Apr 2, 2015 | CREA/OREA/RECO News |
The Ontario Real Estate Association forwarded the following information to all members on March 19.
Re: Bill 55, the Stronger Protection for Ontario Consumers Act, 2013.
On July 1st, 2015, Ontario Regulation (307/14), which implements amendments made to the Real Estate and Business Brokers Act, 2002 (“REBBA”) under Bill 55, will come into force. These changes are intended to address the issue of “phantom offers” in the real estate marketplace.
What REALTORS® Need to Know
Bill 55 introduced a number of changes to REBBA which created new requirements for real estate registrants. Most notably:
- Bill 55 prohibits a registrant working on behalf of a purchaser from presenting or representing an offer unless the offer is in writing.
- Bill 55 requires that the selling brokerage must retain copies of all written offers that it receives to purchase real estate or copies of all other prescribed documents related to those offers.
Ontario Regulation (307/14) outlines the required information that must be contained in a ‘prescribed document’ and states that the selling brokerage must retain a copy of the document or a copy of the written offer for a period of one year after receiving the written offer.
The OREA Standard Forms Committee will discuss Bill 55 compliance for brokerages and REALTORS® at its spring meeting and design a new standard form to help REALTORS® comply with Bill 55 and Ontario Regulation 307/14. It is anticipated this form will be released prior to Bill 55 coming into effect on July 1, 2015.
If you have any questions or comments please feel free to email [email protected].
Mar 23, 2015 | CREA/OREA/RECO News |
Earlier in March, RECO issued an e-blast to brokers of record and branch managers regarding new rules for handling written offers; the new rules stem from Bill 55, the Stronger Protection for Ontario Consumers Act, 2013. In response to feedback from brokers of record and branch managers, RECO has updated the fact sheet.
New rules for handling written offers come into effect on July 1, 2015. Your brokerage must create processes and policies that comply with these legislative changes.
RECO has prepared a detailed fact sheet about the changes. All registrants should review it so that they can ensure compliance as of July 1, 2015.
Here is an outline of the changes:
• Offers must be made in writing. Please keep in mind that a written offer must be signed to be valid.
• A registrant cannot indicate that they have an offer, unless they have a written offer.
• The seller’s brokerage must keep a record of all written offers that it receives.
• RECO is developing a process to confirm the number of offers that were received for a property.
RECO will provide updates between now and July 1 in response to questions that registrants submit.
To review the relevant changes, see section 35.1 of REBBA 2002 and section 19.1 of Ontario Regulation 579/05 made under REBBA 2002.
(Note: OREA will design a new form for brokerages to use to comply with the requirements of Bill 55. Stay tuned for more information.)
Mar 13, 2015 | CREA/OREA/RECO News |
The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards and Associations for 2015 and extended it to 2016.
Read the full report.
Mar 13, 2015 | CREA/OREA/RECO News |
According to statistics released by The Canadian Real Estate Association (CREA), national home sales activity edged up slightly on a month-over-month basis in February 2015.
Highlights:
- National home sales edged up 1.0% from January to February.
- Actual (not seasonally adjusted) activity stood 2.7% above February 2014 levels.
- The number of newly listed homes fell 2.5% from January to February.
- The Canadian housing market remains balanced.
- The MLS® Home Price Index (HPI) rose 5.01% year-over-year in February.
- The national average sale price rose 6.3% on a year-over-year basis in February.
Read the full report.
Mar 6, 2015 | CREA/OREA/RECO News |
Did you know that among practitioners in Canada that responded to a recent survey, 45 percent note an increase in international investors? Or that 55 percent of Canadian respondents noted a decrease in per worker office space in 2014?
See the latest research report on commercial real estate from the National Association of REALTORS’ (NAR) REALTOR University, in collaboration with CREA, the Certified Commercial Investment Member(CCIM) Institute and the Institute of Real Estate Management.
Find out more by downloading the full report from REALTORlink.ca.
Feb 20, 2015 | CREA/OREA/RECO News |
OREA and the OREA Young Professionals Network is presenting REGeneration, a day designed to prepare you for dealing with clients from Generations Y and Z. There will be panels, keynote speakers, presentation of research on Gen Z, exhibits, lunch, draws and more.
