Are you ready? What you need to know about PRECs

In February, the Ontario Government passed the bill for the Trust in Real Estate Services Act, 2019 (TRESA). One of the critical parts of this bill is for REALTORS® to have the ability to form Personal Real Estate Corporations (PRECs). OREA lobbied hard for this change and we are thrilled it is coming into effect soon.

When the PREC portion of the bill is implemented, Ontario REALTORS® will be able to incorporate their business, like other regulated professionals including, doctors, accountants, and lawyers.

So, what will a PREC mean for you?

As we work towards enacting the legislation into law for our Members, we know that you have questions.

  • Should I incorporate?
  • What are the advantages and disadvantages?
  • Will I be able to take advantage of income splitting?
  • What do PRECs mean for tax planning?

To help Members get ready for this important policy change, we are pleased to present an exclusive webinar on Tuesday, July 7, 2020, at 1:00 P.M. EST called “Incorporation 101 for Real Estate Professionals.”

Featuring:

  • Anna Abbruzzese, President, Actium Consulting Inc.

Space is limited. Click below to register.

https://www.brighttalk.com/webcast/18125/416903?utm_campaign=channel-feed&utm_source=brighttalk-portal&utm_medium=web

Event Announcement: SYSTEMS FOR REAL ESTATE AUTOMATE. OUTSOURCE. SYSTEMIZE, 02 Jul 2020

Upcoming event information:
SYSTEMS FOR REAL ESTATE AUTOMATE. OUTSOURCE. SYSTEMIZE Live Online Workshop
Date: 02 Jul 2020 12:30 PM EDT

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MPAC Webinars – July schedule

Copy of Copy of Copy of Upcoming Courses (4)

MPAC Assessment 101 & Working with Public Records Webinar

 

MPAC Assessment 101 and Working with Public Records webinar has been customized for TRREB members. Training provides an overview of how MPAC collects data, measures properties, and instructions on calculating property taxes. Via a live demo, we show REALTORS® how to get the most out of Public Records, search for comparables, save money on reports, and how they can access Assessment, Site, Structural, and Sales Data, to enhance their business. We also provide an brief overview of our Automated Valuation Model (AVM) products customized for REALTORS®.

Upcoming webinars

 

Tuesday, July 7 – 1-2:30 p.m. EST Register now

 

Thursday, July 16 – 1-2:30 p.m. EST Register now

 

Wednesday, July 22 – 10-11:30 a.m. EST Register now

 

Tuesday, July 28 – 10-11:30 a.m. EST Register now

 

MPAC Automated Valuation Models (AVM) Webinar

 

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 webinars

 

Thursday, July 9 – 10-11 a.m. EST

Register now

 

Wednesday, July 15 – 10-11 a.m. EST

Register now

 

Tuesday, July 21 – 1-2 p.m. EST

Register now

 

Thursday, July 30 – 1-2 p.m. EST

Register now

Notice of RECO’s 2020 Annual General Meeting

To all members of the Real Estate Council of Ontario:

 

You are cordially invited to attend the 2020 Annual General Meeting of the Real Estate Council of Ontario (RECO), to be held virtually on July 23, 2020 at 10 a.m.

 

Pre-registration begins via email invitation on July 16, 2020.

Virtual AGM begins on July 23 at 10:00 a.m. via webcast.

THIS WILL BE AN ONLINE EVENT 

 

Please join us! You are invited to participate in the RECO 2020 Annual General Meeting to be held via webcast on July 23. This is an opportunity for you to keep informed of regulatory happenings, actively assist in the selection of incoming RECO Board members and engage with the RECO team during a question period. Your involvement will directly influence regulatory governance throughout the province.

 

We look forward to hosting an informative and productive meeting with RECO’s members. In addition to discussing the 2019 year in review, factors affecting Ontario’s real estate industry and what’s ahead in modern regulation, we will:

 

  • Moderate an open-forum discussion where members will be invited to ask questions of the RECO leadership team and the Board of Directors;
  • Present the 2019 Annual Report;
  • Elect the Industry Director nominees selected by each of the three regions to the Board of Directors; and,
  • Appoint Auditors of the corporation until the close of the next Annual General Meeting of the corporation.

 

To view the full agenda and resolutions for the AGM, click here.

