REALinfo - January 2016

REAL info JANUARY ● 2016

News and Resource for MEMBERS

MEET THE PRESIDENT Interview with 2016 President Kim Alvarez – page 2

R AHB NEWS RAHB's 2016 Board of Directors – page 3 RAHB welcomes new members – page 6 Auction results – page 6

MEMBER SERVICES REALTOR® CONNECTIONS is coming! – page 7 Professional Development for REALTORS® – page 7 Realty Shoppe – page 8 5 Things to remember when advertising – page 9

REALTORS ® CARE How you can help Syrian refugees – page 10 REALTORS® support shelter-related organizations – page 10

CREA/OREA NEWS Elections for CREA Board of Directors – page 11 New down payment requirements take effect February 15, 2016 – page 11 Brokers: Do you have a brokerage policy for electronic documents and signatures? – page 11 OREA Standard Forms – New and revised forms/clauses for 2016 – page 12

MARK YOUR CALENDAR What's coming up at RAHB – page 12

Empowering REALTORS ® to Succeed

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News and Resource for Members

Established in 1921, the REALTORS® Association of Hamilton-Burlington (RAHB) represents more than 2,700 real estate brokers and salespersons from Hamilton, Burlington, and surrounding areas. Members of the association may use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict code of ethics.

The Association operates the local Multiple Listing Service® (MLS®) System and provides ongoing professional education courses for its members. In addition, RAHB is an active participant in the Home Ownership Affordability Partnership (HOAP) and holds an annual auction in support of local charities.

Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at www.REALTOR.ca. More information about RAHB is available at www.rahb.ca.

Mission Statement Empowering REALTORS® to Succeed President Kim Alvarez 905.407.7046 President-Elect Lou Piriano 905.628.6625 Vice-President Jack Loft 905.304.3303 Immediate Past President Donna Bacher 905.520.1946 Directors Ann Forbes Arndt Nikola Bucalo Kathy Della-Nebbia Gary Herron Peter Holgate Paul Martindale Andrew Robertson Bob Van de Vrande

905.574.3038 905.388.1110 905.574.4600 905.388.1110 905.336.9001 905.572.9465 905.308.8333 905.332.4111

REALinfo is published monthly by the REALTORS® Association of HamiltonBurlington (RAHB) 505 York Boulevard, Hamilton ON L8R 3K4 T.: 905.529.8101 F.: 905.529.4349 MLS® F.: 905.529.6636 Help Desk T.: 905.667.4650 Realty Shoppe: T.: 905.529.5979 F.: 905.529.7109 Email: info@rahb.ca Web site: www.rahb.ca Intranet site: www.realtorlink.ca Editor: Valerie Webster Editorial Assistant: Sheila Sferrazza Design: Maggie Inglis In-house Products: RAHB Print Services

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MEET THE PRESIDENT Interview with 2016 President Kim Alvarez 1. Congratulations on becoming President of RAHB. What made you want to be president?

Thank you. I wasn’t driven to become president when starting at the Board, actually it was quite the contrary. After my first two years, I began to feel it would be necessary so the changes could continue in the positive direction that had been put in motion.

I strongly believe in thorough analysis, transparency, and accountability for a successful Board to benefit membership most and want to see that become the standard.

2.

You have a particular interest in getting more members engaged in the Association. What would you say is the value in increased member participation in RAHB activities and initiatives? And what does member engagement look like to you?

Engagement from a broad spectrum of members allows the Board and staff to make the best decisions for membership overall. Allowing new volunteers on committees broadens understanding of organized real estate, opens possibilities for new ideas and may encourage others to run for leadership positions.​ I​ strongly believe in democracy and having more candidates run for elections is more fair and less susceptible to manipulation than acclamations. Engagement is two-way commun- ication, getting feedback from membership and keeping them informed with full information to make clear decisions. I am hoping for a respectful culture where we can debate ideas to propel our Association further.

3. Every year brings its own challenges. What do you see as the challenges facing members in 2016?

Regionalization will be the challenge for our members early in 2016. Coupled with that will be the adjustment to a new Matrix platform. I‘m optimistic that the CEO and staff will manage this transition effectively for our members. Our industry is ever changing and keeping pace with technology will continue to challenge all of us.

4. And the association?

We hired a new CEO in late August 2015.

