Crea News Round

Crea News Round

Canadian Real Estate News Roundup

March 2017 played host to a positive round up in Canada Real Estate business as professionals and philanthropists were honoured and new innovations have meant better opportunities. In addition, several new rules have popped up for REALTORS® and consumers to be aware of.

CREA’s Annual General Meeting and T3 Summit

First off the bat, the Canadian Real Estate Association (CREA) held its Annual General Meeting, which was followed by the T3 Summitcovering technology’s impact on real estate.

A record number of REALTORS® applied as candidates for the board of directors while several awards were also celebrated. The final credits ran as follows:

  • Barb Sukkau– Director, President-Elect
  • Jason Stephen – Director, Vice-President
  • Don Kottick – Director-at-large
  • Ron Abraham - Director-at-large
  • Darcy McLeod - Director for British Columbia and Yukon
  • Roy Milley– Director for the Atlantic region.
  • Andrew - CREA President

Gord Archibald - Association Executive Network (AEN) Award of Excellence Calgary Real Estate Board (CREB®) - Canadian Commercial Network (CCN) Merit Award Laura-Leah Shaw - Canadian REALTORS Care® Award

Shaw’s award was for outstanding charitable work as a volunteer for the REALTORS Care® Blanket Drive.

The Drive helped 300,000 people in communities across the Lower Mainland of British Columbia by providing them with blankets to keep warm and dry during the winter months. Shaw helped hand-deliver the donations from the drive each week in neighbourhoods most in need in Vancouver.

Other orders of business included amendments on CREARule 2 and 3 to clarify payment of dues, new board and associationbylaw submissions, and complaintson compliance issues. Notifications

More good news this month that will help REALTORS® and consumers alike is CREA’s release of Notifications.

It comes behind consumer demand for a capability that will alert them to the type of listings they are looking for.

Notifications will also maximize listing exposure through increased traffic to listings, but REALTORS® will find other functions useful. For instance, it works for them the same way it does for consumers and can help monitor listings outside of their board’s MLS® System boundaries. This means it provides notifications on properties your customers want to buy.

Principal Residence Exemption

Canada’s Principal Residence Exemption currently means that if you live in a home as your principle residence. You do not have to pay tax on capital gains i.e. its increase in value.

But changes now mean that you will now need to start reporting on any home sale in your 2016 tax return, using a Schedule 3, Capital Gains of the T1 Income Tax and Benefit Return.

Luckily, that’s the only change you should deal with as principle homes are still not liable to tax on increases in value.