Jul 6, 2017 | RAHB News |
This message from RAHB CEO George O’Neill went to all members on June 26, 2017. We are reprinting it here in case you missed it!
Over the past two weeks, RAHB held three webinars for our members, plus a Broker of Record/Manager meeting. At those meetings, we discussed RAHB’s plans to cut over to our own Matrix MLS® system in August as well as the status of the data sharing discussions with the regional boards/associations via ORTIS. Thank you to each of the 250+ members who attended the meetings either in person or online.
RAHB has heard loud and clear that our members, as well as many other REALTORS® from across the region, strongly desire to have RAHB’s data sharing in place prior to cutover, so we have taken immediate action. Just after the Broker of Record/Manager meeting, I called ORTIS representatives to discuss how we may work together to finalize the contract.
I am pleased they have agreed to work with me and RAHB’s lawyer, as the contract, as is, require refinement to make it fair and equitable for RAHB members and for those of the regional boards/associations.
I will provide a further update next week as to the status of the data sharing contract at that time.
Sincerely,
George O’Neill
RAHB CEO
Jun 8, 2017 | MLS®, Stats & Technology |
We recently heard from a member whose listing photos and information were used by someone posing as a landlord offering the property for rent.
This person responded to a “Wanted to Rent” ad on Kijiji, and sent listing photos and a lease agreement to the prospective tenant. Luckily, the hopeful tenant drove past the property, saw the “For Sale” sign and contacted the listing salesperson before signing a lease agreement and paying anything to the pretend landlord.
This is not the first time listings have been used by scammers posing as landlords or property owners. Unfortunately, there is nothing a REALTOR® can do to stop this from happening. There are, however, some precautions you can take that may make your listings less attractive to scammers:
Occasionally check your listings’ addresses in a search, or on real estate sites like Kijiji, just to make sure they haven’t been posted for rent – or even for sale – by someone fraudulently claiming to be the owner.
Be cautious about the kinds of information you put in your listing description – notations like “vacant”, “motivated seller” or photos of a vacant property might make it more appealing for someone to use the information for fraudulent or illegal purposes.
Thank You To Our Sponsor:
Jun 7, 2017 | MLS®, Stats & Technology |
We have already witnessed the federal government targeting the real estate industry when it comes to money laundering and Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) compliance.
Large fines have been levied against brokerage firms that have not been in compliance at the time of the audit. Here are some questions to ask to see if you are ready in case the FINTRAC auditors come calling.
1. Does your firm have an up-to-date FINTRAC policy and a FINTRAC compliance officer? Has everyone in your firm taken the required training online?
It is not enough to just have a FINTRAC policy. Every member of the brokerage, including sales reps, brokers and all employees should have read your company FINTRAC policy and taken the five modules on money laundering available through CREA. This should also be documented and records must be kept of this.
2. Does your brokerage provide FINTRAC update education every two years for all members of the firm, to confirm that any new guidelines are understood and followed?
For example, new FINTRAC guidelines for identifying individuals will take place after June 30, 2017. Is your firm aware of the changes? I have been providing FINTRAC update education courses for brokerages and real estate boards for the last several years. I have tried to demonstrate in my seminars that complying with FINTRAC can actually increase business if approached in a positive manner.
3. Does your firm properly identify clients?
This may be the most important information reviewed by FINTRAC auditors. Are you making sure that your clients have a connection to Canada? The more connected they are, the less likely they will be involved in illegal activities. The more you know about a client’s employment and occupation, the easier it is to build a relationship with them. And you are complying with FINTRAC at the same time.
4. What are you doing to monitor clients in a business relationship?
If a client conducts a second transaction with your brokerage within five years, they are said to be in a business relationship with your firm and this may require ongoing monitoring.
Does your firm have a policy in place to identify whether any new client has in fact done a deal with your brokerage in the last five years, and if so, how is this client to be monitored? What additional questions should the client be asked about their new purchase or sale and whether they are in the ordinary course of the client’s business?
5. Every broker of record is required to do a comprehensive risk assessment of their brokerage every two years.
Unfortunately, most just check off some boxes on a form, stating that they have checked their records and their risk has not increased. Unfortunately, in almost all audits that I have seen, this is considered to be a serious concern of the auditors. They expect you to have reviewed a substantial number of random files to confirm that all documents have been properly prepared, signed and filed and that you have also considered other factors, including whether your firm deals with properties that are close to the U.S. border, whether your agents are part-time or full-time and the general crime rate in your own area.
Does your brokerage insist, for example, that no commission will be paid unless and until all documents, including FINTRAC, are properly completed and filed? This should be standard practice.
by Mark Weisleder
This article originally appeared in the February 6, 2017 edition of REMonline. Reprinted with permission.
