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HomeNewsletter - May

KADREA CONNECT MAY NEWSLETTER


KADREA PARTNERS WITH PLAYKAMLOOPS FOR THE FIRST EVER COMMUNITY BETTER CHALLENGE:

Continuing with the same passion and drive to build a stronger community (after the successful completion of United Way & KADREA's 'A Path to Home' campaign), KADREA's REALTORS® have now come forth to make a difference with the 'Community Better Challenge'.


The first ever Community Better Challenge will kick off, giving Kamloops just over two weeks to prove it is the most active city in Canada. The Challenge invites communities across the country to get active and compete for the chance to win one national prize of $150,000 or regional prizes of $20,000. The competition runs between May 31 and June 16.

 


KADREA REALTORS® have volunteered to promote the idea among friends and family, and have pledged to actively participate in the campaign for the next 10 days. We are proud of our REALTORS® who have made time from their busy schedule to make our community $150,000 stronger!!! 

Given below are snapshots of the campaign: (click the images to read more)




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ORIGINAL DESKTOP BASED INTERFACE TO BECOME A USER-PAID SERVICE FROM JUNE 1:

Following the latest technological developments in the real estate sector and the rise of data-driven aggregators in the industry, it was felt that REALTORS® of today need to have access to new technology and must have more control over their data and listings. This gave birth to our new MLS - Xposure. And we are glad that slowly but surely our REALTORS are catching up with this new technology. Especially after having successfully implemented the new 'Autoload' for data entry among KADREA REALTORS®, RealtyServer is now sure that Xposure will soon become the go-to platform for REALTORS® who are not very comfortable with the platform currently.

Developers at RealtyServer also believe that it is indeed difficult to let go of something like INTERFACE that has been at the heart of a REALTOR'S® daily business for the past 2 decades. Hence, the technology committee headed by Murray Brown and the team at RealtyServer are doing their best to ensure a smooth transition to Xposure. The two teams have developed online tutorials and classroom training sessions were held in May to guide REALTORS® into making the best use of a robust platform like Xposure.

Xposure Assist Tutorials

Xposure-Training.com


KADREA OFFICE TEMPORARILY MOVED TO 467 ST. PAUL STREET:

Finally! Since the development of The KADREA HUB is underway at 418 St. Paul and will be on for the next two months, KADREA's office services will be available from a different location - 467 St. Paul! Our phone numbers remain unchanged and the coffee machine works just fine. So give us a call or drop by any time.


Stakeholder NEWS:

Bank of Canada Interest Rate Announcement - Lower Interest rates to boost sales through summer:

May 29, 2019

The Bank of Canada left its target for the overnight rate unchanged at 1.75 per cent this morning. In the statement accompanying the decision, the Bank noted that the slowdown over the past two quarters was temporary and growth should pick up beginning in the second quarter of 2019. On inflation, the Bank expects that both total CPI and core inflation will remain near its 2 per cent target in coming months. Overall, the Bank judges its current level of monetary accommodation as appropriate.

Slow growth in the first half of 2019, the result of reductions in Alberta oil production, global trade uncertainty and the continued impacts of the B20 Stress Test, has likely pushed out any possibility of further tightening by the Bank of Canada into next year at the earliest. In fact, if financial markets are to be believed, the Bank may have missed its chance to return its policy rate to its preferred or "neutral" level and the next move may even be a rate cut. Canadian mortgage rates have responded strongly to revised market expectations for Canadian monetary policy, with 5-year mortgage rates falling back to 2017 levels. Those lower rates are already providing a boost to sales in May and should continue to do so through the summer. 


A quick summary of BCREA's actions, analysis and how we're supporting REALTORS® in  combatting money laundering in BC Real Estate:

In recent months, BCREA participated in both of the provincial government reviews, commissioned a vulnerability assessment of residential and commercial transactions and worked with four other real estate sector organizations on joint AML best practices and recommendations.

Both Peter German and the Expert Panel criticize REALTORS® for not filing many suspicious transaction reports and for poor compliance statistics with FINTRAC. To be clear, they also criticize FINTRAC for not providing the best feedback, data and resources. And both reports call out many other professions and the provincial and federal governments. The Expert Panel also explains that real estate is complex and it can be difficult to identify criminal activity in a context where most people are legitimate. While some media reports have focused on REALTORS® and “real estate firms,” the reports don't.

The Expert Panel makes 29 recommendations (Peter German only reports his findings and observations), and BCREA's perspective is reflected in 16 of them. Read Full Article Here




IN THE NEWS:

1. May 2019 Housing Market Update – 

The British Columbia Real Estate Association (BCREA) reports that a total of 6,652 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in April, a decline of 18.9 per cent from the same month last year. The average MLS® residential price in the province was $685,304, a decline of 6.2 per cent from April 2018. Total sales dollar volume was $4.6 billion, a 23.9 per cent decline from the same month last year. Read More 

BC Real Estate Association (BCREA) Chief Economist Cameron Muir discusses the April 2019 statistics below:

 

2. Disclosure and Growing Cannabis -

With Canada surpassing the six-month milestone since the legalization of cannabis in 2018, there is still uncertainty around whether a seller should disclose if they have been growing cannabis within the legal limit. In our third episode of Conversations on Cannabis, Victoria REALTOR® and CFAX radio host Tony Joe interviews real estate lawyer Michael Litchfield on issues related to disclosure, stigmas related to growing cannabis and, above all, the importance of practicing sound professional judgement. Watch the 3rd Episode below:

 

Watch Episode 1

Watch Episode 2




Upcoming Courses:



NEW MEMBERS:



LEAVING MEMBERS:

Jerry Rath - Best West Realty (Kamloops)
Adam Yakubowich - Best West Realty (Kamloops)

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