George has immersed himself to under stand our Association’s business in a very short time period. I assume he will continue to assess current processes and adjust as necessary. Change can always be challenging but I think the staff has some exciting opportunities to develop under new leadership. I am very confident in his abilities to further benefit our Association.

5. Is there anything you would like to accomplish during your year in office?

My personal wish is to improve the perception of the value of a REALTOR® within our communities. Internally we have been making steps to clean up our Bylaws and governance policies and would like to finish the proposed updates this year. continued on page 3

News and Resource for Members

continued from page 2

6. Do you have any last thoughts to pass on to the members?

I wish the membership a wonderful 2016! I’m very excited about the fantastic group of people at the Board table this year. If the strategic planning session was an indicator, we will have commitment, insight and enthusiasm.

I would like the membership to feel connected to their Board so if you have suggestions or concerns you would like to share, please feel free to contact me at ​kim@kimalvarez.ca or post a comment on our Facebook page.

If you have a question or comment for staff, please call the Association office at 905.529.8101.

RAHB NEWS RAHB's 2016 Board of Directors Kim Alvarez, President

Kim is a Salesperson with Royal LePage Burloak Real Estate Services and has been a member of RAHB since 2009. She was elected to the RAHB Board of Directors in 2013.

She has served on the Burlington Council, Young Professionals Network, Communications/GR, MLS® and Government and Bylaw committees. She chaired the Finance Committee and was on the CEO Selection Task Force in 2015.

In serving members, Kim believes strongly in innovation, fiscal responsibility, thorough analysis, transparency, effective communication, equal opportunity and accountability. Her key strengths are her strategic, critical thinking and communication skills.

Prior to real estate, Kim earned her MBA with a marketing specialization and a B.A. in Political Science. She has taken additional courses in Financial Planning, Architectural Technology and Pure Mathematics. She has worked in a variety of industries including management consulting.

Kim is currently working towards her Broker designation.

Kim believes in building community. She is a member of the Burlington Chamber of Commerce, proud supporter of the Burlington Performing Arts Centre and assists various charities.

Lou Piriano, President-Elect

Lou is Broker of Record of L. Piriano Real Estate. He first joined RAHB in 1973; he was elected to the RAHB Board of Directors for the 2014 term and was recently re-elected to the 2016 Board and became president-elect. Lou chaired the MLS® Committee, Regional Rules Task Force and the Audit Committee

last year and was one of RAHB’s representatives on the Regional MLS® Board of Governors. He has also served on the Finance, Arbitration and Professional Standards committees and previously chaired the Technology Task Force.

Lou is in his fifth decade in the real estate profession and believes it is critical to prepare our organization for the rapid oncoming changes in the next few years. Lou sees serving the members one at a time as a great opportunity to ensure all members are heard equally; he hopes that by offering his knowledge and experience, both members and he can achieve personal and professional growth.

Although Lou has a keen interest in and keeps updated on new technological tools, he notes that some aspects of brokerage really haven’t changed that much over time – it’s still a people business.

Lou’s main interests lie in his family (which includes his dogs), playing hockey and squash and donating time and money to animal rescue organizations.

Jack Loft, Vice-President

Jack has been a RAHB member since 2004 and is a Broker at RE/MAX Escarpment Realty Inc. He has served on the Finance and Professional Standards committees as well as the CEO Selection and Honourary Life task forces.

Jack is a retired police officer and loves the outdoors. He golfs, hikes, cycles, fishes and camps and is an avid reader and traveller.

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News and Resource for Members

Donna Bacher, Immediate Past President

Donna joined RAHB in 1983 and is a Broker with Royal LePage State Realty. Donna has served as RAHB President (2015), Chair of the Finance and Communications/Government Relations committees and the Joint (RAHB/HDAA) Rental Licensing Task Force. She has also served on various other RAHB committees.

Donna served as a director for the Ontario Goat Breeders Association and as a Founding Members’ Association Rep to the Toronto Livestock Land Development Board from 2001-2003. She is an avid fundraiser for various charities and a volunteer for Big Brothers/Big Sisters annual bowl-a-thon. Donna holds a Canadian Private Pilots license and has completed her Canadian Commercial Pilot written exam.

Ann Forbes Arndt

Ann is a Past President of RAHB and has returned to the Board for a second round. She has been a member of the Association since 1990 and is a Broker with Royal LePage Macro Realty Inc. She has served as Chair of the Finance and Member Area Representation committees, as a member of numerous RAHB committees and task forces and on OREA and RECO committees. Ann was named RAHB Volunteer of the Year in 2005.

