Kelowna Real Estate Market News

 

If you're a Landlord in British Columbia and you are not already aware of the recent Changes in the BC Landlord and Tenant Act then you need to read on!

These changes affect Fixed Term Tenancies and Rent Increases.


If you're thinking of Buying or Selling Real Estate in BC, it may affect your ability to give or receive vacant possession, so it's important to be informed.


My video will give you key points to consider and my Blog post will include links directly to the Government Website which provides the Forms you may need and further details.

 

 

What's Affected? 

1. Amendments that limit the use of a vacate clauses in fixed-term tenancy agreements 
2. Limits to rent increases between agreements with the same tenant 

This affects new and existing fixed-term tenancy agreements & limits rent increases between fixed term tenancy agreements with the same tenant, 

Landlords will no longer be able to include a “vacate” clause in a fixed-term tenancy agreement except in certain circumstances.  

 

Unless the landlord and tenant agree to another fixed term, the tenancy will automatically continue as a month-to-month tenancy under the same terms as the original agreement.  This type of tenancy continues until one party serves notice or they both agree to end the tenancy.

 

Effective December 11, 2017, fixed term tenancy agreements can no longer include a vacate clause requiring a tenant to move out at the end of the term unless: 

 

• The tenancy agreement is a sublease agreement; or
• The tenancy is a fixed term tenancy in circumstances prescribed in section 13.1 of the Residential Tenancy Regulation. i.e. where a landlord or landlord’s close family member plans in good faith to occupy the rental unit.
 

A rent increase for a tenant remaining in a rental unit is limited to the maximum annual allowable amount and can only be increased once every 12 months.  

 

Landlords must provide tenants with 3 full rental months’ notice of a rent increase & use the approved form. 

 

Landlords are no longer able to apply for an additional rent increase on the basis that the rent is significantly lower than other similar rental units in the same geographic area.

 

You may want to have a discussion with your tenant or landlord regarding the intended use of the rental unit at the end of the fixed-term. 

 

If you are a tenant, you will not be required to move out at the end of the term unless you are in a sublease agreement, or the landlord meets the specific circumstances identified in the Residential Tenancy Regulation.  This Regulation specifies a situation where a landlord or a landlord's close family member plans in good faith to occupy the rental unit (for example if the landlord has rented out their home during an extended absence for work, school or travel but has firm plans to return on a particular date.  

 

A tenant who wants to move out on the date originally agreed to in the tenancy agreement will need to provide one month written notice to the landlord.  The tenant and landlord may also agree to end the tenancy on the date originally identified as the end of the term.  A mutual agreement to end a tenancy must be in writing and agreed to by both parties.

 

If you are a landlord and you intend to enforce the vacate clause under the specific circumstances identified in the Act or Regulationyou should advise your tenant.  If the tenant doesn't agree in writing to mutually end the tenancy and move out at the end of the term, you will need to apply for an order of possession through the Residential Tenancy Branch. 

 

At the hearing, the onus will be on you to clearly demonstrate to the arbitrator how you meet the allowable circumstances for a vacate clause. 

 

There are two additional situations involving existing fixed-term tenancy agreements where a vacate clause can still be enforced.  If, before the day the legislative amendments were introduced (October 26, 2017):

  1. A landlord, expecting their tenant to move out at the end of the term, had already entered into a tenancy agreement with a new tenant; or
  2. A landlord was granted an order of possession requiring a tenant to vacate the unit, but the possession order takes effect after December 11, 2017.
The Residential Tenancy Act is intended to protect both landlord and tenants.  There are options available through the Residential Tenancy Branch to help landlords deal with problem tenants.  It is important that both landlords and tenants know their rights and obligations under the Act.

Existing Reasons for a Landlord to End Tenancy

Aside from removing the option to use a vacate clause, the rules around ending a tenancy have not changed. For example, a tenant can end a tenancy by providing the landlord with at least one rental month written notice. 

