January 17, 2024 – Update from BC Assessment
BCREA Economics Update
On Wednesday, February 14, 2024, BCREA’s Chief Economist, Brendon Ogmundson returned to the Community of Practice to share his economic outlook for 2024 and the potential impact on the housing market.
On Wednesday, January 17, 2024, we were joined by Bryan Murao, the Assessor, Residential Lower Mainland and Provincial Strata, with BC Assessment. Bryan provided his annual update on property value assessments in BC, along with some key trends and facts.
- Session slide deck (BC Assessment)
- Session slide deck (BCREA)
Follow-up Q&A with Bryan:
- Would duplex zoning be automatic now lots are a minimum of four units?That’s generally how I interpret it, but it’s still new to me, and I haven’t read all the fine print yet. I’d encourage everyone to read through the provincial government’s information very carefully.
- Can you explain the 10-year principal ownership provision that exempts the highest and best use for larger residential properties that could be densified?It sounds like you’re referring to Section 19(8) of the Assessment Act. This provision allows for owners who have both owned and occupied a property for ten continuous years to have their assessed value based on the current use of the property – as opposed to the highest and best use valuation. The potential for 4-6 units upon redevelopment will surely create more candidates for Section 19(8) around the province, but not just uniformly across the board. As we discussed in my presentation last week, there’s a variety of factors that contribute to the highest and best use of a property, and based on that the highest and best use of all detached homes won’t just automatically change. Read more about Section 19(8) on our public website
Additional Resources:
- Mandatory Buyer Agency SurveyAs the real estate profession evolves, there is a growing need to enhance professionalism, transparency, and consumer protection. In 2022, BC Real Estate Association (BCREA) recommended exploring mandatory buyer agency contracts as part of a suite of ways to enhance consumer protection. Introducing mandatory buyer agency contracts could address changing sector dynamics.By completing the survey below, you can provide BCREA with your thoughts on whether advocating for mandatory buyer agency agreements is something you favour.This survey should take approximately five minutes to complete. Deadline to complete: January 30, 2024, at 11:45 pm PST.Take the survey here.
- BCFSA Data Call Virtual Information SessionThe BC Financial Services Authority (BCFSA) intends to conduct a mandatory brokerage data call in February 2024 to collect information on residential state sales.On February 7, BCFSA will be hosting a virtual information session to help outline the key aspects and essential information related to the 2024 Real Estate Brokerage Data Call.Register here.
- BCREA Managing Broker Support Line:
- Lower Mainland: 604-520-9440
- Toll-Free: 1-844-414-8655
- Email: [email protected]
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