Recently, questions from members about strata documentation have focused on whether the information is private, and if so, what the requirements are for keeping it private.   

Let’s first take a moment to cite the standards relating to strata documents: 

Rules of Cooperation 

Rule 6.04 – Strata Properties  

“Unless otherwise instructed by the seller in writing,” members shall, “at the time of taking the listing obtain current relevant strata corporation documents including but not limited to two (2) years of strata council minutes and strata corporation minutes, registered strata corporation by-laws, financial statements, registered strata plans, and information concerning special assessments, either proposed or levied.”  

In part (b) it says, “Unless otherwise instructed by the seller in writing, the Listing Brokerage shall, upon request by a Cooperating Brokerage after the seller and buyer have an accepted Contract of Purchase and Sale, provide to the Cooperating Brokerage current relevant strata corporation documents including but not limited to those documents referred to in (a) above and a current Information Certificate (Form “B”).” 

Part( c) says, “In the event that the Listing Brokerage has received written instructions from the seller not to provide all or some of the documents described in (a) and (b) above to buyers and Cooperating Brokerages, a notation to that effect must be included in the REALTOR® Remarks, and, where the seller is not providing such information directly to buyers and Cooperating Brokerages, the Listing Brokerage shall provide written authority from the seller to the Cooperating Brokerage to obtain the Form “B” and other pertinent information directly from the strata corporation. The responsibility for the cost of these documents should be detailed in the appropriate condition clause in the Contract of Purchase and Sale.” 

Rule 3.12 – Consent to Post Documents to the MLS® System 

“All Members are responsible for ensuring that prior to posting any documents to the MLS® System, they have secured all the necessary consents to that information being posted.” 

The Rule goes on to say in part (b), that unless otherwise instructed by the seller in writing, “a copy of the registered strata plan must be posted by the Listing Brokerage to the MLS® System as an associated document within 24 hours of the listing becoming active on the MLS® System.”  

And further, the Rule says, “Where written instructions have been received from the seller not to post the required document(s) under (a) or (b) above, a copy of the seller’s written direction must be posted by the Listing Brokerage to the MLS® System as an associated document within 24 hours of the listing becoming active on the MLS® System.” 

The Personal Information Protection Act, Strata Property Act and Real Estate Services Act are also relevant. 

Member questions on privacy relate to: 

• how private the information is in strata docs; 

• whether members are supposed to keep the information private; and  

• given that members are required to obtain consents to post documents in the MLS® system, does this mean strata councils can withhold that permission? 

These are good questions, indeed.  

“Personal information” and whether there is any in the strata documents is something to ponder.  

There’s nothing private about some of the strata documents; for example, the registered strata plan and bylaws are posted in a government registry accessible by anyone, anywhere, with the help of a credit card, a mouse, and the Internet. 

"Not exactly private, n’est pas? So, no, a strata couldn’t instruct that these types of documents cannot be posted. However, documents containing someone’s personal information that identifies them as an individual are a different matter. "

With these, you must be careful not to post or distribute them unless: 

• required by our standards (see Rule 6.04), or  

• you have obtained the necessary consents to post them under Rule 3.12.  

The Personal Information Protection Act generally expects that someone’s personal information will be treated with care and kept private, unless consent has been given to reveal it.  

For example, strata council meeting minutes and any information in them that would identify an individual owner. Remember, the Personal Information Act applies only to an individual’s personal information, not to the strata corporation’s information. If in doubt, check with your client and your managing broker. 

As a general rule, do not post as associated documents strata documents containing someone’s personal information. 

Please note: While sellers’ agents are required by Rule 6.04 to make a slew of strata documents available to buyers’ agents, part (b) specifically states this information must be provided only after an accepted contract is in place. Again, that is because some of these documents may contain an individual’s personal information.  

In summary, posting some strata documents, for example a strata plan/bylaws/rules and regulations as associated documents, is a good way to manage risk. Privacy considerations shouldn’t be an issue because these documents are already public. Personal information identifying someone is private. Treat it with care.  

