GST and PST."

Contract of Purchase and Sale of a Leasehold Interest in First Nations Reserve Lands

Updates to the Contract of Purchase and Sale of a Leasehold Interest in First Nations Reserve Lands will include the addition of a GST disclosure, removal of GST from customary costs shared by the buyer and seller, and the inclusion of default language specifying GST is included in the purchase price.

The form will also reflect a broader definition of member boards to include associations. There are two versions of this contract: one for cases where third-party approval is required and another where it's not.

Contract of Purchase and Sale of a Manufactured Home on a Rental Site

The updated form will include a GST disclosure, removal of GST from customary costs, and default language for including GST in the purchase price.

It'll also include a revised definition of member boards and a reformatted presentation of sections related to offers and acceptance.

Contract of Purchase and Sale – Residential

This form will be updated with the same revised definition of member boards, with the addition of a strengthened notice regarding the buyer’s rescission rights.

“Section 1: Purchase Price” will also be updated to include “GST” if applicable. A corresponding change (including the new “GST disclosure”) will be made to the information page. 

Adding that GST is included in the “Purchase Price”, if applicable, by default is a big change that Realtors must draw to the attention of buyers and sellers. Realtors should advise buyers and sellers to obtain professional tax and accounting advice regarding how this will affect their out-of-pocket cost and net proceeds. Realtors should also advise clients that this default position can be negotiated between the parties along with other terms and conditions in the CPS. Expanding GST disclosures on the information page helps increase consumer understanding of the implications of GST and that additional professional advice may be required to determine GST applicability, which might result in added costs.

It'll also be reformatted, with clearer language and new initial boxes for the rescission notice section.

Offer to Lease (Commercial)

The Offer to Lease form will be renamed to Offer to Lease (Commercial) to better reflect its intended commercial use. It'll also specify GST as an additional cost where applicable.

Offer to Lease Addendum/Amendment

The Offer to Lease Addendum will be renamed to Offer to Lease Addendum/Amendment to reflect its dual use for both amendments and addenda.

Privacy Notice and Consent

This form will be updated to include "brokerage" in the list of entities where information may be disclosed and will also broaden the definition of member boards to include associations.

Help resources

• BCREA Standard Forms Pre-Launch Package (includes detailed information on all changes)

• New Standard Forms launch resources page

• All BCREA Standard Forms resources

• Standard Forms toolkit

• Professional Development courses

VANCOUVER, BC – October 2, 2024 – Home sales registered on the MLS® in Metro Vancouver1 declined 3.8 per cent year over year in September, suggesting recent reductions in borrowing costs are having a limited effect in spurring demand so far.

Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 1,852 in September 2024, a 3.8 per cent decrease from the 1,926 sales recorded in September 2023. This was 26 per cent below the 10-year seasonal average (2,502).

There were 6,144 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2024. This represents a 12.8 per cent increase compared to the 5,446 properties listed in September 2023. This was also 16.7 per cent above the 10-year seasonal average (5,266).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,932, a 31.2 per cent increase compared to September 2023 (11,382). This is 24.2 per cent above the 10-year seasonal average (12,027).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for September 2024 is 12.8 per cent. By property type, the ratio is 9.1 per cent for detached homes, 16.9 per cent for attached, and 14.6 per cent for apartments.

GVR Stats Package for September 2024

SURREY, BC – With active inventories hitting levels not seen in 10 years and sales 30 per cent below the 10year average, Fraser Valley real estate is building towards a buyer’s market if sales continue to lag.

The Fraser Valley Real Estate Board recorded 982 sales in September, down by eight per cent over August and by more than 10 per cent over September 2023. Again, seasonally adjusted sales were the second slowest in a decade in the Fraser Valley.

New listings rose in September, up 21 per cent to 3,352, an increase of 17 per cent year-over-year. Overall inventory increased five per cent from August to September to 9,045, up 39 per cent over last year. The combination of declining sales and rising inventories has helped to create balanced, and in some cases, buyers’, market conditions in the Fraser Valley.

Across the Fraser Valley in September, the average number of days to sell a single-family detached home was 35, while for a condo it was 37. Townhomes took, on average, 30 days to sell.

Benchmark prices in the Fraser Valley dipped again in September, with the composite Benchmark price down 1.4 per cent to $978,800.

FVREB Stats Package for September 2024

The writ dropped on Saturday and the lead-up to the BC election is officially underway. I’m writing to you today to outline the details of the pre-election campaign we are launching at BCREA.

As a nonpartisan association, we do not endorse one party over another. However, we take it upon ourselves to bring attention to important issues within the housing space and work to influence the public and media to ensure relevant housing questions are being asked.

You can read about our five-point election platform on the BCREA website here: 2024 Five-Pillar Election Issues.

We’re focusing on five issues of critical concern:
Issue 1: Expansion of Provincial Trades Education
Issue 2: Housing Tax Reform
Issue 3: Short-Term Rentals
Issue 4: Establishing a Permanent Housing Roundtable
Issue 5: Remaining Problems with New Notice to End Tenancy Rules

We’ll be tackling these issues in the public sphere leading up to the election with a series of targeted opinion articles in the press over the coming weeks and issuing press releases to attract media on an issue-by-issue basis.

In addition, we’re running current advertising on Global Television and CKNW Radio, which brand BCREA as a resource for public real estate information. In October, we’ll move into election messaging on multiple radio stations (CKNW 980, Rock 101.1, 99.3 CFOX, and AM730) and launch a digital media campaign.

