BC Monthly Real GDP Estimate for April 2024 & Preliminary Estimate for May 2024 The BCREA Nowcast estimate of provincial economic growth (expressed as year-over-year growth in real GDP) for April 2024 is 2.1 per cent. For comparison, year-over-year growth in the Canadian economy in April was 1.1 per cent. Our preliminary estimate for May …
Every real estate transaction has varying degrees of complexity and often requires supplementary documents. BCREA Standard Forms has created a series of addendums, amendments, and schedules that REALTORS® can use to address the need for further documentation in a prescribed manner while ensuring proper incorporation. Here is general guidance on the purpose of these documents …
In the dynamic and competitive real estate industry, where transactions often involve substantial financial investments and significant emotional stakes, ethics must be kept at the forefront of everyone’s consciousness. At BCREA, we are deeply committed to fostering a culture of integrity, transparency, and professionalism within the industry. Upholding high ethical standards is not only essential …
The dashboard was last updated on June 26, 2024. The BCREA Economics team has created the Housing Monitor Dashboard to help REALTORS® monitor BC’s housing market. This dashboard provides up-to-date data on key variables for public education and use. The image and data are available for download under each chart, where possible. Resale Home Market …
When a REALTOR® works with a client, they invest their time, expertise, resources, and professional guidance to provide skilled services on behalf of the client. Logic would suggest that the REALTOR® should have a reasonable expectation to be compensated for the value they provide. This can and should be accomplished by way of a mutually …
To view the full interactive Mortgage Rate Forecast, click here. To download the PDF, click here. Highlights Mortgage Rate OutlookNow that the Bank of Canada is lowering its policy rate, there is some expectation that fixed mortgage rates should also fall. However, the impact on fixed mortgage rates going forward may not be that significant. …
Annual widespread wildfires and flooding have unfortunately become a regular occurrence in BC. In 2023, more than 2.84 million hectares of forest and land burned around the province. Thousands of people were forced to evacuate, and hundreds of homes and structures were lost or damaged. Undoubtedly, climate change is at the top of many British …
For the complete news release, including detailed statistics, click here. Vancouver, BC – June 13, 2024. The British Columbia Real Estate Association (BCREA) reports that 8,075 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in May 2024, a 11.6 per cent decrease from May 2023. The average MLS® residential price in BC in …
How to secure coverage during wildfire season Most buyers won’t realize there’s a difference between an insurance company giving them a quote for an insurance policy and an insurance company binding an insurance policy. But as a REALTOR®, you certainly should. When an insurance provider “binds” an insurance policy it means they’ve issued the policy …
In collaboration with the Canadian Bar Association BC Branch, BCREA has created a newly updated video to help consumers better understand what’s involved in the preparation of the Contract of Purchase and Sale (CPS) – Residential for a particular property. REALTORS® may want to show this video to their clients when discussing the CPS – …
What happens when a REALTOR® leaves a brokerage while working on client transactions? This is an ongoing issue for REALTORS® and managing brokers to navigate. This article will review considerations surrounding listing agreements, independent contractor agreements or employment agreements, commission, transferability of trades in real estate, and confidentiality when a licensee departs a brokerage. Independent …
According to a recent report by the Intergovernmental Panel on Climate Change (IPCC), wildfires and extreme weather events are likely to become more severe in the future. If current greenhouse gas emission levels remain the same, global temperatures are likely to increase by 1.5 degrees Celsius by 2040. Even if countries meet their Paris Agreement …
Annual widespread wildfires and flooding have unfortunately become a regular occurrence in BC. In 2023, more than 2.84 million hectares of forest and land burned around the province. Tens of thousands of people were forced to evacuate, and hundreds of homes and structures were lost or damaged. There is no doubt that climate change is …