Jun 7, 2017 | CREA/OREA/RECO News |
New FINTRAC requirements that were announced in 2016 are just now coming into effect for REALTORS® on various dates starting June 17, 2017.
These changes will affect you in four ways:
1) The way you identify individuals has been improved to add more flexibility. There are three methods for identification:
- Using a single piece of government-issued photo identification
- Verifying the client’s name, date of birth and address match information obtained from a Canadian credit bureau that has been in existence for at least three years
- Using two original, valid and current documents or information from independent and reliable sources, such as utility bills or bank statements
2) Whenever your brokerage uses a mandatory to identify a client on your behalf, you will now have to keep more detailed records of when you received identification information from the mandatary. You will also need to review the information to make sure nothing is missing.
3) The regulations expand on existing obligations to keep a record when you use reasonable measures to satisfy certain obligations under the law. The reasonable measure record obligations are reflected in:
- New sections A.4 and B.1 in the Individual Identification Information Record
- New sections A.3 and B.1 in the Corporation/ Entity Identification Information Record
- New section E of the Receipt of Funds Record (which has also been reorganized to reflect additional FINTRAC guidance)
- New records related to large cash transactions and suspicious transactions
4) Clients who have been identified by your brokerage in the past do not need to be identified again if you or your Broker of Record/ Manager have no doubts about the information you obtained previously.
This is only a very brief summary of the changes taking effect in June, 2017. To read the details and get the information you need about changes to forms and what it all means for you, go to the CREA site on REALTOR Link® and check out the new information in the Compliance Centre. [REALTOR Link > CREA > Resources and Compliance > Compliance Resources > Money Laundering (FINTRAC)].
Once you are on the FINTRAC page, be sure you check out the links to helpful documents near the bottom of the page – all the material has been updated. The FAQ document may be particularly helpful.
All CREA forms have been updated to reflect your new obligations under FINTRAC. Revised forms are now available on WEBForms®.
(Note: you may use your old forms until June 17, 2017. After that time, only the revised forms will satisfy your obligations.)
Thank You to Our Sponsor:
May 5, 2017 | MLS®, Stats & Technology |
Q: When you follow Market Watch on your Matrix home page, you may notice that once you log in, the number of new listings, back on market listings, price changes, etc. doesn’t necessarily go up and down through the day. Does that mean there are no changes to the listing inventory?
A: The short answer: No. Changes are occurring all the time as members add listings, cancel listings, sell homes or change a listing’s status in other ways. You can see those changes when you look at the detail in the lists of listing changes. You just won’t see a change in the total showing in the Market Watch widget.
There’s a long explanation of why the Market Watch numbers don’t change, and it has to do with the default 24-hour time period and how the totals on the widget don’t refresh. The more important issue, though, is: are you missing new listings and listing changes because you have been watching the totals on your home page all day?
The best way to make sure you know about all changes to listings is to click on the link to see the hotsheet layout of changes and see what’s new – that way you won’t miss anything.
In this fast-paced market, you need the most up-to-date information available, so be sure to go to the lists of changes to find the most recent changes.
May 5, 2017 | MLS®, Stats & Technology |
To help clarify the steps you must take if your Sellers change their minds about “no offers until”, the Board of Directors approved several changes to Section 2 of the MLS® Rules and Regulations.
The chart below shows the original wording of Section 2, Subsection 2.15 of the MLS® Rules and Regulations in the left column, and the new wording in the right.
Note the changes to the first parts (2.15 and 2.15 (a)) have been amended by the addition of the words in bold, and section 2.15 (b), shown in all bold text, has been re-worded from the original to provide more clarity.
The complete rewriting of Section 2.15 (b) is based on the Registrar’s Bulletin from February 21, 2017, titled Written direction for multiple offers. The Bulletin provided an excellent overview of how to convey offers to your clients in a preemptive offer situation and stressed the importance of using a fair and transparent process.
These changes are now in effect.
Useful links
- Read the Registrar’s Bulletin (February 21, 2017) titled Written direction for multiple offers. Not only does it talk about how to deal with preemptive offers, but also discusses multiple offer situations generally.
- View a video tutorial for OREA’s Seller’s Direction re: Property/Offers Form #244
________________________________________________________________________________________________
As always, if you have any questions, please contact our MLS® Department at 905.667.4650 or mls@rahb.ca. Our staff will be happy to assist you.
May 4, 2017 | Member Services |
Held at RAHB – 505 York Blvd. Lower level room: C – Chambers M – McCullough
Computer
New Member Computer Training Level 1
Thursday, May 4 – C 9 a.m. – 11:30 a.m.
