Archived blog posts for : July 2020

Resources for Realtors who visit my Site - Share the Knowledge

Posted on July 20, 2020 by BC HOME GROUP

Posted in guidelines, New realtor, resources

VIDEO: Help Your Clients Understand the Buyer’s Agency Exclusive Contract

When working with buyers, Realtors may choose to use the Buyer's Agency Exclusive Contract. This video will help your clients better understand the purpose and content of this common standard form. Read more >>

Standard Forms Spotlight: Does a Seller Have to Document They Have Reviewed an Offer?

In a multiple offer scenario, you and your buyer clients might wonder if a seller has to document they have reviewed an offer. In this blog, explore the options available to help ease a potential buyer’s concerns. Read more >>

LTSA Historic Records: Discriminating Covenants in the Land Title Register

If your client encounters a discriminating covenant in land title records, they should know that these covenants are not enforceable and they can notify the Registrar of Land Titles to have it removed. Read more >>

BC REALTORS® Adapt “Open House” Practices to Protect Consumers

On July 8, BCREA released guidance to support Realtors in cautiously resuming open houses during Phase 3 and adapting traditional “open house” practices to keep consumers safe. This guidance was developed in collaboration with RECBC, OSRE and WorkSafeBC. Read more >>

COVID-19 and a Different Type of “Exposure” Risk

Aside from the risk of exposure to COVID-19, hosting open houses results in another type of “exposure” risk for Realtors: exposure to public scrutiny. As you think about resuming open houses, here are ten ways to engage with your community to help them understand the steps you’re taking to keep them safe. Read more >>

COVID-19 Reopening Dashboard

The BCREA Economics team recently created the COVID-19 Reopening Dashboard to monitor the evolution of the BC economy as the province gradually reopens. This dashboard will be updated each month and was last updated on July 2, 2020. Read more >>

UPDATE: COVID-19 Economic Impacts Dashboard

The BCREA Economics team created the COVID-19 Economic Impacts Dashboard to monitor the economic impacts of COVID-19 on the BC housing and labour markets. This dashboard is updated each week and was last updated on July 17, 2020. Read more >>

For the latest information and resources related to real estate practice and COVID-19, visit bcrea.bc.ca/covid-19.

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Landlord Updates - Tenancy Laws in Victoria BC

Posted on July 20, 2020 by BC HOME GROUP

Posted in bc, bc, landlord, tenancy laws, victoria

The following tenancy laws have resumed:

A landlord can now issue a Notice to End Tenancy for any reason (other than unpaid or late payment rent).
Landlords with existing orders for eviction can take them to the courts beginning July 2, 2020, for enforcement and can enforce a writ order effective immediately.
Landlords can enter a rental suite with 24-hour notice and do not need the tenant’s consent. They are expected to follow health guidelines like physical distancing, cleaning and wearing masks when appropriate.
The change also allows for personal service of documents to resume.

Landlords’ ability to restrict access to common spaces for COVID-19 related health reasons remains.

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Victoria Real Estate Statistics for the month of June 2020

Posted on July 5, 2020 by BC HOME GROUP

Posted in june 2020, Real Estate, realtor, Statistics, Victoria

Victoria Real Estate Statistics for the month of June 2020

Victoria real estate market impacted by many different factors in June

A total of 808 properties sold in the Victoria Real Estate Board region this June, 9.2 per cent more than the 740 properties sold in June 2019 and 76.8 per cent more than the previous month of May 2020. Sales of condominiums were down 3.2 per cent from June 2019 with 209 units sold. Sales of single family homes were up 16.8 per cent from June 2019 with 460 sold.

"This June we saw competing factors from all different sides of the real estate equation," says Victoria Real Estate Board President Sandi-Jo Ayers. "If all we do is look at numbers, we see a fairly normal June, in the midst of a very not normal world. The impact of COVID-19 on our entire economy continues. And while some buyers and sellers are slow to emerge from isolation, others have been highly active since the start of Phase 2 of BC's Restart Plan. Because of the pandemic, an eviction order that prohibited a landlord from ending a tenancy was introduced. The order may have kept some homes from going to market. The portion of this order that prevented a seller from providing vacant possession of a tenanted home was lifted late this month, which may bring some listings to market that had been stalled. Due to the pandemic alone, we have multiple factors influencing the inventory and sales in our market."

There were 2,698 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2020, 11.3 percent fewer properties than the total available at the end of June 2019 but a 6.1 per cent increase from the 2,544 active listings for sale at the end of May 2020.

"Additionally, the Canada Mortgage and Housing Corporation announced changes that start July 1 which will reduce the borrowing power of some buyers who insure through CMHC," adds Ayers. "This may have pushed some demand forward - although there are alternate suppliers of mortgage insurance. Ongoing low inventory levels also mean that we are seeing a fair number of multiple offers. The condo market is slightly softer in terms of sales numbers. This may be in part due to the recent strata insurance issues which caused concern for owners and sellers. The government promised this month to begin to address the insurance issue, so there may be some relief on the horizon. These are not normal days for local real estate, nor is this month a signal of a return to normal, regardless of the numbers. That said, buyers and sellers are successfully navigating our market with the help of local REALTORS®, who know how to implement health and safety protocols and understand the complexities of our current market. As always, I recommend you consult your Realtor to understand what is happening in the moment."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in June 2019 was $861,800. The benchmark value for the same home in June 2020 increased by 4 per cent to $896,200, 1.2 per cent more than May's value of $885,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in June 2019 was $519,100, while the benchmark value for the same condominium in June 2020 increased by 1.3 per cent to $525,600, 1.6 per cent less than the May value of $534,300.

View the complete stats package here

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Resources for Realtors who visit my Site - Share the Knowledge

VIDEO: Help Your Clients Understand the Buyer’s Agency Exclusive Contract

Standard Forms Spotlight: Does a Seller Have to Document They Have Reviewed an Offer?

LTSA Historic Records: Discriminating Covenants in the Land Title Register

BC REALTORS® Adapt “Open House” Practices to Protect Consumers

COVID-19 and a Different Type of “Exposure” Risk

COVID-19 Reopening Dashboard

UPDATE: COVID-19 Economic Impacts Dashboard

Landlord Updates - Tenancy Laws in Victoria BC

Victoria Real Estate Statistics for the month of June 2020

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