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.
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.
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.
Yesterday, the federal government released the supporting regulations on the Prohibition on thePurchase 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.
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.
“November’s housing data from across Canada came in as expected – still pretty quiet – and that is unlikely to improve this winter with the Bank of Canada raising rates again,” said Shaun Cathcart, CREA’s Senior Economist.
Yesterday, the Ford Government introduced the More Homes Built Faster Act, 2022 (“MHBFA”) – their third housing supply bill in the last 5 years.
OREA has led the charge in support of new measures to boost housing supply in Ontario and the MHBFA is a bold step towards getting more attainable homes built in communities right across the Province.
This is the second major pro-housing announcement of 2022 under Premier Doug Ford, and Ontario is on-track to becoming one of the most pro-housing jurisdictions in Canada.
The MHBFA includes five major REALTOR® recommendations including:
Enabling and expediting additional residential units in existing residential areas (OREA Recommendation)
As-of right zoning for higher density around transit (OREA Recommendation)
Limiting the influence of NIMBY groups by preventing third-party appeals for all planning matters (OREA Recommendation)
Making available at least 4 surplus government-owned properties as pilots for attainable housing (OREA Recommendation)
A policy review of Ontario’s growth plan to create 1.5 million homes
Providing a tiered discount on Development Charges for purpose-built rental units, as well as a Development Charge and Community Benefits Charge exemption for affordable housing and inclusionary zoning units
There are over 50 new measures in the bill. OREA’s policy team is diving into the changes and will be communicating more info to REALTORS® soon.
While this new legislation is a progressive step forward on tackling Ontario’s housing crisis, OREA knows that more can be done. OREA will continue to push for a beneficial ownership registry, the reduction of Land Transfer Tax for homebuyers, and the conversion of commercial real estate into residential homes.
Sincerely,
Matthew Thornton Vice President, Public Affairs & Communications
The Canadian Real Estate Association’s (CREA) office will close as of end-of-day on Thursday, December 22 and re-open on Tuesday, January 3, 2023 at 8 a.m. (EST).
CREA’s Member Experience Centre will not be available on the following dates
December 23, 24, 25, 26, 27, 30 and 31, 2022, and
January 1 and 2, 2023.
CREA’s Member Experience Centre will be available for members as well as all boards and associations on:
Wednesday, December 28 from 8 a.m. to 8 p.m. (EST); and
Thursday, December 29 from 8 a.m. to 8 p.m. (EST).
The Member Experience Centre for CREA WEBForms® will be extended on:
Friday, December 23 from 8 a.m. until midnight (EST);
Saturday, December 24 from 8 a.m. until midnight (EST);
Monday, December 26 from 8 a.m. until midnight (EST);
Tuesday, December 27 from 8 a.m. until midnight (EST);
Wednesday, December 28 until midnight (EST);
Thursday, December 29 until midnight (EST);
Friday, December 30 from 8 a.m. until midnight (EST);
Saturday, December 31 from 8 a.m. until midnight (EST);
Monday, January 2 from 8 a.m. until midnight (EST).
If you have any questions, please direct them to support@crea.ca.
The Canadian Real Estate Association (CREA) is seeking experienced and skilled REALTORS® to put their names forward as candidates for the 2023-2024 Board of Directors. As part of the application, you will have an opportunity to include any additional materials you would like displayed on member.CREA.ca to support your candidacy (e.g., letters of reference, resume, photo, etc.). The deadline for submissions is Friday, February 17, 2023.
POSITIONS AVAILABLE:
Director-at-Large: There are three (3) Director-at-Large positions available (each for a two-year term).
Regional Director: There are five (5) Regional Director positions available (four for a two-year term, one for a one-year term) from each of the following regions: British Columbia/Yukon, Manitoba, Quebec, the Atlantic Region (New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland & Labrador), and Ontario (one-year term).
