The Changes to the BC Real Estate Industry are here

Real EstateIf you’re reading this you have probably heard about the rule changes to the real estate industry as of June 15, 2018? Well if so, you are probably confused – like most in the industry, Real Estate Agents and Clients alike. It seems as though everyone is trying to understand the new changes and how it impacts their daily lives. I will try to simplify it for you.

At the heart of all these changes; the Council is trying to better protect consumers … you. Which, frankly is probably a really good thing. Real estate consumers need to be better informed, protected and educated, so they can make the best real estate decisions possible.

Below are the coles notes of the changes:


The way Real Estate Agents interact with consumers has now changed. The good ole trusty “Working with a Realtor brochure” has now been replaced with “Disclosure of Representation in Trading Services” form. Essentially, before agreeing to a particular relationship with a Real Estate Agent, a consumer needs to understand the essential components of the relationship. There are 3 relationships consumers can choose from:

  1. Sole Agency (represented)
  2. No Agency (unrepresented party)
  3. Dual Agency

The choice can only be made when the consumer is fully informed and understands the benefits and risks of the different types of relationships. What is interesting in my opinion, is that it is actually not required that this form be signed by the client. It is “optional”. Hmm.

There are certain times where consumers will choose to be “unrepresented” – if this occurs, licensees are only allowed to provide very limited trading services in a no agency relationship. There is an additional disclosure required that now has to be signed called “Disclosure to Unrepresented Parties” form. What are the risks of being an “unrepresented party”? Well as the consumer, you are not entitled to special legal duties such as:

  1. Loyalty: the real estate professionals involved in a transaction are representing clients with competing interests to yours. They must be loyal to their clients, not you.
  2. No duty to avoid conflicts: no real estate professional is acting in your interests.
  3. No full disclosure: real estate professionals involved do not have a duty to give you all relevant information.
  4. No confidentiality: the real estate professionals must share any information you tell them with their client.

Disclosure to Sellers of Expected Remuneration

How much does commission really add up to? Real EstateI know, it can be confusing at times when you are looking at large property prices and various percentages. In short, the new rules state that the real estate professional needs to fully inform and educate the Seller of the remuneration payable so they know, in simple terms how much it will costs for the transaction.

New disclosure requirements require real estate professionals to include remuneration payable to a cooperating brokerage in the service agreement with the Seller and to disclosure remuneration details for reach offer presented to the Seller, at the time of offer.

SO, think about the last time you sold your house. It probably happened very quickly, you may have even Docusigned the contract without even really thinking about it. Well, these new changes will slow down this process and force agents to ensure their clients are fully informed.

Ban of Dual Agency

The main change is that licensees should no longer be permitted to engage in dual agency. Two key changes have been implemented:

  1. A ban on dual agency, with an extremely narrow exception.
  2. A new disclosure requirement if dual agency is practiced.

So a single licensee cannot act for more than one agency in a real estate transaction.

What do these changes mean for you?

Real Estate

These changes mean that certain services will need to be handled slightly differently from what was common in the past. It also means that certain services may not be able to be provided that were provided before. It also means that you will be asked to sign forms that confirm that you have read and understand them.

In the end, these fundamental changes will better protect consumers when purchasing or selling real estate and overall can be viewed as a positive move forward for our industry. I believe this will elevate the professionalism of the real estate industry and hopefully curb the handful of real estate agents out there that you have read about in news (that don’t have their clients best interest in mind). Of course, there are additional changes as of June 15, 2018 that I haven’t gone over, but those are the major ones.

If you are looking for more information or of course, interested in any real estate related investments – please don’t hesitate. We can sit down and sign “Disclosure of Representation in Trading Services” form before we do business 🙂

Kelowna Realtor Recognized as Leader in Canadian Real Estate

Sitting alone in her home office, a space where she spends many of her waking hours, Kelowna real estate agent Danielle Grundy works by the faint glow of her favourite vintage desk lamp, the one that shines just enough light to illuminate the large but organized stack of documents spread across her desk. Combined with the bright glow of a full moon, it offers the perfect lighting to assist her in completing the last minute details of her final home sales of 2017.

It’s a late night ritual that has become common place for the Kelowna real estate agent over the past 4 years as she’s worked to become one of the top agents with Century 21 Assurance Realty.

Her success in the industry hasn’t come easy, it’s meant long hours, with most days starting at 7am and lasting into the wee hours of the night, but it’s one she wouldn’t trade for anything.

“When I started my career in real estate I had clear goals, I knew what I wanted and how I was going to accomplish it. It hasn’t been easy, but I love what I do and that passion drives me each and every day to do whatever it takes to be successful.” she says.

Her success comes as no surprise to those who know the West Kelowna native, with a familiar sentiment being “don’t get in Danielle’s way”. It’s a drive and determination that has burned deep within for as long as she can remember and it’s taken her to places she only dreamed of as a youngster. From playing University and professional hockey, to earning both an Undergraduate Degree in Psychology and Brain Sciences and a Master’s in Business Administration (MBA), she’s achieved success in every personal and professional quest she’s taken on.

“They’re numbers that have led her to the top 1% of agents within Century 21 across Canada”

How has this conviction towards success benefited the 34 year old when it comes to the world of real estate? For one, it’s driven her to become one of the top young agents in Canada, closing nearly 50 deals (that’s almost one per week) in each of the last two years. They’re numbers that have led her to the top 1% of agents within Century 21 across Canada and has earned her Centurian Status the last 3 straight years. She was also named one of the top 40 under 40 business people in Kelowna by the Chamber of Commerce in 2017. Finally it’s earned her recognition as one of the top 100 real estate agents in Canada under 35 by Real Estate Professional magazine as part of their 2017 young guns report.

As one of only 14 agents from British Columbia and 2 from Kelowna chosen as part of the yearly report, Grundy was thrilled to be recognized for her continued commitment to not only the industry, but also the great clients she has the chance to work with on a daily basis.

“The best part of my job is the feeling I get when I hand over the keys to my clients for the first time. It’s an extremely fulfilling moment knowing I’ve helped them find the perfect home that they’ll enjoy for years to come.” she says.

“If you’re willing to put in the time and effort to be successful, real estate is an amazing career”

The accomplishments of Danielle and the others on the list are impressive, especially considering a majority of agents in Canada leave the profession after only 2 years. Equally impressive is the realization that after only 4 years in the industry she’s moved more real estate than most agents will manage to move in their entire career. It all showcases what makes her a leader in helping drive the future of the real estate industry forward in Kelowna and across Canada.

“If you’re willing to put in the time and effort to be successful, real estate is an amazing career. It’s not easy, but if you give it everything you have and commit 100% of your energy towards your clients, you can be very successful and have a fulfilling career.” she says.

As she focuses on growing within the industry, Danielle is not only driven towards her own continued success but also helping create a positive movement within the industry, especially within the realm of digital media. (link to Realty Labs blog post) As a digital marketing entrepreneur she operates a website design and marketing company, Realty Labs, on-top of her successful real estate business.

“I see digital marketing as the way of the future for real estate agents. I’ve learned a lot over the past 4 years that has helped contribute to my success and I want to now pass that along to other realtors who are looking for support.” she says.

With a drive to not only achieve personal success but also help others advance within the industry, it appears there’s no stopping the 34 year-old from reaching whatever goals she sets out to achieve. At the end of the day many would say this means “don’t get in Danielle’s way”.

Written by Brendan Osborne