Top tip

This from a member, perhaps better described as a Realtor rant: 

“Who do I talk to about lazy Realtors and their lack of info on the MLS® system?  

"Time and time again I look to see what pet restrictions are in place for stratas when I have a buyer with, say, a large dog. Some Realtors don’t mention anything in restrictions. Others put a ‘yes’ or even ‘one dog and one cat.’ When I phone, text, or Touchbase asking if there’s a pet size restriction, I typically get, ‘I don’t know, I’ll send you the bylaws.’ “I then ask, ‘Didn’t you read the bylaws?’ And (point out that), ‘If you did, simply put the restrictions on size or whatever in Realtor comments.’” 

“These folks are wasting their colleague’s time and are (in my opinion) lazy. Do your job members, and READ the strata docs and then share pertinent info in the listing! 

“Whew, rant over. But can’t we make Realtors do their jobs?”  

When I read this, I thought, “It’s a bit blunt,” and I wondered if I should tone the language down a little, but decided not to. It’s a good question to ask ourselves.

Affordable housing was the top priority in BC Budget 2024 and the government plans to make significant capital commitments to get middle-income earners into market homes and provide more supports and protections for renters.

Here are the highlights for property buyers, renters, and small business.

Property Transfer Tax (PTT)

The first-time homebuyers’ exemption

Effective April 1, 2024, the threshold is increased from $500,000 to $835,000, with the first $500,000 exempt from property transfer tax. The phase out range is $25,000 above the threshold, with the complete elimination of the exemption at $860,000. 

The newly built home exemption threshold

This threshold now eliminates the PTT for eligible first-time home buyers on new homes up to $1,100,000 from the previous $750,000. The phase out range is $50,000 above the threshold, with the complete elimination of the exemption at $1,150,000 for qualifying newly built homes. 

New purpose-built rental buildings

Buyers of new qualifying purpose-built rental buildings will be exempt from the PTT starting January 1, 2025 and ending December 31, 2030. This exemption builds on the further two per cent property transfer tax exemption for new purpose-built rentals announced in Budget 2023 and the rental housing revitalization tax exemption provided in Budget 2018. 

PTT exemptions dates

• Increase threshold for first time home buyers’ exemption – begins April 1, 2024.

• Increase threshold for newly built home exemption – begins April 1, 2024.

• Enhanced exemption for new purpose-built rental buildings – begins January 1, 2025 and ends December 31, 2030.

The government estimates these new PTT exemption thresholds will save homebuyers about $8,000 and British Columbians over $100 million annually, and up to 14,500 homebuyers – twice as many as before – will now be eligible for the PTT exemption.

PTT revenue growth is expected to average 8.6 per cent annually over the next two years.

Note: For more than two decades, Greater Vancouver REALTORS® have been advocating for changes to the PTT, meeting with politicians and providing submissions each year. Government has finally listened. 

Flipping tax

The government is bringing in a new flipping tax, effective January 1, 2025, on the profit made from selling a residential property, including a presale assignment, within two years of buying it.

The rate is 20 per cent within the first year of purchase, declining to zero between 366 and 730 days. The tax will not apply to land or portions of land used for non-residential purposes.

There are exemptions for

• those adding to the supply of housing or engaging in real estate development and construction

• life circumstances including separation or divorce, death, disability or illness, relocation for work, involuntary job loss, a change in household membership, personal safety, or insolvency

In addition to these exemptions, individuals selling their primary residence within two years of purchase can exclude a maximum of $20,000 when calculating their taxable income.

The government estimates the tax would generate $44 million in revenue in the 2025/2026 fiscal year, which is slated for affordable housing.

Source: BC Budget 2024, page 66.

BC Builds and supporting renters

BC Builds, launched in February 2024, includes $198 million over three years and leverages government-owned, public, and underused land, and low-cost financing to bring down construction costs and deliver more middle-class rental and market housing.

Secondary suites

Forgivable loans up to $40,000 for homeowners to build and rent secondary suites below market rates to quickly increase affordable rental supply.