Ann has a Level 3 in the National Coaching Certification program and coaches various skill levels in Dragon Boating.

Nikola Bucalo

Nikola is a Salesperson with Coldwell Banker Community Real Estate. He joined RAHB in 2010 and has served on the Government Relations Committee and is part of the Young Professionals Network. He is the 2016 Government Relations Committee chair.

Having grown up in a real estate household, this Millennial has been in and around the real estate profession since the early 90’s and he feels he has an excellent grasp of the long- and short-term needs of members. Deep roots in the industry and a long-term

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vision for the success of the profession are Nikola’s main motivators. He believes that members understand and respect the importance of the resources REALTORS® have worked together to build and he is proud and excited to be part of the team managing these resources and developing greater ones.

Kathy Della-Nebbia

Kathy is a Salesperson with Royal LePage State Realty. She first joined RAHB in 1986 and has served on the Government Relations Committee and Charity Auction task force.

Kathy first joined organized real estate as Kathy Fournier with Montreal Trust. She left real estate for about 12 years, started a family and returned in 2004 when her youngest was in grade one. She recently celebrated 25 years of marriage and considers herself blessed in so many ways.

She is passionate about learning, involvement, people and family. Her favourite quote is “life is not about learning how to weather the storm but about learning how to dance in the rain”.

Gary Herron

Gary has been a RAHB member since 1993 and is a Broker at Coldwell Banker Community Real Estate. Gary is no stranger to the RAHB Board of Directors; he served on the Board from 2003-2007 and was President in 2006. He has also served as Chair of the Election, Finance, Executive and Professional Standards committees and as a member on many other RAHB Committees.

Gary became a director again because he felt it is important “to give back to the association that has been so good” to him. He also sees there will be significant changes to the real estate industry over the next several years and wants to be part of it. Gary has a passion for cooking and fishing, and laments he doesn’t do as much of either as he would like.

News and Resource for Members

Peter Holgate

Andrew Robertson

Peter joined RAHB in 2012 and is the Broker/Manager/Owner at Chase Realty Inc. ’s newest branch office in Burlington. He is serving his second year on the RAHB Board of Directors.

Peter was previously a director of the Georgian Triangle Association of REALTORS® and chaired the Professional Development committee of that association. Peter is a Fellow of the Real Estate Institute of Canada and holds several other distinguished accreditations.

Andrew is the Broker of Record of Keller Williams Complete Realty.

Since joining RAHB in 2005, Andrew has earned a number of sales achievement awards and has served on the Government Relations and Communications committees, as well as the Joint Rental Housing and Buyer Registry task forces. Andrew also serves on the Hamilton District Apartment Association's Government Relations Committee.

Peter is a motorcycle enthusiast and prides himself on being involved with motorcycle charity fund raising events for a women’s shelter, Sick Children’s Hospital and the REALTORS Care® Foundation. With over 30 years in the business, Peter feels it’s time to give back and being a director of the Board enables Peter to do just that.

A passionate real estate investor, Andrew owns and manages his own portfolio of 27 residential units.

Andrew is married with two daughters aged 10 and 11 and lives on the West Mountain.

Bob Van de Vrande

Paul Martindale

Paul is Broker of Record and Director for Wink Properties and Realty Inc. Since joining RAHB in 2005, Paul has served on the Government Relations Committee, the Joint Rental Housing Task Force and Regional Commercial Council (RCC), chairing the Council in 2014 and once again in 2016. Paul has been immersed in commercial real estate - investing, rehabilitating and managing properties - since 1995 for clients and company portfolio growth.

Paul is a past Board member of the Hamilton & District Apartment Association, current member of the McMaster University President’s Advisory Committee on Community Relations and is often involved in real estate issues at City Hall. His extensive management and construction experience has been invaluable toward successfully managing a portfolio of several buildings and multiple rental units. In a past life, Paul was a multi-instrumentalist, vocalist and Royal Conservatory-trained pianist, enjoying an extensive musical career playing R&B, Soul music and touring with ‘The Soul Revue’. A highlight for Paul was performing for actor Kiefer Sutherland at his 1996 wedding in Toronto

Bob is the Broker of Record of Apex Results Realty Inc., and has been a RAHB member since 1988. Bob has served on the MLS® Committee and DDF, the Charity Give Back, Report Solds and Lonnie Bushey task forces.

