BC REALTORS® have a major role to play in improving the housing landscape for all British Columbians. We continually advocate for better, stronger, more responsive public policy that addresses the needs of current and future homebuyers.
Explore our recommendations for enhancing public policy in BC, spanning from addressing climate change and consumer protection to improving housing affordability and real estate practices.
Over the past decade, many British Columbians have voiced concerns over price increases and a declining number of listings. BC REALTORS® support policies that provide more housing options, in more places, for more people.
We maintain an ongoing dialogue with the BC Government on the following recommendations:
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BCREA advocates for improved housing affordability through addressing the mismatch between supply and demand. The government has demonstrated that it is taking the undersupply of housing seriously by introducing new legislation intended to accelerate the development of new housing units.
While some short-term measures have been met with a degree of skepticism (elimination of short-term rentals; BC home flipping tax), other process-related measures (small-scale, multi-unit housing; transit-oriented development) show more promise in their ability to deliver well-located housing in the medium-long term. BCREA continues to work with other housing stakeholders to provide advice to government on the implementation of these new measures to ensure that they are effective in the creation of new housing.
As well, the federal government has made housing affordability the focus of its 2024 budget, with many new policy measures mirroring new policies in British Columbia.
Both levels of government have listened to concerns from local governments regarding investments in appropriate infrastructure to support new housing and have created funding mechanisms to address shortfalls.
An important issue yet to be adequately addressed is the capacity of the development and construction sectors to create the number of housing units necessary to meet demand and improve affordability. Constraints in the form of labour shortages in skilled construction trades and the scarcity of the necessary capital to finance housing projects could act as barriers to meeting our housing goals.
BCREA and REALTORS® have an intrinsic interest in consumer protection – what’s good for homebuyers and sellers is also good for the real estate sector. BCREA is committed to working with the BC Government and BC’s real estate regulator, the BC Financial Services Authority (BCFSA), to develop robust evidence-based policy that will enhance consumer protection and confidence within the BC residential real estate market.
We maintain an ongoing dialogue with the BC Government on the following recommendations:
See below for more information:
In 2021, the BC Government announced its intent to introduce a Homebuyer Protection Plan (also known as a “cooling-off period”). Eventually renamed the Home Buyer Rescission Period (HBRP), it gives buyers the right to withdraw from a purchase agreement within three business days after an offer is accepted. The rescission fee will be 0.25 per cent of the purchase price. The HBRP will not be able to be waived, with only narrow exemptions.
In 2022, BCREA published a white paper, A Better Way Home: Strengthening Consumer Protection in Real Estate, which provided more than 30 alternative recommendations to the HBRP. In a subsequent report, Enhancing Consumer Protection in BC’s Real Estate Market, BCFSA aligned with many of these recommendations.
At its 2024 Government Liaison Days, BCREA advocated for a pre-offer period to replace the HBRP. A five-day period that allows prospective buyers to complete their due diligence by viewing the property, reviewing all relevant documents, and ordering a home inspection if needed provides an improved consumer-protection vehicle than the HBRP. It is far better for prospective purchasers to be confident in their offer than to make a hasty offer due to “fear of missing out,” only to be faced with buyer’s remorse and have to pay a fee to back out of the deal.
Changes to the practice of real estate should be made with care so consumers have confidence in real estate transactions.
We maintain an ongoing dialogue with the BC Government on the following recommendations:
See below for more information:
In April 2023, BCFSA launched an investigation into expanding the Administrative Penalties Framework for real estate licensees. In the fall of 2023, BCFSA conducted a public consultation on the proposed amendments, which BCREA responded to. BCFSA intends to bring the Rules amendments into force in July 2024.
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In 2022, the BC Government publicly released the final report and recommendations from the Cullen Commission of Inquiry into Money Laundering in BC. BCREA appeared before the commission to provide context and insight into the functions of the real estate sector.
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Effective February 1, 2024, BCFSA implemented amendments to the Real Estate Services Rules respecting data collection, written disclosures, and record retention. Prior to these changes, BCFSA conducted a public consultation on the proposed amendments, which BCREA responded to.
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In 2021, BC’s real estate regulator provided an update on the ongoing initiative to examine the landscape of managing brokers.
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In July 2023, BCFSA launched a public consultation about the regulatory approach to natural catastrophes and climate-related risks (NCCR) in financial services and real estate sectors, which BCREA responded to. BCFSA will publish a consultation summary report in Spring 2024.
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Effective April 1, 2023, BCFSA implemented new rules for real estate teams. These amendments are intended to clarify the role and duties of real estate teams and team members.
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In 2021, BCFSA became the sole regulator of real estate in the province. To learn more about how this change affected REALTORS®, please click the following links.
BC REALTORS® support the province’s goals of meeting Paris Accord emissions reduction targets for 2030 and reaching net zero by 2050. We recognize the profound impact of climate change on BC’s housing and homeowners, mainly due to increasingly common climate-related disasters like floods and wildfires.
We maintain an ongoing dialogue with the BC Government and key stakeholder groups on the following recommendations:
See below for more information:
Flood risk is likely to increase in the coming years due to climate predictions calling for increased levels of precipitation in more frequent and more intense weather events.
In 2021, BCREA published a BC Floodplain Maps Inventory Report to identify maps created or updated from 2015 to 2020. It also provides insights into how local governments and First Nations use floodplain maps, and the challenges and opportunities communities experience with floodplain-mapping projects.
In March 2024, the provincial government released a flood protection strategy, creating a framework for more participation by First Nations, and calling for more nature-based solutions.
In July 2023, BC Financial Services Authority launched a discussion paper on Natural Catastrophes and Climate-Related Risks and sought feedback from financial sector stakeholders and the general public. This report includes risks beyond floods, encompassing wildfires and sea level rise. BCREA’s response and comments on the discussion paper can be found here.
The BC Government is in the process of testing a new home energy assessment tool, called the “BC Home Energy Planner,” which will provide an energy efficiency number for every single-family home in the province. Homeowners will have the opportunity to update the base assessment with current information, and eventually the province will require the information to be included as part of the information available about a home at the time of sale. BCREA has been working with ministry staff to streamline the use of this tool and minimize its impact on the transaction process.
BCREA has been working with the Community Energy Association to create a tool called “Retrofit 101” to help REALTORS® speak with their clients on the subject of home energy retrofits. A guide for REALTORS® can be found here, and the short handout to clients is located here.
LATEST ADVOCACY POSTS
Canada's federal budget 2024 unveiled an ambitious Housing Plan to address the housing crisis, and improve attainability.
BC REALTORS® gathered from March 10-12 in Victoria to address government liaison issues and meet with local MLAs during BCREA's GL Days.
Finance Minister Katrine Conroy unveiled the government's Budget 2024, featuring new housing measures such as the BC Home Flipping Tax and various property transfer tax exemptions.
The provincial government has introduced several pieces of housing legislation aiming to fulfill the Homes for People plan priorities.
BCREA presented an array of housing policy recommendations to the provincial Select Standing Committee on Finance and Government Services.
Learn more about how recent changes to age-restrictions in strata corporations may affect you.
