Run for RECO’s Board of Directors

Are you interested in providing purpose and strategic direction to RECO using effective oversight and strong governance principles? Serving on RECO’s board is a unique opportunity to help shape the future of consumer protection in the real estate industry.

This year, RECO is looking for four candidates to join the RECO Board:

  • two candidates from region 1
  • one candidate from region 2
  • one candidate from region 3

Please note that in the case of region 1, the candidate with the most votes will serve a three-year term, while the candidate in second place will fulfill the remaining two years of a vacated position. If you are interested in becoming a candidate in the RECO election, visit RECO’s website to learn more and watch their webinar. The deadline to submit your nomination is Monday, February 6, 2023 at 2 p.m.

Standard Forms Webinar: Professionalism in a Changing Market using OREA Forms & Clauses

Trends can often mean Members need to reconsider the Forms they are
selecting, using, and completing to document their services, negotiations, and
communications.

Re-thinking your needs, as well as those of your clients, may require extensive
or resourceful discovery and disclosure steps. This Webinar,
Professionalism in a Changing Market using OREA Forms and Clauses,
will focus on and discuss;

  • Form checklists to assist buyer or seller awareness and mutual expectations
  • Acknowledgements and consent Forms to enable informed decisions
  • Vast Form options to satisfy, alter, or communicate everything relating to an
    Agreement

The presentation will cover topics such as property feature and title
details, mortgage information, managing changing negotiations, and
more.

Join us for these healthy discussions on February 22nd!

UPCOMING WEBINARS:

Mark your calendars for these upcoming Forms Webinars:

  • Wednesday, March 15, 1:00 p.m.
    An OREA Forms Debate Between Members
  • Wednesday, March 29, 1:00 p.m.
    OREA Forms and Clauses, TRESA Update
  • Wednesday, April 12, 1:00 p.m.
    OREA Forms and Clauses, TRESA Reminders

*All access to Forms Webinars must be made through your Member login only. This OREA resource is for Member participation.

The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA.

February 2023 REALTORS® webinar schedule

As most REALTORS® are aware, January 5 marked the official transition date to the new MPAC propertyline™ e-store. With the legacy (former) propertyline™ and TRREB’s Public Records switching to a records only view until June 30, we want to ensure that users are familiar with the new interface and know how to access MPAC data through the new single-sign on process integrated directly with GeoWarehouse™ and possibly your Board’s MLS provider.

To help with user transition, MPAC has scheduled a special training webinar that it will continue to run weekly on the new propertyline™. See below for the more information, as well as upcoming dates and registration details.

Special training webinar – new propertyline™ e-store

Enhanced Assessment Data, REALTOR® Insights, and Bundle Savings –

An overview of the new assessment data points in GeoWarehouseand our new propertyline™ e-store.

Join MPAC’s Real Estate Team for an in-depth walkthrough of the new data and propertyline™ e-store, where you will learn about:     

  • Enhanced data points now included with GeoWarehouse, such as new phase in and assessment details as well as site area and year built
  • Our modernized interface, now integrated with a direct link in GeoWarehouse, to improve the purchasing experience
  • The increased functionality of our property search module, making it easier to find specific properties, save details and search through comparable properties
  • Updated reporting styles and formatting, with the addition of our free Assessment Details Report, available and included with every property
  • Report Bundling that allows members to choose from a variety of bulk reporting packages and offers significant savings on the retail price for our most popular reports
  • New REALTORS® Insights to keep you informed with the latest property market data, resources, personalized support and training materials.

Upcoming dates:

Thursday, February 2, 2023
10 to 10:30 a.m. EDT
Register now
Wednesday, February 22, 2023
10 to 10:30 a.m. EDT
Register now
Wednesday, February 8, 2023
10 to 10:30 a.m. EDT
Register now
Monday, February 27, 2023
1 to 1:30 p.m. EDT
Register now
Tuesday, February 14, 2023
1 to 1:30 p.m. EDT
Register now
Should you wish to request a custom training session for your team, or have any questions about the new MPAC propertyline™ platform, reach out to propertyline@mpac.ca (please include your real estate board’s name in the subject line).

