Newsletter - October 2020 - Kamloops and District Real Estate Association

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KADREA OCTOBER 2020 NEWSLETTER

Month over month we've been seeing surprising market behaviour in Kamloops real estate. For what was expected to be a slow year due to the restrictions during the pandemic, has actually turned out to be a successful experiment for REALTORS® who are trying new methods of doing business and are looking to upskill everyday.

While we have benefitted from COVID safety protocols, new technology and the inherent consumer trust in the Realtor® brand, we are yet to reach the sales numbers that we achieved last year.

In this edition of the KADREA newsletter, we will be covering - Nominations for KADREA Awards 2020, consent form for BoD 2021 elections, October market stats and industry news.

KADREA News:

1. Nomination form released for KADREA Awards 2020

When we work in an industry that thrives on working together, it becomes essential that we recognize each other's working style, professionalism and our potential to keep doing better. We are proud to announce that we will be having the awards this year too.

Now in it's third year running, the KADREA awards have been a successful event that drove engagement and motivation within the closely knit group of individuals that we have. It's time we recognize these high-performing members who have been exemplary in their profession in 2020. It was a tough year after all!

The exact date for this online event will be shared with the membership in the days to come.

Members who wish to nominate other KADREA members who impressed them with their accomplishments in 2020, can use the link below to nominate:

KADREA Awards 2020 Nominations

Linda Turner (RE/MAX Kamloops) won the REALTOR® of the year award in 2019. Who will it be this year?

2. One open position in KADREA Board of Directors 2021:

KADREA members who wish to add value to our organization and are interested in joining the board, this is your opportunity to get involved. Becoming a Director at KADREA will help you shape the future of our association the way you envision. Members who actively want to be the voice of fellow Realtors® in Kamloops, please come forward!

Realtors® who have been KADREA members for the last 2 years in good standing, can nominate themselves for this role using the consent form provided below:

Download BoD Election consent form 2021

Please download and send the filled PDF form to bobbi@kadrea.com. Last date for entries is January 04, 2021.

3. October 2020 KADREA monthly stats released:

For many Realtors® in the region, the month of October 2020 was a month of rise rather than fall! The key insights below, reveal why this was an October unlike any other.

Key Insights:

With 337 units sold, this was the best October performance Kamloops real estate has ever seen
Single-family homes (213) sold the most in the region
Inventory-wise, only 1173 active listings remain, while the addition of new listings is slower than normal
Demand for single-family homes is pushing avg. sales prices at the rate of 5-7% every month

Press Release snippet:

When asked if poor inventory levels might cause the average sale price in the region to increase in the near future if demand continues. KADREA President - Wendy Runge said, “Our inventory levels will stabilize over time. We’re currently adding more listings than we’re selling, and these numbers will only improve. More than inventory, I think it is the demand for single-family homes in the region that’s driving the average prices to increase by 5-7% every month since COVID restrictions were lifted in July”.

Download KADREA Monthly Stats Oct 2020 Press Release

Download CREA Report October 2020 KADREA

INDUSTRY News:

1. British Columbia’s New Land Owner Transparency Registry - What You Need To Know

BC’s Land Owner Transparency Act [LOTA] was granted royal assent on May 16, 2019. LOTA is the first of its kind in Canada and will create a publicly searchable registry of information on individuals that directly or indirectly hold interests in land through corporations, trusts, and partnerships. Read More >>

2. Real Estate Professionals Urged to Stop Open Houses: Regulators and Provincial Association Recommend Virtual Tools

The regulatory agencies overseeing real estate professionals in BC and the provincial association representing REALTORS® are calling on real estate professionals across the province to protect public health and safety by temporarily discontinuing open houses. With cases of COVID-19 on the rise in BC, the Real Estate Council of BC (RECBC), the BC Real Estate Association (BCREA), and the Office of the Superintendent of Real Estate (OSRE) are together strongly advising real estate professionals not to hold open houses for properties for sale or rent, to limit face-to-face interactions and to use virtual tools whenever possible. Read More >>

CREA Update:

1. Legacy Version of CREA WEBForms® to be discontinued

The Legacy version of CREA WEBForms® will no longer be available as of December 17, 2020. Make sure you're prepared for when this takes effect.

Some members are using the Legacy version to download or view older transactions and files.

As of December 17, 2020, you will no longer have access to the Legacy version of CREA WEBForms®.

Make sure to move your old transaction kits and clauses from the Legacy version to the new CREA WEBForms®.

Get started now:

➤ Watch this video to learn how to migrate your transactions from the Legacy version of CREA WEBForms®.

➤ Log in to WEBForms.ca to move your transaction kits.

➤ Register for a free live webinar with a CREA product expert to master the new CREA WEBForms®.

2. Click here for the latest CREA events

3. What should Realtors know about Covid

INDUSTRY RESOURCES:

SEPTEMBER 2020 MEMBERSHIP UPDATE:

Joining Members

Transfers:

1. Becky Foley - Coldwell Banker to Century21 Desert Hills
2. Vince Cavaliere - Rivercity Realty to EXP