Renter tax credit

An annual income-tested tax credit of up to $400 per year for renters.

Zoning and permitting

Allowing small-scale, multi-unit affordable housing including townhomes, duplexes, and triplexes through zoning changes and proactive partnerships.

Streamlining permitting to reduce costs and speed up approvals to get homes built faster.

Short-term rentals

Strengthening enforcement of short-term rental regulation.

Electricity tax credit

A new, one year electricity affordability credit for all households, regardless of income starting in April 2024. Households will save on average $100 a year on their electricity bills.

Commercial and industrial customers will receive savings of about 4.6 per cent based or about $400 on their 2023/24 electricity bills.

Climate change and climate action

More than $1 billion in new spending measures to help protect British Columbians from the effects of climate change and build a greener economy.

The Climate Action Tax Credit increases to $1,005 per year for families up to four persons, up from $890 last year. Individuals will receive $504 compared to $447 last year. Start date is in July 2024. 

Small business

There is $100 million in relief for the employer health tax, including the  continuation of the venture capital tax credit, and the expansion of the interactive digital media tax credit.

Deficit and debt

The government estimates this years’ deficit at $5.914 billion rising to $7.773 billion by 2026.

The total debt will rise from $103 billion to $123 billion in 2024-25.

More information

Read the BC Government news release on BC Budget 2024.

Read Budget BC 2024 Highlights regarding housing.

Read the BC 2024 Budget speech.

Visit the BC Budget 2024 website.

Read BC Budget 2024 (opens a 170-page pdf).

If you have questions about the BC Budget, contact Harriet Permut, director of government relations at hpermut@gvrealtors.ca

Friday, March 22, 2024

Reception - 5:45 pm

Dinner - 6:45 pm

When ordering your ticket for the Awards Dinner, please inform the front desk if you will require a vegetarian meal.

While the Metro Vancouver1 market ended 2023 in balanced market territory, conditions in January began shifting back in favour of sellers as the pace of newly listed properties did not keep up with the volume of home sales.

Sales

The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales2 in the region totalled 1,427 in January 2024, a 38.5 per cent increase from the 1,030 sales recorded in January 2023. This was 20.2 per cent below the 10-year seasonal average (1,788).

"It’s hard to believe that January sales figures came in so strong after such a quiet December, which saw many buyers and sellers delaying major decisions. If sellers don’t step off the sidelines soon, the competition among buyers could tilt the market back into sellers’ territory as the available inventory struggles to keep pace with demand." - Andrew Lis, REBGV director of economics and data analytics

Listings

There were 3,788 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2024. This represents a 14.5 per cent increase compared to the 3,308 properties listed in January 2023. This was 9.1 per cent below the 10-year seasonal average (4,166).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,633, a 9.8 per cent increase compared to January 2023 (7,862). This is 0.3 per cent below the 10-year seasonal average (8,657).

Sales-to-active listings ratio

Across all detached, attached and apartment property types, the sales-to-active listings ratio for January 2024 is 17.2 per cent. By property type, the ratio is 11.9 per cent for detached homes, 22.9 per cent for attached, and 19.9 per cent for apartments.

Analysis of the historical data suggests 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.

“Our 2024 forecast is calling for a two to three per cent increase in prices by the end of the year, which is largely the result of demand, once again, butting up against too little inventory,” Lis said.

“If the January figures are indicative of what the spring market has in store, our forecast may already be off to an overly conservative start. Markets can shift quickly, however, and we’ll watch the February numbers to see if these early signs of strength continue, or whether they’re a blip in the data.”

By property type

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,161,300. This represents a 4.2 per cent increase over January 2023 and a 0.6 per cent decrease compared to December 2023.

Sales of detached homes in January 2024 reached 379, a 28 per cent increase from the 296 detached sales recorded in January 2023. The benchmark price for a detached home is $1,942,400. This represents a 7.3 per cent increase from January 2023 and a 1.1 per cent decrease compared to December 2023.