Thursday, May 18 – C 9 a.m. – 11:30 a.m.
Thursday, June 1 – C 9 a.m. – 11:30 a.m.
Thursday, June 15 – C 1 p.m. – 3 p.m.
Designation
ABR® Accredited Buyer’s Representative – Gareth Jones
Monday, May 15 & Tuesday, May 16, 2017 – M
9 a.m. – 4:30 p.m.
$325+HST
REIC 2600: Ethics and Business Practice – Mary Jones
Monday, June 19 – Wednesday, June 21, 2017 – M
9 a.m. – 4:30 p.m.
$625+HST
Professional Development
iPad Agent – Amyn Chagan
Wednesday, May 17, 2017 – M
9 a.m. – Noon
$79+HST (Early Bird prior to May 10);
$99+HST regular price
Master Open House – Amyn Chagan
Wednesday, May 17, 2017 – M
1 p.m. – 4 p.m.
$79+HST (Early Bird prior to May 10);
$99+HST regular price
Insurance Concerns for Buyers – Lou Radomsky
Friday, May 19, 2017 – M
9:30 a.m. – 11:30 a.m.
$30+HST
Agency – Practical Facts for Dealing with Buyers – Hugh Foy
Monday, May 29, 2017 – M
10 a.m. – Noon
$30+HST
Tax and Estate Planning – Peter Bowen
Lunch and Learn Workshop
Monday, June 5, 2017 – M
10 a.m. – Noon
FREE
Power of Email Marketing – Mark Brodsky
Monday, June 12, 2017 – M
10 a.m. – Noon
FREE
___________________________________________________________________________________
To register, or for more information, contact Angela at 905.529.8101 x233 or angelam@rahb.ca.
Mar 23, 2017 | MLS®, Stats & Technology |
On Friday, March 3, all members received an update about RAHB’s Matrix MLS® System from RAHB CEO George O’Neill.
In his email, the Association CEO advised that the upgrade from Fusion to Matrix is on schedule, and a contract with ORTIS to share MLS® data should be finalized within the next 30-45 days. Once the contract is in place, 60 days will be required for CoreLogic to program an interface to facilitate data sharing between the regional Matrix system and RAHB’s Matrix system.
Following consultation with the RAHB Board of Directors and Brokers of Record and Managers, it was decided the best course of action was to wait to launch Matrix until a data sharing contract and interface are in place. The advantage to waiting is that members will then have uninterrupted access to both RAHB and regional listings in the RAHB Matrix system.
Watch for more details.
Feb 3, 2017 | RAHB News |
RAHB will soon be participating in CREA’s MLS® Home Price Index!
What’s the MLS® Home Price Index?
The MLS® Home Price Index, or HPI, is a tool for gaining a better understanding of the market trends in the residential market in our area, and how those trends compare to the rest of the country.
When we talk about housing prices, we usually refer to trends in average and median sale prices. These measures are readily available and easily understood. However, averages and medians do not always accurately determine trends because:
- data can be skewed by outliers
- all homes are treated as equal
- home “composition” is not taken into consideration
The MLS® HPI provides a better measurement of price and price trends for residential properties. It is based on real MLS® listing content from RAHB – that is, the attributes of the listed properties: number of bedrooms, number of baths, number of storeys, etc. The HPI uses that information to calculate what is the average home in an area, and then it can track how that average home price changes over time.
How does it work?
The HPI uses a base – or benchmark – year as a starting point for price comparison. The index base is always 100.
In RAHB’s case, the benchmark year is 2005, so the HPI value for, say, January 2005 is 100. If the HPI value for a single-family home in January of 2011 is 167.1, you know that the value of a typical single-family home is up 67.1 per cent compared to 2005.
What’s in it for you?
The real value of the HPI comes with the depth of information available to members. The HPI drills down into areas as well as types of properties – single family, townhouse and apartment. For each area, the HPI defines what the “average” house, townhouse and apartment is. In one area the average single family home might be a 3-bedroom, 2-bath, double garage home, while in another area it is a 2-bedroom, 1-bath home with no garage. Likewise for the townhouse and apartment categories – the HPI definition is determined by the mix of properties and their features in that area. This allows you to see trends that average or median sale prices just can’t provide.
RAHB will be publishing general information about the HPI, the same way it publishes general statistics, so the public will see what the general trend is. However, RAHB members will have access to much more detailed information, so you will be able to:
- help your clients understand home price trends for specific kinds of properties in a given neighbourhood
- position yourself as a credible, reliable source of insight into the real estate market
- broaden your knowledge of municipal, regional and national real estate markets, and compare trends in those markets
What the MLS® HPI doesn’t do
The HPI will not predict future price trends. It can only be used to track what the trend has been and what it is at the present time.
