Next steps for real estate board amalgamation announced

by Justin da Rosa29 Aug 2016
Further details have been revealed around British Columbia’s forthcoming real estate board unification.

“To provide all BC real estate boards with sufficient time to fully engage members and ensure they have enough information to make an informed decision, the member vote will be held on Tuesday, December 6, 2016,” the British Columbia Real Estate Association said in its latest member bulletin.

“This will be a historic opportunity to have a say about the future of your profession. Voting will take place at each participating real estate board and will be carried out based on their current bylaws.”

The boards that will participate in the vote are BC Northern Real Estate Board, Fraser Valley Real Estate Board, Kamloops and District Real Estate Association, Okanagan Mainline Real Estate Board, Real Estate Board of Greater Vancouver and South Okanagan Real Estate Board.

For amalgamation to move forward, four real estate boards and a total of 15,000 members and BCREA must vote in favour and, in the event of a “yes” vote, transition preparations would commence immediately.

Licencees from boards across B.C. were polled in late July to ascertain general sentiment around the potential amalgamation.

“Key takeaways included that, of Realtors who completed the poll a high majority, 88 per cent, were aware of the initiative and of those individuals, 75 per cent were in strong support of it,” BCREA said. “However, valuable feedback was provided that half of the members polled reported feeling that they didn’t have enough information to make an educated decision on December 6.

“This requirement for better communication and further information will be an imperative priority for the initiative moving forward to inform and engage with members.”
 

COMMENTS

  • by Erik aase 8/29/2016 11:16:33 AM

    I think it's great that everyone on the mainland amalgamates!
    I'm so happy that vireb isn't participating as we would have been swallowed
    By the lower mainland and their agents.......Like a plague of locusts! Lol

  • by 8/29/2016 11:45:35 AM

    Interesting that BCREA is open to feed back, question etc. I had sent an e mail asking about individual board assets. The had been acquired by the Realtors fees of the individual boards and how would these assets be balanced out. Not one reply!!!

  • by Ontario Realtor 11/28/2016 2:09:17 PM

    I'm assuming you believe that in the case of a merger of the Boards, the individual boards should sell their assets, pay their liabilities and give the net to the current members. The problem is I doubt very much that you or any member bought a Share in the Board when you joined, and that when a Member left the Board they sold their share to someone who wanted to join the Board. I suspect that your board is a Not For Profit Organization and if you look into its documents you will see that the net proceeds of a Sale of the Assets are to be given to a charity. (You could also look on your board's balance sheet to see if the Board has any share capital)Ont.

    In the case of a merger of the boards, all assets and liabilities would be assumed by the legitimate successor organization.

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