In short, you’ll be seeing a lot of BCREA and our key election issues in the media over the coming weeks. I urge you to get involved and amplify some of this messaging on your social channels and in discussions within your community.

If you have any questions or concerns, you can reach out to me directly at thargreaves@bcrea.bc.ca.

Trevor Hargreaves
Senior VP, Policy and Research 
604.742.2798 

Paragon Connect is here! The new mobile app that puts Paragon in the palm of your hand is now available as a free download from the Apple App and Google Play stores:

• Apple devices

• Android devices

Getting started with Paragon Connect

Learn how to use Paragon Connect today by reviewing our quick start guide. 

You can also review a library of video resources covering:

• The Paragon Connect dashboard

• Listing input maintenance

• Searches

• Miscellaneous tasks

Webinars and office training coming this fall

Stay tuned for more training opportunities later this year, including free webinars starting in October and in-office presentations starting in November. 

We’ll share more details and registration links when they’re ready.

What is Paragon Connect?

Paragon Connect offers the same experience, including all the functionality of Paragon’s desktop platform, on virtually any tablet or mobile device. It’s driven by the data in Paragon’s web servers and contains the latest Paragon data and everything you’d find on Paragon MLS®. 

Manage listings, search for properties, set up Hotsheets – you can do it all!

Anything you change in Paragon Connect, will also update in the traditional Paragon system, so you can switch between platforms from the office to the road. 

It also works in conjunction with the Collab Centre and all its third-party integrations. You’ll get greater insight into buyer and seller activity, for example how often seller sites are viewed, or which listings buyers like.

Questions?

Contact the Help Desk at 604-730-3020 or support@gvrealtors.ca. 

Thank you to everyone who attended Sing’s birthday lunch.

Photos:
https://drive.google.com/drive/folders/19RTlIQwKmrX2pgVV9dX3t6TyhOqs67Z7

Video:
https://www.youtube.com/watch?v=ozJAu8JeOo4 

SURREY, BC – Sluggish seasonally-adjusted sales and a continued rise in inventory has the Fraser Valley market slowly shifting to favour buyers.

The Fraser Valley Real Estate Board recorded 1,230 sales in July, down by seven per cent over last month and down by 26 per cent over the 10-year seasonal average.

Inventory levels in the Fraser Valley reached a 10-year seasonally adjusted high in July with active listings at 8,731, up 5 per cent over June and 41 per cent higher than July 2023.

New listings were flat in July, down by less than half a per cent from June, to 3,412. With a sales-to-active listings ratio of 14 per cent, overall market conditions are balanced. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.

Download: FVREB Stats Package (July 2024)

VANCOUVER, BC – August 2, 2024 – Newly listed properties registered on the Multiple Listing Service® (MLS®) rose nearly twenty per cent year over year in July, helping to sustain a healthy level of inventory in the Metro Vancouver housing market. On the demand side, the Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,333 in July 2024, a 5 per cent decrease from the 2,455 sales recorded in July 2023. This was 17.6 per cent below the 10-year seasonal average (2,831).

There were 5,597 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in July 2024. This represents a 20.4 per cent increase compared to the 4,649 properties listed in July 2023. This was also 12.7 per cent above the 10-year seasonal average (4,968).

The total number of properties currently listed for sale on the MLS® in Metro Vancouver is 14,326, a 39.1 per cent increase compared to July 2023 (10,301). This is also 21.5 per cent above the 10-year seasonal average (11,788).

Download: GVR Stats Package (July 2024)

In the immediate wake of publicly voiced concern from the BC Real Estate Association (BCREA), the BC Government has reversed course on two recent changes to the Residential Tenancy Act (RTA) as they relate to buyers of tenanted properties. 
  
The initial changes laid out in Bill 14, which came into effect on July 18, 2024, required four months' notice – instead of the previous two months' notice – for evictions due to personal or caretaker use. The legislation also raised the dispute period from 15 days to 30 days. 
  
Now the government is amending the regulation to lower the personal-use notice period to three months and the dispute period to 21 days for situations when a landlord gives notice to a tenant on behalf of a purchaser. These changes come into effect on August 21, 2024. 
  
"Since the amendments came into force, government has listened to feedback from industry stakeholders that a four-month notice period could prevent first-time buyers from purchasing a tenanted property," the government said in a statement on Thursday. 
  
The BCREA Government Relations department is proud to have been a key part of the industry response, along with partners from the Canadian Mortgage Brokers Association – BC (CMBA-BC). In open letters and a joint press release, the two organizations pointed out the flaws with lengthening both the personal-use notice period and the dispute period, including their effect on first-time homebuyers. 
  
"We appreciate the government responding quickly to our concerns," said Trevor Hargreaves, BCREA Senior VP, Government Relations, Marketing & Communications. "This legislation caused confusion and concern amongst both REALTORS® and the public, including buyers and sellers, and we're happy to see changes made to alleviate that." 
  
In BCREA's open letter, the organization reiterated its call for government to launch a permanent housing roundtable made up of housing policy experts and other stakeholders from across the BC housing sector, as it would have allowed for this round of feedback to be delivered before the legislation took effect. 
  
Related links:

To read the full statement from the BC Government, click here.
To read CBC coverage of these latest developments, click here.
To read BCREA's letter to the BC Government, click here.  
To read BCREA and CMBA-BC's joint press release, click here.  

For more information:
  
If you have questions or concerns about changes to the RTA or any other policy issue, please email Trevor Hargreaves at thargreaves@bcrea.bc.ca.