Meeting materials

  • Additional details about the AGM
  • RECO’s audited financial statements are contained in the Annual Report
  • Instructions and best practice tips for virtual meeting participants
  • Instructions on how to vote during a virtual meeting, ask a question and interact with other participants through the chat feature

 

Members of RECO are encouraged to submit their questions in advance of the meeting by emailing agm@reco.on.ca. Questions will also be accepted during the live AGM webcast and addressed during the meeting with the assistance of a RECO moderator. A link for this webcast will be made available on RECO’s website and by way of an email eblast closer to the AGM date.

 

An important message about voting

Voting members are required to register their participation and presence prior to the start of the meeting. Pre-registration details will be provided in advance of July 23.

 

Yours truly,

 

Glenda Brindle

Chair, Board of Directors

The Latest on CREA WEBForms®

creaCREA   

With restrictions due to COVID-19 continuing to lift and the economy seeing rebounds across the country, the Canadian Real Estate Association (CREA) wants to make sure REALTORS® are equipped with exclusive tools and the latest industry information to help serve their clients. Stay in the know by visiting our online hub: What REALTORS® Should Know About COVID-19.

Improvements to CREA WEBForms®

Our ongoing work to improve CREA WEBForms® continues to be a top priority. We are working in collaboration with our partner, Lone Wolf Technologies, to implement improvements and fixes to the platform. Stay up to date by visiting the WEBForms® Status Hub.

 

MLS® Home Price Index: The Price is Right

The MLS® Home Price Index (HPI) is the most advanced and accurate tool to gauge a neighbourhood’s home price levels and trends. Equip yourself with the latest market stats and data to support your pricing decisions, and navigate your business through today’s everchanging market. Learn more and contact your board or association for access.

 

Introducing the CREA Stats Centre!

The former CREA Stats Boutique has been transformed into the new CREA Stats Centre—a one-stop shop for MLS® System statistics, the national news release, aggregate data from the national, provincial and board level, not to mention a variety of detailed statistics broken down by local areas and property types. Get started today!

We wish you and your family the best of health. If you have any questions, you can reach our Member Support team by email at support@crea.ca or by phone at 1-888-237-7945.

New Member Special Webinar: Starting Your Career During A Crisis – June 30, 2020

OREA is here to help you succeed. We understand that during these extraordinary times, you face additional challenges as a new REALTOR®. We want to invite you to our special webinar for new members on Wednesday, June 30, 2020 at 9:00 a.m. We will talk about how OREA is supporting you, from standard forms webinars to exclusive member discounts. And most importantly, you’ll hear from three experienced REALTORS® on how they have worked through difficult times during their careers and come out on top.

Don’t miss out on this important webinar. Sign-up today. It’s an investment in your future success as a REALTOR®.

Date: June 30, 2020
Time: 9:00 a.m.
Duration: 30 minutes plus Q &A

Register Now

We look forward to having you join us. In the meantime, please don’t hesitate to reach out if you have any questions.

 

Brampton Summer Reading Club

The Brampton Real Estate Board is so proud to have partnered with The Brampton Library. This summer they are running their Summer Reading Club open to all ages.  Registration started June 1st 2020 and there are already over 1200 people registered. This is such a great program for the whole family. Many prizes to be won! There is still time to join and make the most out of this summer!

BRAMPTON LIB

REGISTER NOW – Webinar on Recovery Readiness as We Reopen; Are you Ready? June 23 at 1:00 pm

orea covid

The COVID-19 pandemic continues to create unique challenges for businesses globally and across Ontario. We are all focused on keeping our employees, customers, and partners safe during these uncertain times. As the conversation shifts to returning to the workplace, tune into this webinar on June 23 at 1:00 pm for ideas for what you need to know to confidently enable employees to come back to the workplace.

 

This webinar is designed to provide Member Board Leaders with a high-level overview of new operating protocols as we return to the physical office, including:

  • Safety Protocols and Guidelines for Employees
  • Preparing Your Building for Safe Re-Entry
  • Physical Environment Considerations
  • Review of Virus Status and Health Considerations

 

While there is no one-size-fits-all approach, we will use OREA’s “Return to Office” program as a case study in this webinar. The OREA program will provide Member Boards with insight, valuable information, and resources to assist in their reopening plans.

 

Register at: https://attendee.gotowebinar.com/register/8795898816287556880

 

 

How to stay on track with your investments during COVID-19

RBC COVIDBetween staggering job loss, an agitated stock market, the economic shock of the COVID-19 pandemic has caused tremendous uncertainty, especially when it comes to investing and your retirement plans.

