April 26, 2023 – BCREA Government Relations Update
On Wednesday, April 26, we were joined by Trevor Hargreaves, Senior Vice President of Policy Research & Advocacy, Marketing and Communications, BCREA. Trevor walked through the provincial housing policy landscape, BCREA’s upcoming Government Liaison Days conference being hosted in Victoria, and BCREA’s advocacy focus going forward in 2023.
- Session slide deck (BCREA)
The following questions were asked but, due to time constraints, were not answered during the session. The answers are enclosed below:
- Aren’t “flippers” who are looking for non-livable housing and converting it to livable housing adding to more affordable housing supply? If so, why does the government view flipping negatively?
The government is probably not targeting “non-livable” housing. However, if someone wants to purchase such housing (likely at well below similar well-maintained units), complete a series of improvements, then re-sell, they will likely be counting on a rise in market value to provide some level of profit over and above their inputs. It may be difficult to argue that a prospective homeowner would be better off by purchasing the property themself and making the improvements, without having to pay the profit margin to “the flipper”. The argument could also be made that the prospective homeowner may not have the expertise to carry out the renovations themselves, so could be running a high level of financial risk. This is not a simple issue.
- Won’t blanket rezoning for all single-detached lots to allow multi-unit housing drive up multiple offers (competition) for single-detached homes?
Only if the demand for these lots exceeds the supply. This is why we are recommending to the province that the zoning reform apply to all single family zoned lots in the province. If it is limited to certain lots in certain cities or neighbourhoods, then an artificial shortage will exist, and demand could exceed supply, resulting in bidding wars and price escalation. By essentially creating an “unlimited supply”, the opportunity for multiple offers will be greatly reduced.
- How do we promote affordable housing without devaluing or demolishing recently constructed single family homes?
The market will determine the best opportunities for redevelopment of existing single family homes into missing middle multiplexes. In any given neighbourhood, older, smaller homes will be better candidates for conversion/redevelopment than new, larger homes. As well, many cities now have waste diversion policies in place for any residential demolitions. Some have gone so far as requiring “deconstruction” so maximize the building products from the older homes that can be recycled.
The views expressed in these presentations are those of the speakers and
do not reflect the views of BCREA or its member boards. Please note, the
content of these presentations was current as of the date of each session
and we cannot guarantee the accuracy of information provided in past sessions.
Past Sessions
April 10, 2024 – Government Relations Advocacy Update
March 20, 2024 – The Makings of a Complete Compliance Program
February 14, 2024 – BCREA Economics Update
January 17, 2024 – Update from BC Assessment
December 6, 2023 – Indoor Air Quality and Radon Gas in Real Estate
November 22, 2023 – Top Findings from BCFSA’s Audit of Real Estate Brokerages
November 1, 2023 – Managing Brokers Policies and Procedures Manual Template & Standard Forms Launch
October 11, 2023 – Real Estate Transactions involving Tenanted Properties
September 13, 2023 – Real Estate Transactions Involving Indigenous Lands
September 6, 2023 – FINTRAC Q&A
August 23, 2023 – BC Strata Amendments Explained
August 9, 2023 – WorkSafeBC and Real Estate
July 19, 2023 – BCFSA’s Regulatory Roadmap, Data Insights, Rules Amendments, and Stakeholder Engagement
July 5, 2023 – FINTRAC Compliance and Preparing for Examinations
June 21, 2023 – Distracted Driving: What to Know as a Real Estate Professional
June 7, 2023 – Cybersecurity Best Practices for Brokerages