Sales of apartment homes reached 746 in January 2024, a 30.6 per cent increase compared to the 571 sales in January 2023. The benchmark price of an apartment home is $751,900. This represents a 4.4 per cent increase from January 2023 and a 0.1 per cent increase compared to December 2023.

Attached home sales in January 2024 totalled 285, a 82.7 per cent increase compared to the 156 sales in January 2023. The benchmark price of a townhouse3 is $1,066,700. This represents a 4.3 per cent increase from January 2023 and a 0.6 per cent decrease compared to December 2023.

REBGV Stats Package for January 2024

SURREY, BC – The Fraser Valley real estate market showed signs of recovery in January as home sales rose after six consecutive months of decline, and new listings more than doubled.

The Fraser Valley Real Estate Board recorded 938 transactions on its Multiple Listing Service® (MLS®) in January, a 12 per cent increase over December and below the 10-year average for sales in the region.

At 2,368, new listings increased 151 per cent in January, rebounding strongly from the seasonal lull seen in December. This is the largest month-over-month percentage increase in new listings in five years.

“With January sales on the rise, we are seeing hopeful signs that optimism is returning to the market,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “Anticipating that we may be at the end of the Bank of Canada rate hike cycle, it appears that more buyers are considering re-entering the market as we are starting to see more traffic at open houses.”

Active listings in January were 4,877, up by 4 per cent over last month and up by 18 per cent over January 2023. The sales-to-active listings ratio was 19 per cent, representing balanced conditions in the overall market. Detached houses are in balanced market territory at 19 per cent, while both townhomes and apartments remain in seller’s market territory at 34 and 27 per cent respectively. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.

“Current balanced market conditions present opportunities for both buyers and sellers,” said FVREB CEO, Baldev Gill. “In today’s market, buyers and sellers have time to get preapprovals, put together offers and take the time needed to work through the purchase or sale of a home with the help of a knowledgeable and professional REALTOR®.”

The average number of days homes are spending on the market has been increasing since October, with single family detached homes spending 44 days on the market, apartments spending 41 days on the market and townhomes moving more quickly at 33 days.

Overall Benchmark prices continued to edge downward for the sixth month in a row, losing less than half a per cent from December, and down six per cent from the 12-month peak in July.

FVREB Stats Package for January 2024

Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act and regulations are lengthy and complex and brokers and REALTORS®  often experience difficulties in their quest to comply.

To assist brokers and Realtors, the Canadian Real Estate Association (CREA) provides a range of FINTRAC regime compliance materials, which it has just updated. 

Important changes highlight areas where real estate professionals are encountering difficulties in complying, including: 

1. Revisions to the client risk section of CREA’s Information Record templates to assist members in determining a client’s risk of money laundering and terrorist financing.

2. A revised Receipt of Funds template to make it clearer that information on the person providing the funds needs to be recorded.

3. An updated Risk Assessment Form that’s intended to assist brokers, step-by-step, in determining their brokerage’s risk of money laundering or terrorist financing.

These updated materials are now posted on CREA’s FINTRAC compliance portal. 

FINTRAC forms are also now available on CREA WEBForms®.

If you have questions, concerns of comments, contact CREA’s Legal team by email at legal@CREA.ca.

You can also contact Harriet Permut, Real Estate Board of Greater Vancouver director of government relations at hpermut@rebgv.org.

Note from Unilife Realty: the FINTRAC forms have been updated on the Unilife Realty Intranet. You can also find the revised FINTRAC FAQ from December 2023 in the FINTRAC FORMS category on the DOCUMENTS page.

If you use FINTRAC forms that have been saved to your computer, please replace them with the most current versions. 

You will see ‘2014 - 2023. v.1.0.’ or  '2021 - 2023. v.1.0.' as the revision date at the bottom of the updated forms.