What’s the next step?
Once RAHB starts reporting the MLS® HPI trends for our area, you will have access to an HPI dashboard via REALTOR Link®. That’s where you will find the more detailed information the public doesn’t see. You will find information about housing trends in our area, as well as trends in other cities where HPI is reported.
How did the MLS® HPI come about?
It was pioneered by six founding partners: the real estate boards of Calgary, Fraser Valley, Greater Montreal, Greater Vancouver, and Greater Toronto and the Canadian Real Estate Association. In 2009, the partners contracted with Altus Group to develop the MLS® HPI, which subsequently launched in February 2012.
Since its founding, CREA’s Home Price Index has grown to include data from Regina, Saskatoon, Ottawa, Vancouver Island, Victoria and Greater Moncton, and will soon include some regional MLS® boards and associations, as well as RAHB.
Want more information?
Gregory Klump, CREA’s Chief Economist, will be presenting two knowledge pods on the HPI at REALTOR® CONNECTIONS AGM, Conference and Trade Show on March 9, and will return to RAHB after we launch the HPI to do more information sessions. Watch for more info about the date, time and location of the presentations.
You can also find more information about the MLS® Home Price Index.
Feb 3, 2017 | MLS®, Stats & Technology |
As of January 24, 2017, Fusion is no longer accepting For Lease or Sale listings on a single MLS® number. If you have a listing that is for either sale or lease, enter your listing twice – once as a For Sale Only and once as a For Lease Only – so your listing has two listing numbers.
When the property sells, report the sale or lease as appropriate, and then cancel the other listing so that it is no longer active.
Jan 11, 2017 | Member Services |
Every member knows the value of the RAHB MLS® System – it is our primary service to you and it is an integral part of your business.
RAHB has always been on the leading edge where MLS® Systems are concerned – in 1949, RAHB produced Ontario’s first Multiple Listing Service, and in 1951 instituted the first Photo Co-Op System in Canada. Ever since those first forays into a cooperative listing service, your Association has provided up-to-date systems, and has continuously upgraded those systems so that you have a reliable tool that gives you the information you need to assist your clients and customers.
Your MLS® System is not all bits and bytes and servers and data, however; there are also people who are part of RAHB’s MLS® System.
RAHB’s MLS® Department provides telephone support on all parts of the system –Fusion, the regional Matrix, GeoWarehouse access, WEBForms® and the Statistical Information Management (SIM) program. RAHB MLS® support staff also answer questions about MLS® rules and regulations and policies, and the remediation process that begins when it appears that someone else may be using your login credentials.
In addition to telephone support, RAHB’s MLS® Supervisor provides new member training in Matrix, and produces webinars and tutorials for the new RAHB Matrix MLS® System.
When you need assistance with the MLS® System, be sure to contact the RAHB support staff at 905.667.4650, from 8:30 a.m. – 4:30 p.m. daily on weekdays.
Jan 11, 2017 | MLS®, Stats & Technology |
Have you been reading about the changes coming to RAHB’s MLS® System before the spring market of this year? RAHB’s own Matrix system will be making an appearance in the next few months, and RAHB has been providing information to you about how you can prepare for the change.
Be sure to watch your email inbox for issues of The Shift, our specialty publication about all things Matrix. If you’ve missed some issues, you can find them in REALTOR Link® – just look for the link to The Shift on the right hand side of our home page.
Five fields in Fusion will become mandatory!
The latest issue of The Shift (December 19, 2016) had important news about five fields in Fusion that will become mandatory on January 24, 2017:
- Total Area will be mandatory for all commercial property types, excluding business-only listings. The information will be required in the “Total Area” line on the current RAHB Property Information Form.
- Heat Source will be mandatory for all residential property types. Use the field for “Fuel” on the current Residential Property Information Form.
- Square Footage & Square Footage Source will be mandatory for all residential property types. Place the information in the “Square Footage +/-” line on the current Residential Property Information Form. You can write the source of square footage underneath.
- Assessment Roll Number will be mandatory for all residential and commercial property types. Enter the information in the “Roll #” section of the current Property Information Form.
- Zoning for listings located in Brantford, Cambridge, Guelph, Kitchener-Waterloo, Niagara, Oakville/Milton and Simcoe. This will apply to all residential and commercial property types in these areas. Zoning will not be mandatory for listings located in the RAHB area.
For full information about about the five mandatory fields and where to find the information, plus new information about changes to “For Lease or Sale” listings, view the full version of the December 19, 2016 issue of The Shift here or view the December 19 issue of The Shift in REALTOR Link®.
