REBA and BCREA

February 28th/2022

The Real Estate Brokers Association (REBA) of British Columbia endorses the recommendations presented today by the BCREA.

The real estate industry is one of the cornerstones of the BC economy. "The government’s premature announcement of a cooling off period is causing much industry concern as there was no problem identified, and no data to support the announcement.”

The Canadian real estate industry is experiencing similar conditions to BC for similar reasons: a mismatch of supply and demand. It has been announced by economists who study real estate markets, that what Canada needs is an additional 1.8 million homes to bring the market into balance. Would implementing a cooling off period or an end to blind bidding (both measures address the transaction framework and not the root problem) solve anything? We think it would create further problems to a market that is already causing issues for both Buyers and Sellers.

The BCREA has mobilized resources and initiated consultations in response to the government’s announcement and has identified a logical and methodical process to address some of the issues and solutions needed. We applaud the efforts made and the white paper released this morning.

A Better Way Home: Enhancing Consumer Protection in BC Real Estate is a thoughtful and well researched approach and should be considered before moving forward with any measures by government.

Sincerely,

Robert Greene

President – Real Estate Brokers Association of BC