On February 23, the province’s real estate regulator, the BC Financial Services Authority (BCFSA) released proposed amendments to the Real Estate Service Rules intended to clarify the role and duties of real estate teams and team members. Teams play an important role for licensees; they can allow families or partners to work together, facilitate larger sales volume and lead generation, provide mentorship opportunities, improve work-life balance, allow for specialization of skills, and normalize income. However, the regulatory framework would benefit from defining teams and providing more clarity about how team members should conduct their professional activities.
BCFSA is conducting a 60-day consultation on the following proposed requirements:
- all teams must register with BCFSA,
- teams include two or more licensed members,
- team members provide services through their team only, and
- team members clearly identify their team name in all advertising.
BCFSA is also proposing Rule changes to align trust account reporting requirements for real estate brokerages with upcoming changes to Canada Deposit Insurance Corporation deposit insurance protection rules to eliminate duplication and streamline information reporting requirements for brokerages.
Last year, BCREA submitted recommendations to BCFSA based on a consultation with REALTORS® to understand how team structure can be improved. We appreciate BCFSA’s continued consultation on these issues to understand what is best for consumers and licensees.
We support BCFSA’s desire to define ‘teams,’ as we previously recommended in 2021, and we will continue to consult Realtors to ensure the definition is as clear and balanced as possible. We will be conducting a series of focus groups with managing brokers and franchisees in the coming month to understand how the proposed changes will impact Realtors.
We have ongoing questions for BCFSA, such as ensuring an adequate time for teams to adapt to the changes and how to support managing brokers through the transition.
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Canada’s fastest-growing region flexes real estate muscle – Business in Vancouver
The 74-acre Greata Ranch and Butler lands near Summerland are listed for sale as one of the largest waterfront development parcels in the Okanagan | Photo: Colliers International
Kelowna, and with it the Central Okanagan, has the fastest-growing population in Canada, posting a 14 per cent increase from 2021 to 2026, according to Statistics Canada.
With 224,000 people, the city of Kelowna has twice the population of Nanaimo, Kamloops or Prince George as the second-largest B.C. city outside of the Lower Mainland.
The broader Thompson-Okanagan region is currently growing at about 1.6 per cent per year, hitting 620,000 in 2021 and adding roughly 10,000 new residents annually.
Judging by real estate development being launched this spring the regional population will continue to accelerate, providing the current residential downturn proves shallow and brief. It is housing, after all, that is driving the real estate market across the Okanagan, but residential sales have slowed recently.
In May, total Okanagan home sales were down 28.5 per cent from a year earlier, though the average price increased nearly 10 per cent, year-over-year to $785,600, according to the B.C. Real Estate Association (BCREA).
The BCREA is now forecasting that Okanagan home sales will drop 19 per cent this year, from 2021, and fall a further 14.8 per cent in 2023, with home prices eking out just 1.3 per cent increase that year compared to 2022.
May sales across the Okanagan slid down only 1.2 per cent compared to April, noted Lyndi Cruickshank, president of the Association of Interior Realtors, which she said reflects the market’s stability.
The mantra in the Okanagan real estate community is that a lack of supply has helped to stifle sales and keep prices rising. This year should test that theory, if all the current projects proceed.
One of the largest is Greata Ranch, a 46-acre lakefront parcel near Summerland between Kelowna and Penticton along Highway 97. On the development radar for more than a decade, the property has now been extended with the addition of 28 adjacent waterfront acres, the Butler family lands.
The entire 74 acres is now being marketed as a single parcel for mixed-use with a residential emphasis, according to Stephen Webber, associate vice-president of Colliers International.
The price will be decided by bids submitted by potential buyers on the vendor’s “form of offer.”
The City of Kelowna voted unanimously on May 31 to approve a 425-home development at the Tower Ranch area in east Kelowna. Also in Kelowna, a 1,000-home development was approved in late May that includes 16 buildings, up to 17 storeys high, on Lakeshore Road. North Kelowna is the focus of major mixed-use development plans on two former industrial sites, including 40 acres of lakefront that was once a sawmill.
In downtown Kelowna, the University of British Columbia Okanagan (UCBO) is pushing to build a 46-storey residential and administration tower. Nearby, the 26-storey Savant condo tower is now pre-selling at an average of $1,000 per square foot, according to Shane Styles, president of Epic Real Estate Solutions of Kelowna.
Styles, who was born and raised in the Okanagan, estimates that investors account for 60 per cent to 70 per cent of new condominiums buyers.
There are user investors, like parents buying an apartment for their children to use while attending UBCO or using it themselves as a vacation home and renting it out seasonally; and what he calls “pure investors” who count on rental income and appreciation.
The May benchmark price for condominiums in the Okanagan increased 31 per cent to $342,500, compared to a year earlier. The rental vacancy rate in Kelowna is 0.6 per cent, the lowest level in Canada.
At least a score of new developments are planned in West Kelowna, including the next phases of Kind Development’s Lakeview Village, where 120 homes in the first two phases sold out and a retail village is already complete.