 

A Residential Tenancy Branch arbitrator can order the end of a tenancy for a breach of a tenancy agreement by either party.  Landlords and tenants can mutually agree to end a tenancy, which must be documented in writing. A mutual agreement to end a tenancy is recommended.  Landlords can also end a tenancy by serving the tenant one of the following notices to end tenancy:

Kind Regards
 
Trish Cenci
 
Tell 250 864 1707
 
 
NOTE - I am not a Licenced Rental Property Manager, and this information is therefore only provided as a general Guide. If you require further advice, please consult your own Licenced Property Manager.
 
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British Columbia Real Estate Association (BCREA) issues its final report for Real Estate sales in December 2017, which showed a total of 103,763 residential unit sales were recorded by the Multiple Listing Service® across the province in 2017, a decline of 7.5% from a record 112,211 unit sales in 2016.

 

The average MLS® residential price in BC was $709,579 in 2017, up 2.7% from the previous year. Total sales dollar volume was $73.63 billion, down 5.1% from 2016. “Robust housing demand in 2017 was underpinned by a strong economy, employment growth & rising wages,” said Cameron Muir, BCREA Chief Economist. “Above trend migration, both international and interprovincial, also bolstered housing demand, while broader demographic fundamentals added fuel to condominium sales in urban centers and to all home types in retirement-oriented communities.”

 

The BC housing market ended the year with a strong December. Home sales increased 4% from November, on a seasonally adjusted basis. However, the year-end results were likely pushed higher by some homebuyers advancing their purchases to avoid tougher mortgage qualification rules in the new year.

 

In December, a total of 5,738 residential unit sales were recorded by the MLS® across the province, an increase of 21.5% from the same period last year. Total sales dollar volume was $4.2 billion, up 36.3% from December 2016. The average MLS® residential price in the province was $734,108, up 12.1% from the same month last year.


In the Central Okanagan, the total of active listings in December was 2087, against 2119 in 2016, a drop of 1.5%.


Average sale prices year on year in the valley are reported as $497,604  against $461,791 i 2016 - an increase of 7.8%.


Here are the numbers from across the region.




 

Kind regards

 

Trish Cenci

 

Tel 250 864 1707

 

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Welcome to my Quail Ridge / University District Real Estate Market Report for 2017.


This report is designed to give current Owners, Buyers, Sellers, and Investors an insight into how the University District Real Estate Market has performed, here in Kelowna, in the last 12 months, and what you may expect in the coming year.


Quail Ridge / University District Real Estate Sales Numbers 2017


 


Date


Total

Single Family Homes


Condos


Townhomes


Lots

  2017 117 15 68  32 2
  2016 121 40 54 22 5
  2015 84 49 49  9 2

 

Overall sales numbers were similar to last year, but there was a significant difference in what types of properties sold.

 

Single Family Homes

 

There was a 62% fall in Single Family Homes sales numbers, in Quail Ridge, in 2017.

 

 

Looking at the levels of inventory on the graphic above, inventory numbers were far better than 2016, so it was not a lack of inventory. It appears to have been more to do with the price of homes and their age.

 

For instance, in 2017, only one house sold for under $600,000, whereas in 2016, 15 homes sold under $600,000. Also, there were no newer homes in Capistrano Peaks area which came up for sale, whereas there were 5 sales in 2016 between $650,000 & $830,000.

 

With the lack of mid to higher range homes available, this affected the overall rise in median sale price for the area. For instance, in 2016 there were 4 homes sold between $900,000 & $1.1 m and in 2017 only 1 house sold for just over $1m.

 

Median Home Prices 

 

2015 - $562,000

 

2016 - $624,750 up 11.2%

 

2017 - $694,600 up 11.1%


Condos

Condo sales numbers were up 25.9%. There was a good level of condo sales activity all year. The Market was busy, with the usual Parents looking for Students attending UBCO, but we also saw a higher number of investors, particularly from the Lower Mainland. This meant that inventory was constantly struggling to keep up with demand.