May 24, 2023 – Climate Crisis Impacts on Real Estate
May 10, 2023 – Mental Health in Real Estate
April 26, 2023 – BCREA Government Relations Update
April 12, 2023 – Errors and Omissions Q&A
March 29, 2023 – Title Fraud in Real Estate – What You Need to Know
March 1, 2023 – Errors and Omissions – Insurance Changes, Trends, and Tips for Mitigating Risk
February 22, 2023 – The Path to Recovery in the Housing Market
February 15, 2023 – Data Collection in Real Estate
February 8, 2023 – Managing Broker Research Insights
January 18, 2023 – Foreign Buyer Ban with CREA and AUTOPROP
January 11, 2023 – BC Assessment 2023 Highlights
November 16, 2022 – 2023 Regulatory Changes and Standard Forms Launch
November 2, 2022 – Home Buyer Rescission Period with BCFSA
October 26, 2022 – Professionalism and the Leadership Role for Managing Brokers
September 28, 2022 – Housing Panel with Municipal-Nominees Across BC
August 17, 2022 – BCREA Updates
July 13, 2022 – The Cullen Commission Report: What REALTORS® Need to Know
June 15, 2022 – BCREA Government Relations and Advocacy Update
June 1, 2022 – FINTRAC – Receipt of Funds (no recording)
May 18, 2022 – BCREA Government Relations and Advocacy Update
May 4, 2022 – Risk Mitigation and Insurance Through Wildfire Season
April 20, 2022 – An Inside Look at Conveyancing
April 6, 2022 – Enhancing your Cyber Security with MFA
March 16, 2022 – Understanding Challenges With Assignments
March 2, 2022 – BCREA Consumer Protection Recommendations
February 2, 2022 – Let’s Chat – Darlene Hyde Talks Past, Present and Future at BCREA
January 19, 2022 – BCREA’s Economic Outlook
January 5, 2022 – BC Assessment 2022 Highlights
December 1, 2021 – REEOIC Recap of Top Claims and How to Avoid Them
November 17, 2021 – Mandatory Cooling Off Period and Other Real Estate Transparency Measures
November 3, 2021 – Standard Forms Pre-Launch
October 20, 2021 – REALTOR® Professionalism & REALTORS® Care week
October 6, 2021 – Post-Election Sectoral GR and Advocacy Update
September 22, 2021 – Risk Management in a Red Hot Market
September 1, 2021 – Corporations, Corporate Records, & Identifying Beneficial Interests
July 28, 2021 – Integrated Regulator of the Financial Services Sector: BCFSA
June 16, 2021 – Vaccines & the Restart Plan – What You Need to Know
May 19, 2021 – FINTRAC Compliance Resources and the Upcoming Changes (no recording)
April 21, 2021 – Land Owner Transparency Registry
April 7, 2021 – E&O: Mitigating Risks in a Hot Market
March 31, 2021 – Emerging Issues in a Hot Market
March 17, 2021 – Legal Defence Reserve
March 3, 2021 – Cyber Security and Technology: What Brokers Need to Know
February 24, 2021 – REALTORS® and the BC Energy Step Code
February 3, 2021 – BCREA Update on Cullen Commission
January 13, 2021 – RECBC Licensing Fee Changes
December 16, 2020 – 2020 Year-In-Review and Looking Ahead to 2021
November 18, 2020 – What Would You Do? Presentation Series: Conflicts of Interest and Misrepresentations
November 4, 2020 – Administrative Penalties
October 7, 2020 – Land Owner Transparency Registry
September 23, 2020 – Risk and Insurance for Real Estate Brokerages
September 9, 2020 – Anti-Money Laundering & Fostering a Culture of Compliance
August 19, 2020 – New Forms and Form Revisions Fall 2020
August 5, 2020 – What Would You Do? Presentation Series: Working in Your Area of Expertise
July 22, 2020 – Rising Strata Insurance Rates in BC
July 8, 2020 – Update from the Superintendent of Real Estate
June 24, 2020 – REALTOR® Brand & Reputation Management
June 17, 2020 – Guidance and Support for Returning to Safe Operations
June 10, 2020 – What Would You Do? Presentation Series: Implied Agency
June 3, 2020 – Managing Broker Panel Discussion on Returning to Safe Operations
May 20, 2020 – FINTRAC Update and Return to Safe Work Plan (No Recording)
May 13, 2020 – E&O Coverage and Claims During COVID-19
May 6, 2020 – Economic Outlook and Market Update
April 29, 2020 – The Virtual World and Live Tours
April 22, 2020 – Professional and Regulatory Changes: Principle-Based Practice
April 15, 2020 – Provincial and Federal Advocacy During COVID-19