The Real Estate Board of Greater Vancouver’s story
The Real Estate Board of Greater Vancouver (REBGV) is the second largest real estate board in Canada. It supports and serves the residential and commercial Realtors and brokers in the region.
REBGV provides a variety of products and services to its members, including the Multiple Listing Service (MLS), research and statistics, education and training, professional standards and arbitration services, public and media relations, computer support, and advocacy.
Ten local real estate brokers founded the association in 1919 to, among other things, create and enforce rules of business conduct, adopt a code of ethics and advance the interests of Greater Vancouver residents by collecting and circulating valuable information about the sale of real estate.
Thanks to this vision, most real estate transactions today occur in front of a well-regulated backdrop that’s funded by the profession and designed to protect the public. This includes Realtor Errors and Omissions Insurance, an assurance fund to protect home buyer deposits, and multiple avenues of recourse if someone feels their agent did not act in accordance with their professional and contractual obligations.
To maintain REBGV membership, a Realtor must complete 12 credits within the Professional Development Program (PDP) every two years. This, in addition to another six credits required by the licensing body and regulator, the Real Estate Council of BC
In 2015, REBGV provided 743 courses for 30,871 members, which broke all previous records.
Being a Realtor means being committed to standards beyond what’s set out in provincial legislation.
REBGV provides members with a mechanism to resolve disputes via an Arbitration Committee and disciplinary decisions for members who violate the REALTOR® Code and other documents that set out a Realtor’s responsibilities.
Through the years, REBGV has been a tenacious advocate on behalf of homeowners. They believe in smart, sustainable land use and building practices. Their REALTORS Care® charitable arm has raised funds for numerous groups: Multiple Sclerosis, Canuck Place, BC Children’s Hospital, and Covenant House, to name a few. They also work with the Fraser Valley Real Estate Board to administer the REALTORS Care® Blanket Drive on behalf of Realtors. The is the longest running and most successful drive of its kind in the Lower Mainland, it’s helped provide warmth to more than 292,000 people over two decades.
REBGV has a reputation for pioneering initiatives that benefit real estate practitioners across the country. In the early 1950s, they began using the term Multiple Listing Service. In the early 1960s, they transferred ownership of that MLS brand to the Canadian Real Estate Association (CREA) for use by all Canadian Realtors. REBGV created one of North America’s first computerized MLS systems in the 1970s, and shared it freely with Boards across Canada.
In 2004, they collaborated with the Fraser Valley and Chilliwack real estate boards to pioneer a regional MLS system. That project combined several MLS data bases into one – giving Realtors seamless access to information they need to serve their clients every day. This shared database remains in place today. In 2012, REBGV launched the national MLS® Home Price Index with the Toronto, Montreal, Calgary and Fraser Valley boards, and the CREA. This tool enables more accurate comparisons between local and national housing markets.
They also supply real estate statistics each month to the media, public, policy makers, banks, economists and other stakeholders to raise public awareness of trends within the local housing market.
MLS data serves as the foundation of our property taxation system by providing reliable information, backed by professional accountability, to government bodies responsible for assessments in our province.
The real estate industry is a key economic driver in British Columbia. In 2015, more than 42,000 homes changed ownership in the region, generating $2.7 billion in economic spin-off activity and an estimated 19,000 jobs. The total dollar value of residential sales transacted through the MLS system in Metro Vancouver totalled $39 billion in 2015.
More than 12, 500 Realtors contribute to this economic activity. REBGV’s membership has grown 20 per cent in the last five years.
Realtors look to their association for more powerful and efficient tools to help them better serve the home buying and selling public.
In 2014, REBGV hosted a data symposium in partnership with Simon Fraser University to discover, with industry, government and private sector stakeholders, how different data and technologies can converge to inform land use, development, and home buying decisions.
REBGV staff participate in industry-wide initiatives aimed at improvements for Realtors and their clients. The organization has been on an excellence journey for 20 years beginning with its relationship with Excellence Canada (formerly the National Quality Institute).
Founded in 1992 by Industry Canada, Excellence Canada is an independent, not-for-profit corporation dedicated to advancing organizational performance across Canada. They developed and maintain the Excellence Innovation and Wellness Standard for organizational performance, based upon the most effective practices and proven management strategies from around the world.
We achieved Excellence Canada’s Canada Order of Excellence (Quality) in 2010 and again in 2013. Later this year, REBGV will re-certify for the Order of Excellence under the new Excellence, Innovation, and Wellness standard.