Whereas we would normally see sales numbers and price increases tend to 'fall off' by the end of October, prices appear to have kept rising.

 

 

 

Inventory and Days on the Market

Inventory was lower in 2017, compared to 2016, and significantly lower than 2015.


The knock on effect has been a significant fall in the number of days on the market, in the last couple of years.


2015 - 90 days to sell.


2016 - 32 days.


2017 - 23 days.


Clearly and improving Sellers Market.

 

Median Sale Prices Quail Ridge

 

2015 - $265,250

 

2016 - 303,000 Up 14.2%

 

2017 - $330,250 Up 9%


Median Sale Prices Academy Way


2015 - $297,500

 

2016 - $335,000 up 12.6%

 

2017 - $389,900 up 16.4%


Quail Ridge Condo price gains were not so strong in 2017, but prices were rising faster towards the end of the year.


For instance, a 2 bedroom 900-1000 square foot unit was showing an average price of $284,000 in 2016 and $319,500 in 2017, i.e. 12.5% increase, but the last sale in December 2017 was for $335,000, which is an effective increase of 18% on similar units in 2016.


The Academy Hill area made stronger gains, but this was affected by some of the brand new units in U Two and U Three being listed on the MLS® system, which tended to be the higher priced units.


Townhomes


University District Townhome numbers were affected strongly by sales of the new Deerhurst Estates Townhomes in Vint Road. There were 13 of these units sold on the MLS® during the last year, in the $540,000 to $569,000 range.


One of the biggest success stories for Sellers has been the improvement in the price of Bella Sera Townhomes.


For many years, they have been underpriced, as the had a very complicated Title structure, which meant Buyers requiring mortgages could not get financing. This has now changed, and as a result of the increasing demand, we have seen prices surge from $363,000 at the beginning of the year to the latest sale being $447,500, an increase of 23.3%.


There were 4 Town Homes in Fiore Del Sol on Country Club Drive, all sold quickly, with us receiving an offer on one within 24 hours, and the longest sale took 37 days.


As there were 3 three storey units and 1 Rancher the prices ranged from $543,500 to $615,500, whereas the best price for a 3 Storey unit had been $500,000 the previous year. As each one was a different size and different level of finishing, it is difficult to give a true percentage rise, but prices have risen at least 10%.


Forecast for Quail Ridge and UBCO 2018

If we continue to see inventory as low as it was during 2017, we will continue to see prices rising, however not at the same levels as we have seen over the past 2 years.


Good economic numbers for Kelowna are continuing to drive inward migration, particularly from the Lower Mainland, but rising prices are making some properties less attractive to Investors.


The Quail Ridge area is continuing to become attractive to Buyers again, as it is more affordable than some areas of the City, and is now serviced by a variety of Shops, Restaurants and Coffee shops, which were previously lacking. It is within walking distance of UBCO and still has the draw of being situated next to the two Quail Ridge Championship Golf Courses.


The University continues to expand, with 98 countries being represented at the First Year intake this year.


The U Six Condo complex, on Academy Way, is scheduled to launch during February 2018, but it will be a much smaller project than some of the other 'U' Condo buildings.


University Village, just off Academy Way, will see its first new homes built this year, which will bring welcome 'new' product to the area, and the completion of John Hindle Way will be great news for the Quail Ridge area offering easier access to North Glenmore.

 

If you have any specific questions about the area or your own particular needs, please do not hesitate to telephone or email me.


Kind Regards


Trish Cenci


Tel 250 864 1707



 

 

 

 

 

 

 

 

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The Kelowna Real Estate Market Buyers Survey Results are now out for November 2017.

 

Interestingly Relocating were Buyers busy in the Kelowna Real Estate Market and interestingly Lower Mainland / Vancouver Buyers represented 21.1% of the Market, which is one of the highest percentages we have seen.