The FINTRAC forms with the 2014 - 2023. v.1.0. revision date includes:

• FINTRAC - Corporation Entity Identification Information Record - (CREA)

• FINTRAC - Individual Identification Information Record - (CREA)

• FINTRAC - Receipt Of Funds Record - (CREA) 

The FINTRAC forms with the 2021 - 2023. v.1.0. revision date includes:

• FINTRAC - Beneficial Ownership Record - (CREA)

• FINTRAC - Politically Exposed Person_Head of International Organization Checklist_Record - (CREA)

The updated FINTRAC forms are also available on WEBForms.

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Federal and provincial statutes, the Criminal Code, common law, regulations, rules, standards, and our obligations that come with the REALTOR® Code and Rules of Cooperation have a lot to say about how we conduct ourselves and what we must do in particular situations. 

Regulators and the statutes they enforce can be quite prescriptive, meaning they’re very specific about what we’re required to do in certain circumstances; for example, getting a potential client to promptly execute a Disclosure of Representation in Trading Services form and giving a written disclosure to buyers when a material latent property defect has been discovered. 

Codes of conduct often aren’t as prescriptive because they’re more general and aspirational. For example, they might state, “We’re REALTORS® and we will conduct ourselves with absolute civility.” This is pretty subjective, with as many shades as there are members. 

The problem with prescriptive requirements is they don’t cover all situations, and they sometimes prompt those who are being regulated to look for “workarounds.” Should we, as professionals, be looking for loopholes in our conduct requirements? Or should we act within the requirements and the spirit of those requirements? What do you think?

"Human nature being what it is, there’s no way to create rules and standards covering everything we do. The more rules and standards we have, the more opportunity there is to argue whether they apply in a particular situation and what a workaround might be. That, by the way, is where I spend a lot of time: talking to members about a standard or rule and how it affects them."

We have written standards generally telling us how we should act and what we must do in specific situations. 

This brings me to my theme of the glue holding everything together. That’s a phrase that reminds me of suffering through grade 10 physics, with my teacher shaking his head while calling me a great steaming twit (times were different back then). I learned about the things that hold our universe together, which I’ve now forgotten. Maybe it’s gravity. Who knows? I also learned—and then forgot—about the things holding our atoms and molecules together.

You get the point, I hope.

The universe, our bodies, solar systems, and, yes, our profession have a type of glue holding everything together. Each has individual components—planets, atoms, molecules—swirling around, sometimes in isolation and other times colliding. 

For us and our profession, it’s the Real Estate Services Act and all the other relevant acts, the BC Financial Services Authority, FINTRAC, and the competition police (to name a few), as well as our Board’s standards: the REALTOR® Code of Ethics, Rules of Cooperation, and the Constitution and Bylaws. All describe how we should behave and what we must do.

These are also the source of a lot of complaints. For example:

“They didn’t tell me there was more than one offer as required by ROC 4.04.” 

“The seller accepted an early offer, contrary to ROC 4.02.” 

“So-and-so used my photos in their new listing (ROC 3.06(a).” 

These examples are only some of the reasons why members complain. Mostly, members complain about how they’ve been treated by other members. The behaviour they expected from a colleague didn’t happen, and they’re miffed about it. 

What we expect from others isn’t usually written down and codified. I call that behaviour expected business conduct. It’s similar (and in many respects tied to) the social norms and niceties we expect in a civil society. Expected business conduct like civility doesn’t live in a document or a place on the Internet. It lives in each of us and governs the behaviour we expect from others. When the behaviour matches or is close to what we expect, we’re pleased. When it isn’t, we’re not.

So along with all the laws, rules, and regulations, expected business conduct also binds us together. This is not something that can be codified the way rules are, but your Pledge of Professionalism and the “do unto others, as you would have them do unto you” written into our REALTOR® Code are evidence of expected business conduct. They don’t, and can’t, describe everything, but in general terms, they represent how we ought to behave as members of this profession. And even though they aren’t spelled out for every possible case, I believe most of us have a pretty good idea of how professionals ought to conduct themselves.

"Paying attention to statutes, rules, and codes is the minimum standard we should expect from colleagues. The higher standard is paying attention to all that PLUS being civil, respectful, compassionate, communicative, and yes, knowledgeable. Together, that’s the glue that holds us together."