Bob enjoys attending his sons’ activities and travelling, particularly to tropical destinations, with his sons Nicholas and Tyler.

Bob has a passion for education, having earned an MBA as well as Bachelor of Commerce and Bachelor of Education degrees. He served as a trustee, Chair and Vice-Chair of the Halton Catholic District School Board. Bob’s special interest is gifted education and he has worked to promote educational options in this area. Bob has been an active member of St. Patrick parish in Burlington for more than 40 years and is president of Project Maranatha for Youth, a charity promoting youth leadership, education freedom and pro-life issues within the Catholic and broader community. Politically Bob has been active at both the provincial and federal levels with the Conservative party. Bob’s hobbies include reading, swimming, travelling and stamp collecting.

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News and Resource for Members

RAHB welcomes new members The REALTORS® Association of Hamilton-Burlington extends a warm welcome to its newest members (November 21 to December 11).

Danielle Grant Adam Colalillo

Ambitious Realty Advisors Inc., Brokerage

Amar Aboosh

Apex Results Realty Inc., Brokerage

Adam Orlowski

Century 21 Insight Realty Group Inc., Brokerage

Mame Ochana

Coldwell Banker Community Real Estate Inc., Brokerage

Karla Bradnam

Heritage Realty Inc., Brokerage

Muazzam Ali Aziz

Justin Sawicki

Vincent Morgan

Karlyn Eacrett

Keller Williams Edge Realty Inc., Brokerage

Lesley Fleming Julia Zhu

Ian Court Colleen Sebastian

Naomi Thompson

Keller Williams Complete Realty Inc., Brokerage

Judy Marsales Real Estate Ltd., Brokerage

Cody Overell

Martel Commercial Realty Inc., Brokerage

Samantha Pigott Adrian Zahari Joseph Battaglia

RE/MAX Escarpment Realty Inc., Brokerage

Homelife Professionals Realty Inc., Brokerage

RE/MAX Garden City Realty Inc., Brokerage

Right At Home Realty Inc., Brokerage Royal LePage Macro Realty Inc., Brokerage

Tina LaBonte-Gordon

Sutton Group About Town Realty Inc., Brokerage

Justin Cannon Sylvia Eckert

Sutton Group Innovative Realty Inc., Brokerage

Auction results!

The results are in from the

4K ds

REALTORS®

Charity Auction! Members, sponsors and friends of the REALTORS® Association of Hamilton-Burlington raised $65,950 in support of the CHML/Y108/ 953Fresh FM Children’s Fund. Over the 27 years of the partnership, RAHB’s annual auction has raised over $900,000 for the charity, making RAHB its single largest contributor.

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Marlene Vieira Leslie, Chair of Charity Auction Task Force (front row left) and 2015 President Donna Bacher (front row right), along with members of the Charity Auction Task Force (middle row left to right - Brian Gerrard, Kathy Della-Nebbia and Deborah Coles; back row - Donna Gallacher), present a cheque in the amount of $65,950 to Olivia DePetris, Vice President of The Children’s Fund (front row centre).

News and Resource for Members

MEMBER SERVICES REALTOR® CONNECTIONS is coming!

Plan now to attend REALTOR® CONNECTIONS 2016, a one-day extravaganza of speakers, workshops, trade show vendors, RAHB business and networking! It all happens on Wednesday, March 23, 2016 at the Hamilton Convention Centre.

The planning team is again putting together a day that will have something for everyone. New this year – more commercial content!

Registration is free for members who register before 8:30 a.m., Monday, March 7, 2016, Watch Message of the Day (MOD) on Fusion for the opening of online registration; watch REALinfo and your email inbox for more details about REALTOR® CONNECTIONS.

SAVE THE DATE

See you there!