February 2023 Schedule

Factors Affecting Residential Property Value
 
This webinar is a continuation of our MPAC Assessment 101 webinar series. We take a more detailed look at the top 5 factors affecting real property value when using mass appraisal techniques.
 
Participants will also learn about other property features that can significantly affect property value. These include elements of primary and secondary structures, site details and locational influences.
 
Join us for a more thorough look at MPAC’s valuation process.
Upcoming Factors Affecting Residential Property Value webinars
 
Monday, February 6, 2023
1 to 2 p.m. EDT
Register now
 
Friday, February 24, 2023
10 to 11 a.m. EDT
Register now
Automated Valuation Models (AVM) for REALTORS®
 
This webinar provides an overview of our real-time market value estimates, used for listing presentations, setting the listing price, supporting an offer, or simply as a second unbiased opinion of value.
Upcoming Automated Valuation Models (AVM) for REALTORS® webinars
 
Wednesday, February 15, 2023
1 to 2 p.m. EDT
Register now
 
Tuesday, February 28, 2023
1 to 2 p.m. EDT
Register now
Assessment 101 for REALTORS®
 
MPAC Assessment 101 webinar has been customized for Ontario REALTORS®.
 
Training provides an overview of how MPAC collects data, measures properties, and instructions on calculating property taxes. We show REALTORS® how to access Assessment, Site, Structural, and Sales Data and provide an overview of our Automated Valuation Model (AVM) products customized for REALTORS®.
Upcoming Assessment 101 for REALTORS® webinars
 
Wednesday, February 1, 2023
10 to 11 a.m. EDT
Register now
 
Friday, February 17, 2023
10 to 11 a.m. EDT
Register now
Assessment 101 for Commercial REALTORS®
 
This webinar provides an overview of our methods for valuing commercial, multi-res and industrial properties. We will also take a detailed view at the data offered in sample reports. Participants will learn about assessment basics as well.
 
Join us for a more thorough look at MPAC’s Commercial and Industrial data products.
Upcoming Assessment 101 for Commercial REALTORS® webinars
 
Tuesday, February 7, 2023
1 to 1:30 p.m. EDT
Register now
 
Tuesday, February 21, 2023
1 to 1:30 p.m. EDT
Register now

Canadian Home Sales Edged Up to End 2022

“The bulk of the downward adjustment to sales reacting to the sharp rise in borrowing costs may be in the rearview mirror,” says Shaun Cathcart, CREA’s Senior Economist, as home sales were up 1.3% on a month-over-month basis in December 2022. 

Download CREA’s December snapshot for year-over-year market insights. 


New Listings in Ontario Decrease 9.5%

New listings were down 9.5% across Ontario, with 9,501 new listings added in December 2022, compared to 10,494 in December 2021.

Download CREA’s Ontario snapshot for local housing market stats to help your clients along their homeownership journey.

To view monthly housing market stats for your region, go to CREA Stats and select your board or association.

Prohibition on the Purchase of Residential Property by Non-Canadians Act Update

In addition to the Certificate and Consent of Purchaser – Individual, the Canadian Real Estate Association (CREA) has developed the Certificate and Consent of Purchaser – Corporation or other Entity to assist your members in legal compliance with the Prohibition on the Purchase of Residential Property by Non-Canadians Act

These resources can be used in conjunction with other due diligence practices. If REALTORS® choose to use the relevant certificate, it should be completed before assisting or advising a potential purchaser. Both certificates are also now available on CREA WEBForms®

REALTORS® have an obligation to Know Your Client pursuant to the FINTRAC Regime. This includes identifying clients and recording certain information. One key difference is that under the FINTRAC Regime you may identify your client at the time of the transaction, whereas pursuant to this law, REALTORS® should ID clients before assisting or advising them on the purchase of a property. 

Another difference is FINTRAC beneficial ownership obligations require REALTORS® to identify any individual who owns 25% or more of a corporation/entity, whereas this law requires REALTORS® to determine substantially all owners or those who may control the corporation/entity to assess their status as non-Canadians.  