QUALIFICATIONS OF DIRECTORS:
Persons wishing to be elected either as a Director-at-Large or a Regional Director must:
Be a REALTOR® member;
Have been a REALTOR® member for at least five (5) years;
Have a minimum of three (3) years’ experience within the last ten (10) years sitting on a Board of Directors of a Canadian not-for profit corporation or a public body;
Otherwise not be disqualified by the Act;
In the case of a Regional Director, be licensed in that region.
If elected, must have completed leadership courses as set out in CREA policy within one year of being elected, and
Complete the candidacy documents in the form provided by CREA.
The deadline for candidate submissions is Friday, February 17, 2023.
The Director-at-Large elections will take place at CREA’s Annual General Meeting on Tuesday, April 18, 2023. The Regional Director elections will take place prior to the CREA AGM at a time and place to be determined.
MPAC’s new propertyline™ e-store provides users with access to real-time property information through an enhanced and innovative platform. Directly integrated with GeoWarehouse, access to property details is now seamlessly streamlined between the two portals, making it easy to search and find the data you’re looking for.
If you haven’t had the opportunity to yet, be sure to register for one of our special propertyline™ training webinars below. Our team will walk you through a demo of the new e-store, highlighting the new key features such as our enhanced data, discounted report bundles and a new REALTOR® Insights dashboard with contented curated just for you.
Special training webinar – new propertyline™ e-store
Enhanced Data, REALTOR® Insights, and Bundle Savings – A look at the new data 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 inGeoWarehouse, 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 REALTOR® Insights to keep you informed with the latest property market data, resources, personalized support and training materials.
MPAC will be hosting this webinar throughout the month of January. Below are the registration links for the first dates in the series, however the full schedule is available online to ensure we find a time that works best for you and your team.
Thursday, January 5, 2023 10 to 10:30 a.m. EDT Register now
Thursday, January 5, 2023 1 to 1:30 p.m. EDT Register now
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
Tuesday, January 17, 2023 1 to 2 p.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 (AVMs) for REALTORS® webinars
Wednesday, January 4, 2023 10 to 11 a.m. EDT Register now
Tuesday, January 31, 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
Tuesday, January 10, 2023 1 to 2 p.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
Wednesday, January 25, 2023 10 to 10:30 a.m. EDT Register now
We are excited to share some progress updates about our learning management system (LMS) for mandatory continuing education (MCE). Program enhancements will include an upgraded look and feel and an overall improved user experience. The new LMS will also offer a more powerful platform for future enhancements and opportunities. These updates are underway as we continue to deliver educational content to you securely and reliably.
Please note these key dates:
There will be a blackout period from January 23 to 30, 2023. You cannot access your course material during this time.
You must complete your MCE courses by January 22, 2023 to maintain your progress status. Completion of mandatory training for any registrations that renew during the blackout period must be completed by this time. Failure to complete this will delay your ability to renew.
The new LMS platform will launch on January 31, 2023.
To learn more, please review our FAQ or call us at 1-800-245-6910.
Canadian home sales edge down from October to November
Ottawa, ON, December 15, 2022 – Statistics released today by the Canadian Real Estate Association (CREA) show national home sales were down on a month-over-month basis in November 2022.
Highlights:
National home sales declined by 3.3% month-over-month in November.
Actual (not seasonally adjusted) monthly activity came in 38.9% below November 2021.
The number of newly listed properties edged down 1.3% month-over-month.
The MLS® Home Price Index (HPI) declined by 1.4% month-over-month and was down 4.4% year-over-year.
The actual (not seasonally adjusted) national average sale price posted a 12% year-over-year decline in November
Home sales recorded over Canadian MLS® Systems fell by 3.3% between October and November 2022, more than erasing October’s small gain and rejoining the moderating sales trend that began back in February.
For more information, please contact: Pierre Leduc Media Relations pleduc@crea.ca The Canadian Real Estate Association 200 Catherine Street, 6th Floor, Ottawa, ON K2P 2K9 Tel: +1 (613) 237-7111
Brampton Real Estate Board 