Property Type:

21.3% by Relocating and moving to similar property type (down from 21.5% in October)
18.9% by First Time Buyers (up from 15.5%)
18.9% by Move-Up Buyers (up from 13.9%)
13.1% buying Revenue/Investment Property (down from 18.2%)
11.9% by Buyers Downsizing (up from 11.5%)
5.7% buying Recreation Property (down from 7.6%)
4.5% moving from Strata Property to Single Family Home (up from 3.6%)
4.1% moving from Single Family Home to Strata Unit (down from 5.2%)
0.4% moving into Retirement Home/Seniors Community (down from 2.7%)

Buyer Type (Family Dynamic):


29.1% Two Parent Family/Children (up from 28.8% in October)
25.8% Couple without Children (up from 23.3%)
16.8% Empty Nester/Retired (down from 18.5%)
11.5% Single Female (down from 13.3%)
9.8% Single Male (down from 10.9%)
5.3% Single Parent with Children (up from 4.2%)
 
Moving From:


54.1% from Within OMREB Board Area (down from 56.3% in October)
21.1% from Lower Mainland/Vancouver Island (up from 16.6%)
8.5% from Alberta (down from 13.6%)
7.7% from Other Areas in BC (up from 6.0%)
3.3% from Eastern Canada/Maritimes (no change from 3.3%)
2.9% from Outside Canada (up from 2.1%)
2.4% from Saskatchewan/Manitoba (up from 2.1%)
0.0% from NWT/Yukon (no change from 0.0%)


Kind Regards


Trish Cenci


Tel 250 864 1707


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First and foremost Happy New Year!

 

2017 was another very busy year for the Kelowna Real Estate Market and while the MLS® sales numbers were not as high as the previous year, there were a large number of Developers sales - E.G. downtown High Rises and New Homes being built, which weren't included in these figures.

 

All year it seems that small parcels of Land were being snapped up, and new developments are now popping up all over the area. I don't recall ever having seen so much building going on around the City.

 

For many years we have been talking about Kelowna one day changing, well it feels like its time has come!

Central Okanagan Real Estate Sales December 2017

 


Date


Total

Single Family Homes


Strata


Lots


Manuf

  Dec 17 343 185 122  23 13
  Nov 17 448 213 161 55 19
  Oct 17 544 254 194  71 25
  Sept 17 490 223 204  41 22
  Dec 16 335  157  140  18 20

 

As to be expected, December was a quieter month.

 

Summary of numbers -:

 

Total sales down 23.4% from November 2017 up 2.4% on 2016.

Single Family Home sales down 13.1% from November 2017 up 17.8% on 2016.

Strata sales down 24.2% from November 2017 and down 12.8% on 2016.


How much have Kelowna Real Estate prices risen this year compared to last year?


The Median Price numbers are -:


Single Family Homes up 12.9% from $555,000 to $626,500.

Condos up 16.2% from $262,500 to $305,000.

Town Homes up 13.8% from $384,900 to $437,900.

 

Changes To Limited Dual Agency As Of March 15th, 2018

As you may have read in the media, Agents will no longer be able to undertake transactions as a Limited Dual Agent, from March 15th, 2018, and if they are working with a Buyer, their Agent will not be able to represent them, should the client decide they want to make an offer on one of their Agents listings.(There are some exemptions for remote communities).

IMPORTANT CHANGES JANUARY 1st 2018 - How this will affect My Buyers and Sellers

As you know, for many years, I have been working with my Business Partner, Tanis Read as the Trish and Tanis Real Estate Group.

In order to best serve all of our clients, we have decided to set up two separate Real Estate Businesses, so that our clients can be fully taken care of at all times.

This is quite a radical change for us, but our goal has always been to take the very best care of our Clients and that is why we are making these changes as of January 1st, 2018.

It is important to note, for confidentiality purposes, that we will have separate email addresses, phone numbers and as you can see from my new Website, we will have separate Web sites.

My contact details will be -:

Telephone 250 864 1707
Email trishcenci@gmail.com

If you have any specific questions, please do not hesitate to contact me either by phone or email.