REGeneration will be held March 12, 2015 at the Westin Harbour Castle in Toronto. Cost for OREA members: $79 plus tax; price for non-members: $119 plus tax.
More information at https://www.orea.com/About/REGeneration-Event
Feb 18, 2015 | CREA/OREA/RECO News |
Foreign investment in Canadian and U.S. real estate continues to surge, and knowledge and preparation are essential if you work in this lucrative market.
CREA, OREA and the Toronto Real Estate Board are sponsoring a five-day Certified International Property Specialist (CIPS) designation program. This designation provides the education, resources and network to help you succeed in this growing global market.
A CIPS Institute has been scheduled for Toronto from July 20-24, 2015.
- July 20: Global Real Estate: Local Markets
- July 21: The Business of U.S. Real Estate
- July 22: Europe & International Real Estate
- July 23: The Americas & International Real Estate
- July 24: Asia/Pacific & International Real Estate
Critical aspects of international real estate transactions, such as:
- Globalization of economies
- International capital flow
- Marketing and business planning strategies
- Roles and expectations in international transactions
will be covered in the Institute.
For more information or to register, go to www.events.crea.ca/CIPS
Feb 17, 2015 | CREA/OREA/RECO News |
According to statistics released by The Canadian Real Estate Association (CREA), national home sales activity was down on a month-over-month basis in January 2015.
Highlights
- National home sales fell 3.1% from December to January
- Actual (not seasonally adjusted) activity stood 2.0% below January 2014 levels
- The number of newly listed homes rose 0.7% from December to January
- The Canadian housing market remains balanced
- The MLS® Home Price Index (HPI) rose 5.17% year-over-year in January
- The national average sale price rose 3.1% on a year-over-year basis in January
The number of home sales processed through the MLS® Systems of Canadian real estate Boards and Associations fell 3.1 per cent in January 2015 compared to December 2014.
Read the full report.
Jan 22, 2015 | CREA/OREA/RECO News |
As part of its commitment to members, students and prospective students, OREA has updated its website to better serve its various audiences. The updated site went live January 20, 2015. Check it out at www.orea.com!
Jan 15, 2015 | CREA/OREA/RECO News |
According to statistics released by The Canadian Real Estate Association (CREA), national home sales activity was down on a month-over-month basis in December 2014.
Highlights:
- National home sales fell 5.8% from November to December.
- Actual (not seasonally adjusted) activity stood 7.9% above December 2013 levels.
- The number of newly listed homes rose 1.1% from November to December.
- Canadian housing market remains balanced.
- The MLS® Home Price Index (HPI) rose 5.4% year-over-year in December.
- The national average sale price rose 3.8% on a year-over-year basis in December.
The number of home sales processed through the MLS® Systems of Canadian real estate Boards and Associations fell 5.8 per cent in December 2014 compared to November and remained above year-ago levels.
Read the full report.
Jan 12, 2015 | CREA/OREA/RECO News |
The OREA EDGE is going green!
Starting in February, 2015, OREA’s REALTOR® EDGE newsletter will be delivered in an electronic format only. Update your email address with OREA to be sure you receive your issue!
Jan 9, 2015 | CREA/OREA/RECO News |
The annual election for the CREA Board of Directors will be held on March 28, 2015 at the 2015 CREA Annual General Meeting. Any qualified REALTOR® member who has
an interest in serving as a Director of CREA is strongly encouraged to run for a position on the Board of Directors.
The following positions are open:
• Three Director-at-Large positions, each for a two-year term.
• Four Regional Director positions, each for a two-year term, from each of the following regions:
·British Columbia/Yukon
· Manitoba
·Quebec
·The Atlantic Region
Candidacy forms must be received by CREA no later than January 27, 2015. Questions should be directed to Bill Harrington at 613.237.7111.
For complete information about the qualifications for Directors, the CREA elections and candidacy forms, go to http://www.rahb.ca/CREA/CREA_ElectionNotice2015.pdf