With the start of a new year, give a few minutes to think about that glue and how important it is to you and your professional experiences. Expected business conduct isn’t optional. It’s as vital to the you and your profession as food, air, and security is to every living thing.

I wish you the best. 

Property owners receive their 2024 assessment notices the first week of January, an assessment which reflects the market value as of July 1, 2023.

Assessments remained in a narrow range compared to last year in Greater Vancouver and “most homeowners can expect only modest changes in the range of -5% to +5%,” according to BC Assessment (BCA) Assessor Bryan Murao. “These assessment changes are notably less than previous years,” Murao said.

For detached homes, Belcarra led the way with a nine per cent increase, followed by Burnaby, Coquitlam, and Vancouver, each with four per cent increases.

For strata homes, Richmond led the way with a four per cent increase followed by New Westminster and Port Coquitlam, each with a three per cent increase.

For detached homes, the biggest drop was in Sechelt which saw a six per cent decrease, followed by Gibsons, with a four per cent decrease. Squamish stratas declined two per cent, while Whistler stratas declined one per cent.

For new construction or substantially renovated homes, the estimate is based on the physical condition as of October 31, 2023.

Viewing the assessment notice

Property owners can also see a property’s assessment using the address on BCA’s website.

Details include a photo, a property description (land and buildings), the total assessed value, the previous year’s value, the legal description and property ID.

If property details are incorrect, property owners are directed to complete and submit an Data Validation Form.

Property owners can also compare neighbouring properties and sample sold properties to decide whether their property has been correctly assessed. 

Deadline to appeal assessment is January 31, 2024

Property owners who disagree with their assessment should do homework by:

• comparing their assessment with neighbouring properties; and

• contacting BCA at 1-866-825-8322, talking with staff who can make adjustments if there’s an obvious error, for example if BCA included a complete renovation when there was only a spruce-up or an upgrade for plumbing or electrical.

Property owners who decide to appeal their property assessment should review information on the Property Assessment Appeal Board website on how to prepare for an appeal.  

Each year less than one per cent of BC property owners appeal their assessments.

Note: you can’t appeal your taxes. You can only appeal your assessment.

For information about BC Assessment and to access e-valueBC visit: www.bcassessment.ca or phone 1‑866-825-8322. 

Sample property value changes year-over-year, by neighbourhood

Source: BC Assessment

Read more about Greater Vancouver assessments.

Did you know?

• BCA is a provincial Crown corporation, since 1974 responsible for determining and reporting property value estimates.

• Number of properties assessed province-wide: 2,184,692 an increase of one per cent from 2023.  

• Total value of the 2024 roll is $2.79 trillion, an increase of three per cent from 2023.

• Total value of new construction, subdivisions and rezoning: $39.62 billion, an increase of 18+ per cent from the 2023 Roll of $33.52 billion.

• For the Lower Mainland region, total assessments increased to nearly $2 trillion in 2024, up from $1.94 trillion in 2023.

• $27.2 billion of the Lower Mainland region's updated assessments is from new construction, subdivisions and the rezoning of properties. 

Read about Lower Mainland highlights

Property tax

Property taxation is determined by local and provincial taxing authorities after determining their budget needs and calculating property tax rates based on the assessment roll for their jurisdiction.

Municipalities determine tax rates for each property class in the spring, once the assessment roll is finalized. Changes in assessment over the year don’t automatically translate into the same percentage changes in property taxes for any particular class of property or for any individual property.

Questions?

Contact BC Assessment

More info

View BC’s 500 highest valued properties.

Learn more about Lower Mainland assessments.

Learn about province-wide assessments. 

Starting on January 4, 2024, please start using the updated version of the Privacy Notice and Consent and the Exclusive Listing Contract. These forms have been updated on the Unilife Intranet and in WEBForms.

If you have a previous version saved to your computer, please update with the current version dated JAN 2024.

• Privacy Notice and Consent

• Exclusive Listing Contract