As real estate is provincially regulated, REALTORS® should ensure they comply with any guidance provided by their provincial regulator, board, and association.

To download CREA’s certificates and learn more about the Regulations we have added additional resources to member.CREA.ca.  

Update on identifying if a property location is excluded from the prohibition

According to the Regulations, properties located outside of either Census Metropolitan Areas (CMAs) or Census Agglomerations (CAs) are excluded from the prohibition. 

Statistics Canada’s list of CMAs and CAs can be found here, where a thorough list is available under the Data section at bottom of that page which highlights the 160 CMAs and CAs across Canada.

An interactive mapping tool has also been created to assist individuals who have been reaching out to Statistics Canada.

Request for information

CREA has spoken with many boards and associations across the country about the new regulations. We would like to continue to hear from you about the impact of this legislation on REALTORS® and their clients.

If you have a story from your region of how a REALTOR® or a potential foreign buyer has been negatively impacted by the prohibition, please let us know by sharing at support@CREA.ca. It’s important we understand the impact this prohibition has on our members as we continue to make representations to the government.

The guidance above is for information purposes and is not legal advice or a substitute for legal counsel.

The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA.

Call for nominations: RECO Board of Directors election 2023

RECO is governed by a 12-person Board of Directors, responsible for providing purpose and strategic direction using effective oversight and strong governance principles. Serving on RECO’s board is a unique opportunity to help shape the future of consumer protection in the real estate industry.

In 2023, RECO is looking for four candidates: two from region 1 and one each from regions 2 and 3. Please note that in the case of region 1, the candidate with the most votes will serve a three-year term, while the candidate in second place will fulfill the remaining two years of a vacated position.

If you are interested in becoming a candidate in the RECO election, visit www.reco.on.ca/election to learn more. The deadline to submit your nomination is Monday, February 6, 2023.

*NEW this year! On January 25, 2023 at 10 a.m. ET, we will be hosting a 30-minute interactive webinar for prospective candidates to learn about the nomination and election process and what it means to be a RECO board director. The webinar will also include a Q&A, so please submit your election questions in advance to election@reco.on.ca (please include “webinar question” in your email subject line). Save the date and stay tuned for the webinar link next week!

A New Look and Feel Is Coming to Matrix CMA

Starting tomorrow, you’ll see a new modern design and layout of your Comparative Market Analysis (CMA) reports in Matrix.

Get the same information you know and trust to guide your clients’ buying and selling decisions in an easy-to-use format. The new CMA in Matrix now combines your Summary and Brief reports. This will allow you to easily glance at comparable properties recently sold in the area. Previously, the reports were featured on two separate pages.

If you have any questions, reach out to the Matrix Help Desk at 844-209-9841: Monday to Friday from 8:30 a.m. to 8:30 p.m.
Saturday & Sunday from 8:30 a.m. to 3:30 p.m.

Standard Forms Webinar: New Year. New Forms Webinar 2023 OREA Forms & Clauses PART 2

This Webinar is a comprehensive overview of the changes to OREA Standard Forms and Clauses for 2023 incorporating much Member discussion and many Member Forms questions. Keep up to date, don’t get caught off guard filling out your next listing or sale Form!

This Webinar will uncover:

  • A New OREA Form, assisting with Form 244 for Seller Directions
  • Revisions to Standard Clauses and important Clause resources
  • OREA Forms and discoveries, directions and consents best practice guidance
  • Timing to expect Forms revisions due to TRESA
  • Clause to consider re prohibition on non-Canadian purchasing residential property legislation

Facilitated by Cassandra Agnew Walker, OREA’s Head of Standard Forms, who will be joined by Lou Radomsky, OREA Forms Legal Counsel, Members will also have an opportunity to ask questions and get advice on navigating OREA Forms resources.

Heads Up!
The 2023 Forms and Clauses Annual Summary of Revisions file was made available on orea.com December 1, 2022. Members are encouraged to review the file for a thorough understanding of annual Forms and Clause Updates.