While market volatility may be unsettling during a pandemic, you can protect your future by following the best advice and getting access to timely market insights.

OREA and RBC are here to help. We’ve to teamed up to deliver the next webinar in our financial wellbeing series for REALTORS® called COVID-19 and your Investments.

Come hear from David Richardson, VP & Head, Enterprise Distribution Strategy, RBC Global Asset Management, on the impact of COVID-19 on stock markets and what you can do to protect your investments for the future.

This week’s webinar is happening Thursday, June 25, 2020, at 1:00 P.M. EST. 

This webinar is part of our We Have Your Back – COVID-19 Relief Plan and a third of four in our RBC and OREA Financial Wellbeing Series. The goal of this series is to help you and your business both through the current situation and the steps necessary to adapt to future success.

In case you missed last week’s webinar, Canadian Relief Programs for Brokers, featuring an expert panel from KPMG, you can watch the archived version by clicking here.

Current State of Housing Markets in Canada

creaCurrent State of Housing Markets in Canada

On Monday, the Canadian Real Estate Association (CREA) released its national housing statistics for the month of May—the second full month of the COVID-19 pandemic.

While restrictions have begun to lift in many parts of the country, much remains uncertain about the real estate industry. Below, CREA’s Senior Economist Shaun Cathcart provides an update on the current state of housing markets in Canada and explains what the data means for members

May was one of those “on the one hand … on the other hand” kind of months for housing data in Canada.

On the one hand, both sales and new listings were up on a seasonally adjusted basis in May compared to April—57% for sales and 69% for new listings—huge percentage increases, albeit from a very low starting point.

On the other hand, sales and new listings are still historically very low at this point.

To give you an idea of where sales are in level terms, if a normal solid year sees about 500,000 homes trade hands via MLS® Systems in Canada, the annualized pace of sales in April was only about 200,000, but May was almost 315,000.

So, the big picture for this data release is things are clearly moving in the right direction, probably faster than many of us would have guessed, but normal is still a ways away.

Interestingly, under the surface what those monthly numbers miss is this improving trend has been going on since mid-April and has continued right up through the first week of June. As such, we’re already closer (though not yet back) to normal than these monthly numbers suggest. The June numbers should show that.
Regionally, since we all reacted to the COVID-19 lockdowns in much the same way, these trends look similar everywhere. That is, a big drop off in sales and new listings in April and a partial rebound in May.

However, there are some notable regional differences.

Several places which saw smaller rebounds in May, also had much smaller declines in April. So, taken the size of the initial drop together with May’s rebound, a lot of the places with the less exciting looking numbers are a lot closer to being back to normal levels of activity than others. This is the case in Saskatchewan, Manitoba and New Brunswick.

Quebec is also doing relatively better, having seen a large decline in activity in April but also the largest rebound in May.

In contrast, British Columbia, Alberta and Ontario are currently the furthest below normal. To blame it all on demand may be putting the cart before the horse in this situation.

In some cases (particularly in Ontario), you must consider there may be supply side constraints pacing the sales rebound. Despite buyers being around and wanting to be active in the market, it might be taking a bit longer for those new listings to be made available for sale again. You can’t buy what isn’t available.

On the price side, the MLS® Home Price Index (HPI) was basically unchanged from April to May, with about half the markets covered seeing prices firm up. This is in line with sale-to-list price ratios which have also been rising again over the last month or so in many parts of the country.

Looking at prices across the country, since the COVID-19 crisis began small declines in prices have been seen in British Columbia while declining trends already in place in Alberta have accelerated a bit.

Further east across the Prairies, where sales have been doing comparatively much better against history than in much of the country, price trends have been stabilizing.

The Greater Golden Horseshoe in Ontario has generally seen its pre-COVID-19 rapidly accelerating prices put into a stall for now, although some of those markets are looking like they’re ready to pick up again.

And even further east in Ottawa, Montreal and Moncton, prices appear to have been able to continue climbing, albeit at a slower pace than before.

The overall MLS® HPI is still up 5.3% year-over-year.

The national average home price has admittedly taken a bit of a hit in the last two months, but for the most part that’s likely because the higher end of the market is currently less active. As of May 2020, the national share of home sales made up by British Columbia and Ontario (the two most expensive provinces by far) hit its lowest level on record. The national average price should recover as these parts of the sales sample return to more normal levels of activity.

To view a more detailed look at May’s national housing statistics, visit creastats.ca.