2016

REALT R ® CONNECTI NS AGM, Conference and Trade Show

Wednesday, March 23, 2016 Hamilton Convention Centre 1 Summer’s Lane, Hamilton

Professional Development for REALTORS® Tax and Estate Planning – Part I Monday, January 25, 2016 10 a.m. – Noon

Tax and Investment Planning for REALTORS® Friday, February 12, 2016 10 a.m. – Noon

Instructor: Hem Bhatt

Instructor: Ed Ounpuu, B.Sc., CMA, CFP

http://rahb.ca/education/2016/TaxEstatePlanning JanFeb2016.pdf

http://rahb.ca/education/2016/TaxInvestment Planning2016.pdf

Mould Wednesday, February 10, 2016 10 a.m. - Noon

Tax and Estate Planning – Part II Monday, February 29, 2016 10 a.m. – Noon

Instructor: Richard Merkley

Instructor: Hem Bhatt

http://rahb.ca/education/2016/Mould2016.pdfv

http://rahb.ca/education/2016/TaxEstatePlanning JanFeb2016.pdf

All above courses are FREE and will be held at the RAHB office (McCullough Rooms – lower level).

For more information or to register, contact Angela at 905.529.8101 x233 or angelam@rahb.ca.

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Co o t e d i Gu 2016 Costs 16) 4 CALL (4 the and the 20 16 Intr copy of G2T01A6 Gre oductory en Guid PA e

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News and Resource for Members

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Customer Appreciation Day

Just to say THANK YOU for your continued support Wednesday, February 10, 2016, 9 a.m. – 4 p.m.

Visit the Shoppe to enjoy light refreshments and enter your business card to WIN a prize!

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* All applicable taxes are extra. Prices subject to change.

Monday – Friday, 8:30 a.m. – 4:30 p.m.

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News and Resource for Members

5 Things to remember when advertising

by Mark Weisleder When advertising to the general public, here are five lessons to remember to avoid complaints from your fellow REALTORS®, the general public or your Provincial Regulator.

1. Be careful when the home has an illegal basement apartment or second unit.

There are thousands of illegal second units across Canada. Buyers still want to buy them for the income.

However, buyers must also remember that if a neighbour complains, the City may force the tenant to be evicted, or may ask for thousands of dollars to upgrade the unit to meet applicable building code requirements. You cannot advertise the property as an “income property” if you know it is illegal. You can say that the seller does not warrant that the unit is properly retrofitted, as most REALTORS® prefer to say, to warn potential buyers of the issue. If you state that the property was a “potential income property”, it would depend on what would have to be done to make the unit legal to determine whether even that statement was misleading.

2. Be diligent but also use disclaimers when you are not sure

When describing lot sizes or square footage, do not rely on any expired listing. Conduct due diligence.

However, since there is confusion as to whether the square footage is calculated to the inside or outside walls, or whether a loft is properly calculated, do not be afraid to insert a disclaimer when you are not sure.

This will put the buyer on notice that if any measurement really matters to them, they will get the property measured themselves. It is not easy for buyers to cancel deals when they find errors in square footage, unless it was significant and the buyer can demonstrate that they were relying on the square footage as a key factor when they signed to buy the property in the first place.

3. If you run a contest, make sure you consult with your local regulator as well as the Competition Bureau.

Contests can generate a lot of interest and as such, they also generate a lot of attention, especially from your competitors. Perhaps a vacation prize awarded to one person out of everyone who signs a listing with your brokerage during the upcoming 3 month period.

Do not mislead anyone about the prize or chances of winning or you could face sever monetary penalties.

You must clearly disclose the number and approximate prize values, the geographical area or areas it relates

to and any fact that may materially affect the odds of winning. Avoid charging money for tickets as it may be considered gambling. You may want to prepare a short version of all contest terms for general advertising and a long form available on your website. If you are not sure, check in advance with your Provincial regulator and contact the Competition Bureau for further information.

4. Be able to prove it if you say you are #1 There is nothing wrong in advertising that you are number 1, as long as you can answer the simple where, when and how. What time period is involved, example the calendar year 2015, what area, example Scarborough and how was it calculated, example number of units or dollar value. As long as it is true, it is generally ok. I remember someone once advertised they were the number 1 team in their brokerage. Turns out they were number 1, but they were also the ONLY team in the brokerage. Not a good plan.

5. If there is a history, suggest contacting listing broker before submitting any offer

None will suggest that you advertise “murder house” or “recent flood”, but in many situations, it will be necessary to advise buyers about certain stigmas or damages prior to the buyer submitting any offer.

It is always safer to disclose a stigma, to avoid potential lawsuits or disciplinary proceedings later.

When you are not sure, ask for legal advice before putting the home on the market.

Reprinted with permission

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News and Resource for Members

REALTORS® CARE How you can help Syrian refugees Our area is expecting a significant number of Syrian refugees over the next few months. As a REALTOR®, you have unique qualifications and relationships which may be helpful for the refugees and the agencies helping to settle them.