January 25, 2023
1:00 PM EST

Coming Soon

Mark your calendars for these upcoming Forms Webinars:

  • Wednesday, February 22, 1:00 p.m.
    Professionalism in a Changing Market using OREA Forms and Clauses
  • Wednesday, March 15, 1:00 p.m.
    An OREA Forms Debate Between Members
  • Wednesday, March 29, 1:00 p.m.
    TRESA, Obligations Impacting OREA Forms Update

*All access to Forms Webinars must be made through your Member login only. This OREA resource is for Member participation.

The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA.

Special propertyline™ Webinar: Accessing MPAC data in 2023 and beyond, and the new propertyline™ e-store

As most REALTORS® are aware, January 5 marks the official transition date to the new MPAC propertyline™ e-store. With the legacy (former) propertyline™ and TRREB’s Public Records switching to a records only view later this week, we want to ensure that users are familiar with the new interface and know how to access MPAC data through the new single-sign on process integrated directly with GeoWarehouse™ and possibly your Board’s MLS provider.

To help with user transition, MPAC has scheduled a suite of special training webinars throughout the month of January focused on the new propertyline™. See below for the more information, as well as upcoming dates and registration details.

Special training webinar – new propertyline™ e-store

Enhanced Assessment Data, REALTOR® Insights, and Bundle Savings – An overview of the new assessment data points in GeoWarehouse and our new propertyline™ e-store.

Join MPAC’s Real Estate Team for an in-depth walkthrough of the new data and propertyline™ e-store, where you will learn about:

  • Enhanced data points now included with GeoWarehouse, such as new phase in and assessment details as well as site area and year built
  • Our modernized interface, now integrated with a direct link in GeoWarehouse, to improve the purchasing experience
  • The increased functionality of our property search module, making it easier to find specific properties, save details and search through comparable properties
  • Updated reporting styles and formatting, with the addition of our free Assessment Details Report, available and included with every property
  • Report Bundling that allows members to choose from a variety of bulk reporting packages and offers significant savings on the retail price for our most popular reports
  • New REALTORS® Insights to keep you informed with the latest property market data, resources, personalized support and training materials.

Upcoming dates:

Thursday, January 5, 2023
10 to 10:30 a.m. EDT
Register now
Monday, January 9, 2023
1 to 1:30 p.m. EDT
Register now
Tuesday January 24, 2023
1 to 1:30 p.m. EDT
Register now
Thursday, January 5, 2023
1 to 1:30 p.m. EDT
Register now
Wednesday, January 11, 2023
10 to 10:30 a.m. EDT
Register now
Thursday January 26, 2023
10 to 10:30 a.m. EDT
Register now
Friday, January 6, 2023
10 to 10:30 a.m. EDT
Register now
Wednesday January 18, 2023
10 to 10:30 a.m. EDT
Register now
Friday, January 6, 2023
1 to 1:30 p.m. EDT
Register now
Thursday, January 19, 2023
10 to 10:30 a.m. EDT
Register now

Should you wish to request a custom training session for your team, or have any questions about the new MPAC propertyline™ platform, reach out to propertyline@mpac.ca (please include your real estate board’s name in the subject line).

To see a list of other training webinars being offered throughout the month of January, visit Training for REALTORS.

Federal Government Releases Regulations on Prohibition on the Purchase of Residential Property by Non-Canadians Act

Yesterday, the federal government released the supporting regulations on the Prohibition on the Purchase of Residential Property by Non-Canadians Act (Foreign Buyers Ban) which includes definitions, exceptions, and enforcement elements to help individuals understand and comply with the law.

The Canadian Real Estate Association (CREA) is extremely disappointed by the government’s decision to move forward with this legislation and the rollout of its regulations. Parliamentarians that supported the introduction of this measure need to recognize it will have a detrimental impact on Canada’s reputation, labour market, economy and severely hinder our ability to attract global talent. CREA’s CEO Michael Bourque recently spoke at the Senate Committee on National Finance where he stated why CREA believes this piece of legislation does not address the core of Canada’s housing crisis.

