At a glance (2 minute read):

  • REBGV REALTORS® participated in the BC Real Estate Association's annual Government Liaison Conference this spring.
  • Members of REBGV's Government Relations Committee spoke to many of the 32 MLAs in attendance to advocate for improving the cooling off period and housing supply in the region. 

Realtors advocated this spring to improve the proposed cooling off period and to increase the supply of affordable market homes.

Members of your Board’s Government Relations Committee spoke (via Zoom) to many of the 32 MLAs in our region as part of BC Real Estate Association’s (BCREA) annual Government Liaison Conference.

Clockwise from top left: Harriet Permut, REBGV GR Committee; Sara Gordo, REBGV GR Committee; Leon Prescesky, REBGV GR Committee; Janet Routledge, MLA North Burnaby; Henry Yao, MLA Richmond South Centre; Kelly Greene, MLA Richmond-Steveston

We participate each year to advocate for legislation, regulation and policies favourable to property buyers, sellers, and owners.

Here's a summary of what we discussed:

Improving the proposed cooling off period

The issue 

Realtors are concerned that a cooling off period isn’t always required, for example, where a property must be quickly sold due to a divorce, health problems, or unexpected circumstances. Properties sold by auction also negate the need for a mandatory rescission period. If both the buyer and seller have a clear understanding of the risks, they should be able to sign a waiver exempting themselves. 

Recommendations

  • Further consult with BCREA and real estate stakeholders to better understand appropriate parameters for a cooling off period.
  • Make the BC Financial Services Authority report widely available when it’s finalized and review measures after six months. 

Improving housing supply

The issue 

Housing remains unaffordable throughout much of the province. A solution we offered is to increase supply by conducting a policy review and tying development approvals to housing targets.

Recommendations