In Penticton, the largest residential development in years was granted regulatory approval in May for a 219-unit market-housing project on a 6.6-acre site. The development is now awaiting provincial highways approval and a bylaw amendment. An even larger Penticton development, for nearly 700 new homes in the North Witse Block area received approval to proceed to public hearings on June 20.
On Shuswap Lake, the Old Town Bay development has been refreshed for 2022, with a trio of developments, including a 32-lot single-detached subdivision, new strata units, a hotel and a large recreational vehicle park where lots will be sold as strata.
A market to watch, according to Styles, is Vernon and the North Okanagan, which he sees hosting the next wave of real estate investment.
Styles believes the entire Okanagan economy will be booming this summer, the first in two years with no pandemic restrictions.
“It will be nuts,” Styles predicts, which could also prove an accurate forecast for the entire Thompson-Okanagan real estate market.
David Wallach Discusses Calgary's Business and Real Estate Opportunities – GlobeNewswire
Beverly Hills , June 30, 2022 (GLOBE NEWSWIRE) — With more than 20 years of leadership experience, real estate executive David Wallach says his aim is to educate people to make the right choices.
Listen to the full interview of David Wallach with Adam Torres on the Mission Matters Money Podcast.
How did you get started in Real Estate?
Wallach’s career began in Israel, where he worked as a broker for an insurance agency, eventually working his way up to a supervisory role at a life insurance company. Over time, he grew dissatisfied with his career path and pivoted to start his own brokerage company in April 1990.
When he moved with his family to Canada in 1999, he realized while awaiting immigration clearance that Calgary’s real estate industry was on the verge of a big boom. He decided to focus on commercial real estate instead of residential, and as of Valentine’s Day 2000, he was officially in business in Canada.
Tell us about your book, “Desire, Discipline & Determination: Lessons from Bold Thought Leaders.’
Writing a book was challenging, Wallach says, because his first language is Hebrew, and he found it tough to write well in English. However, with help and support, he completed his first book and says he’s ready for the next challenge. The book, Desire, Discipline & Determination: Lessons from Bold Thought Leaders discusses leadership mistakes he’s made and the lessons he’s learned from them, inviting emerging entrepreneurs to learn from them as well and avoid those missteps for themselves.
Tell us about your radio show, “Calgary Next.”
Building on several years of experience with a previous radio program, Wallach approached a friend at a local radio station in the first year of the pandemic when everything was shut down, requesting help with a new show where he could talk to businesspeople and let people know about business prospects in Calgary. Over the past year, the show has hosted interviews with local entrepreneurs across a broad range of sectors from entertainment to health to information technology. One of the Calgary Next’s goals, he says, is to support local businesses to help with their brand visibility.
What’s next for you and your ventures?
Wallach says the plan for Barclay Real Estate is to increase its market share, and he’s looking for more people to engage with Triumph Real Estate Investment Fund. The radio show, Calgary Next, will continue producing new content, and he plans to start another radio show in the future.
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Real Estate Pioneer Unreserved Expands Fully Transparent Listing and Sales Platform to Windsor Market – Yahoo Finance
Company has sold more than $150 million worth of homes in Ottawa, Toronto and Sudbury following $34 million seed funding round
OTTAWA, Ontario, June 30, 2022–(BUSINESS WIRE)–PropTech innovator Unreserved today announced that it has entered the residential real estate market in Windsor, Ontario. Unreserved addresses consumers’ biggest pain points when buying and selling a home by leveraging their proprietary technology that provides 100% transparency to buyers while maximizing the upside for sellers. Investors in the $34M seed round earlier this year – the largest in Canadian history – included CEO Ryan O’Connor, Chairman of the Board and former CEO of Royal Lepage Simon Dean, technology investor Jason Chapnik of Intercap, and numerous real estate professionals.
“Windsor is a key market for us as we expand our presence in Ontario and throughout Canada,” O’Connor says. “Local home buyers and sellers have been hurt by a lack of transparency in the residential real estate market because so many aspects of pricing and transactions are kept hidden from them. Our approach is about openness through technology that empowers everyone to have full information to make informed decisions. This is the future of the real estate industry, and we are proud to bring it to Windsor.”
The process starts with a seller requesting a home appraisal and a team of Unreserved listing experts working with them to confirm their target price and closing dates. As a full-service real-estate company, Unreserved offers construction, staging, marketing, and promotion to help attract qualified buyers with specialized photos and video walkthroughs of a given listing. Open houses and private showings are coordinated with verified buyers to ramp up interest. Home inspection reports and market comparables are provided publicly on the listing page, and, most importantly, everyone can watch a transparent bidding process unfold right in front of them. Unreserved is also offering an industry-first, 12-month warranty on homes sold on its platform.
The Unreserved technology platform is paving the way for a transparent way to buy and sell homes allowing buyers to bid on homes in a real-time online auction environment, removing blind-bidding and bully offers from the equation. In addition, Unreserved is a full-service auction company, offering staging, marketing, and promotion to attract qualified buyers and interested sellers.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220630005675/en/
For Unreserved Media & PR Inquiries, please contact:
1 (647) 294-8372
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