How can REALTORS® reduce risk? 

The regulations clarify that an order requiring the Residential Property be sold may be sought provided certain conditions are met, namely the Non-Canadian is the owner at the time the order is made and notice requirements have been met. The Act provides any person knowingly assisting or attempting to assist a Non-Canadian in the purchase of a prohibited property may be subject to a summary conviction offence under the Criminal Code and a fine of up to $10,000.

CREA recognizes the regulatory analysis states “the regulations do not impose information collection, processing or reporting requirements on Canadian professionals, nor do they impose requirements with respect to the completion of forms or other types of documentation.” 

Despite record keeping not being a mandatory obligation, CREA recommends REALTORS® perform due diligence. To better assist REALTORS® with risk mitigation, CREA has developed a certificate entitled Certification and Consent of Purchaser.

With limited information available on how this law and its regulations will be interpreted and enforced, please be aware the attached certificate is a risk mitigation tool to try and help REALTORS® comply with the law.

The certificate should be completed before assisting or advising a potential purchaser, and it should be used in combination with other due diligence practices. Other due diligence practices may include reviewing and keeping a record of the purchaser’s valid and current identification (such as a passport) to determine the purchaser’s citizenship, residency, or exempt status.

As you are aware, REALTORS® already have an obligation to Know Your Client pursuant to the FINTRAC Regime. This includes ID’ing clients and recording certain information. The key difference is that under the FINTRAC Regime you may ID your client at the time of the transaction, whereas pursuant to this law, REALTORS® should ID clients before assisting or advising them on the purchase of a property.

As real estate is provincially regulated, REALTORS® should ensure they comply with any guidance provided by their provincial regulator, board, and association. 

What is the Prohibition on the Purchase of Residential Property by Non-Canadians Act

On June 23, 2022, Parliament passed the Prohibition on the Purchase of Residential Property by Non-Canadians Act. Coming into force Sunday, January 1, 2023, this Act:

  • Does not apply to Canadian citizens or permanent residents.
  • Applies to Non-Canadians directly or indirectly purchasing residential property in Canada for a period of two years.
  • Applies to residential property, including detached houses or similar buildings of one to three dwelling units, as well as parts of buildings such as semi-detached houses, condominium units, or other similar premises.
  • Applies to direct or indirect purchases of residential property, including purchases made through corporations, trusts or other legal entities.
  • Establishes penalties for non-compliance applicable to Non-Canadians, as well as any person or entity knowingly assisting a Non-Canadian in violating the prohibition.

What are some of the key elements covered in the regulations?

Purchase

The regulations broadly define the term purchase to include the direct or indirect acquisition of a right or interest in Residential Property. The regulations then specifically exclude, among other things, acquisitions of interests resulting from transitional or life events such as death, divorce, separation, or a gift.

Application of Prohibition to Non-Canadian corporations and other entities

The term Non-Canadian, as it relates to corporations and other entities, has been defined as:

  • an entity not formed pursuant to the laws of Canada or one of its provinces; and
  • an entity formed under Canada’s laws that has direct or indirect ownership by a Non-Canadian of 3% or more of the value of the entity’s equity or voting rights.

Excluded residential properties

Properties located outside of a Census Agglomeration (CA) or Census Metropolitan Area (CMA) are excluded from this prohibition.

Exceptions

Exceptions to the prohibition are permitted for international students, temporary residents, foreign nationals, and refugee claimants, subject to varying conditions, such as tax filing and residency obligations. For further details, please consult the regulations and/or ensure the buyer who may fall into one of these exception groups seeks legal advice on their eligibility.

Additional guidance

Further to the information that has been provided in the regulations, Canada Mortgage and Housing Corporation (CMHC) has released additional information and FAQs with respect to the interpretation of the Act and regulations.

This guidance provided above is not a substitute for obtaining legal advice. REALTORS® should consult legal counsel should they have any questions or concerns regarding this legislation.

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