1. You and your clients own real estate, homes and rental properties, and housing is one of the most critical issues facing newcomers to our communities. You may also know of warehouses or storage facilities that can be used to store donated items.

2. You have strong relationships with your clients and know when they are renovating or intending to get rid of house hold items. Furniture and small appliances are needed to help the newcomers make their houses feel like homes.

See how you can help by checking out the FAQ put together by RAHB and the Housing Help Centre: http://www.rahb.ca/email/SyrianRefugeeFAQ.pdf Housing Wesley Urban Ministries is compiling a database and will work to pair refugees with appropriate housing. If you or your clients are looking to help and have housing that can be made available please complete this form: http://wesley.ca/wp-content/uploads/2015/11/Housing-and-Rental-Accommodations-in-Hamilton.pdf.

Household Supplies The Salvation Army is helping Wesley with donated items and more information can be found here: http://wesley.ca/wp-content/uploads/2015/11/Clothing-donations-1.pdf Money To donate to the Syrian Refugee Fund visit: http://wesley.ca/syrian-refugee-fund/ To find out more about the people who are joining our community, please see the Government of Canada’s profile on Syrian refugees: http://wesley.ca/wp-content/uploads/2015/11/Syrian-Population-Profile.pdf For more information about how you can help, please contact Megan at the RAHB office – 905.529.8101 x295 or meganp@rahb.ca.

REALTORS® support shelter-related organizations Representatives from nine local charitable organizations were on hand to receive donations from the REALTORS® Association of Hamilton-Burlington on Thursday, December 10, 2015.

2015 RAHB President Donna Bacher and CEO George O’Neill presented the cheques totaling $53,521 on behalf of the Ontario REALTORS Care® Foundation, which is supported by members of the Association. Each year, funds donated by RAHB members come back to the community, to be distributed to shelter-related organizations.

Cheques were presented to Good Shepherd, Indwell (formerly Homestead Christian Care), Mark Preece Family House, Mission Services, St. Joseph’s Healthcare Foundation, St. Peter’s Hospital Foundation, The Bridge, The Salvation Army Hamilton and the YWCA Hamilton.

For more information about the Ontario REALTORS Care® Foundation, go to https://realtorscareontario.ca/.

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News and Resource for Members

CREA/OREA NEWS Elections for the CREA Board of Directors The annual election for the CREA Board of Directors will be held on Saturday, March 19, 2016 at the 2016 CREA Annual General Meeting in Ottawa. Any qualified REALTOR® who has an interest in serving as a Director of CREA is strongly encouraged to run for a position on the Board of Directors.

The following positions are open:  Three Director-at-Large positions, each for a two-year term  Four Regional Director positions, each for a two-year term, one from each of the following regions:  Alberta/Northwest Territories  Saskatchewan  Ontario  The Atlantic Region Qualifications of Directors 1. Be a REALTOR® member 2. Have been a REALTOR® member for at least five years 3. Have a minimum of three years experience as a director of a member real estate board or association 4. Not be otherwise disqualified by the Canada Not-for-Profit Corporations Act 5. In the case of a Regional Director, be licensed in that region The deadline for candidate submissions is Tuesday, January 19, 2016.

If you need further information, contact CREA’s General Counsel, Bill Harrington, at 613-237-7111 or at bharrington@ crea.ca, or go to http://www.realtorlink.ca/content/realtorlink/crea/en_CA/about/governance/elections/CREA_Board_of_ Director_Elections/Director_Recruitment_Information.html/Fo to read more about CREA’s vision, strategic leadership and accountability policies.

New down payment requirements take effect February 15, 2016 The federal government announced in December that it intends to raise the minimum down payment requirements on homes valued over $500,000. This will be in effect for homes insured by CMHC. Requirements will remain at 5 per cent down payment for homes under 500,000. Any amount over $500,000 will require a 10 per cent down payment. For example a $700,000 home will require a $45,000 down payment - 5 per cent on $500,000 and 10 per cent down on the remaining $200,000. The announced changes will take effect on February 15, 2016.

CREA has opposed increasing the minimum down payment since 2011, and will continue to advocate on behalf of home buyers, sellers and members on this issue. Watch your inbox and the REALTOR® Action Network (RAN) for new developments.

Brokers: Do you have a brokerage policy for electronic documents and signatures?

OREA recommends that brokerages considering preparing an internal policy regarding the use of electronic documents and signatures. The policy should set out how the brokerage will administer electronic documents and signatures in a way that satisfies legal requirements.

For more information about what your policy should contain, go to https://orea.com/~/media/Files/Members/ OREA-Standard-Forms/Announcements/v220150915BrokerCommuniquereECAElectronicSignaturePolicies.pdf?la=en (you will have to log in to the member part of the OREA website).

All members: Do you know what’s involved when you use electronic signatures?

OREA provided information about using electronic signatures to members in a communiqué in June.

In case you missed it, you can read it https://orea.com/~/media/Files/Members/OREA-Standard-Forms/ 2015-06-25-ECA-Announcement-for-Members.pdf?la=en (you will have to log in to the member part of the OREA website).

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OREA Standard Forms – New and Revised Forms/ Clauses for 2016 OREA has recently released the 2016 Standard Forms and Clauses Summary of Revisions. details News andFull Resource for Members regarding the new and revised forms for 2016 are outlined in a summary prepared by OREA, and all OREA Standard Forms – New and this revised forms/clauses for 2016 members and support staff are encouraged to review document.

The Summary can be found at https://orea.com/ (log in as a member, click on ‘Download Free Standard Forms and Clauses’ under OREA recently released the 2016 Standard Forms and Clauses Summary of Revisions. Full details regarding the new and Member Benefits, scroll down toin2016 Standard Forms Clauses Summary ofsupport Revisions revised forms for 2016 are outlined a summary prepared byand OREA, and all–members and staffunder are encouraged to review this document.

The Summary can be found at https://orea.com/ (log in as a member, click on ‘Download Free “Standard Forms”).

Standard Forms and Clauses’ under Member Benefits, scroll down to 2016 Standard Forms and Clauses – Summary of Revisions under “Standard Forms”).

Note that OREA Form 200 “OREA Listing Agreement – Authority to Offer for Sale”, has not been

Note that OREA Form 200 “OREA Listing Agreement – Authority to Offer for Sale”, has not been changed; changed; there therefore, theredate is notocut-off dateuse. to discontinue use.

Members continue to Agreements use the OREA therefore, is no cut-off discontinue Members may continue to usemay the OREA Listing dated 2015.

Listing Agreements dated 2015. On the OREA website, this document appears as follows on the bottom

of the page:

On the OREA website, this document appears as follows on the bottom of the page:

The 2016 Forms and Clauses can now be downloaded from www.orea.com, via the Members Only section. The updates The 2016 Forms and Clauses can now be downloaded from www.orea.com, via the Members Only to WebForms® were to have been completed in December, 2015.

section. The updates to WebForms® were to have been completed in December, 2015.

The forms, with changes for 2016, will be available in the Realty Shoppe in early January.

The forms, with changes for 2016, will be available in the Realty Shoppe in early January.

MARK YOUR CALENDAR Computer

Board of Directors, Committee and Task Force Meetings

Held at RAHB – 505 York Blvd. – Lower Level C – Chambers Room M – McCullough Room  New

Member Computer Training Level 1

Thursday, January 7 – C, 9 a.m. – Noon Thursday, January 21 – C, 9 a.m. – Noon

 Board

of Directors

Thursday, January 14 – T, 9 a.m.  Member

Courses  Tax

Held at RAHB – 505 York Blvd. – First Floor T – Thompson Room P – Purnell Room

Relations

Monday, January 18 – T, 2 p.m.

and Estate Planning – Part I

 Board

Monday, January 25, 2016 – M, 10 a.m. - Noon

of Directors

Thursday, January 21 – T, 9 a.m.

 Mould

Wednesday, February 10, 2016 – M, 10 a.m. - Noon  Tax

and Investment Planning for REALTORS Friday, February 12, 2016 – M, 10 a.m. - Noon  Tax

®

and Estate Planning – Part II

Monday, February 29, 2016 – M, 10 a.m. - Noon

Upcoming Events  Annual

Appreciation and Awards Gala

Saturday, January 23, 2016 Michelangelo Events and Conference Centre 1555 Upper Ottawa St, Hamilton (by invitation only)

 REALTOR®

CONNECTIONS 2016

Wednesday, March 23, 2016 Hamilton Convention Centre 1 Summers Lane, Hamilton January

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