Kind Regards

Trish Cenci

 

 

 

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foreclosure

 

Real Estate Foreclosure transactions, in British Columbia, are a complex area, where unforeseen hurdles can cause serious problems for the Real Estate Agent and the Public.


Foreclosure transactions are quite different from regular real estate transactions, and it’s important to appreciate the differences to avoid common mistakes. 

 

The starting point is that foreclosure transactions are ultimately subject to court approval. The first offer accepted by a seller/lender doesn’t automatically mean that this buyer will get the property. The approval process encompasses an overarching supervisory role of the courts in relation to the transaction, which in general is handled by a master of the court.

 

In many cases, the party that has the conduct of sale in the foreclosure requires that many of the standard clauses in a Contract of Purchase and Sale be amended. The amended clauses are generally contained in a Schedule to the contract.


Parties foreclosing are not always banks or financial institutions, but can include private lenders. The foreclosure procedure is commenced by way of the lender obtaining an Order Nisi in court, and once a redemption period has expired, obtaining an Order for Conduct of Sale. Potential purchasers will make offers, and the lender may choose to accept an offer. Ultimately, however, no foreclosure transaction will be finalized until the court has given approval to the sale.

 

Here is an example of a 'curve ball' in the Court proceedings.

A recent case demonstrates the discretion conferred on Masters in Court.A buyer who retained an Agent for the purpose of putting in an offer for a foreclosure property. The offer was accepted by the party with the conduct of the sale, and subjects were duly removed; however, the offer remained subject to court approval. When the parties appeared in court to obtain approval of the sale, a competing offer to purchase the property was presented by a third-party bidder. The plaintiff was therefore given the opportunity to increase his bid, which was done.

 

The licensee prepared a revised offer by striking out the previous purchase price on the contract and replacing it with a higher figure. When the new offer was handed back to the court, a copy of the previous subject removal form was not provided. The master expressed concern that the offer presented on behalf of the buyer was not subject-free.

 

Despite assertions from both the licensee and the lawyer representing the lender that the transaction was subject-free (indeed the subject removal addendum was offered to the court), the master considered the offer to have been made with subjects and therefore not valid. The matter proceeded to several new rounds of bidding, and this buyer was ultimately successful in obtaining the property, 


The moral of this story is, a person seeking to become the successful bidder should be prepared to present a subject-free bid. Even though the lender had accepted the offer weeks before, all new bids should be subject free.

 

This is just one example of what can happen, so my advice is to make sure you are represented by a Real Estate Agent that is thoroughly familiar with Foreclosure proceedings.

 

Kind Regards

 

Trish Cenci

 

Tel 250 864 1707

 

Taken from an Original Article By Ryan Dix, Staff Lawyer, Real Estate Errors and Omissions Insurance Corporation

 

 

 

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The BC Real Estate Association has today published its latest Mortgage Rate Forecast.

 

As I suspected they are forecasting further rises - see the table below.

 

Risk Factors -:

 

  • Changes to the Mortgage Rules in January 2018.
  • Elevated Housing Debt.
  • The ongoing performance of the Canadian Economy

 

All of these factors will all play their part. At the end of the day, the Government cannot risk increasing Mortgage Rates too high, or too quickly as this may have a devastating effect on some households and the knock-on effect this would have on the Real Estate Sector, which is an important part of the Canadian Economy.

 

 

The full report is available at http://www.bcrea.bc.ca/docs/economics-forecasts-and-presentations/mortgagerateforecast.pdf

 

Kind Regards

 

Trish Cenci

 

Tel 250 864 1707

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The British Columbia Real Estate Association (BCREA) reports that a total of 7,731 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November, an increase of 20.4% from the same period last year. Total sales dollar volume was $5.59 billion, up 39.1% from November 2016. The average MLS® residential price in the province was $723,112, up 15.5 per cent from November 2016.

 

November was the third consecutive month that BC home sales were above 9,000 units, on a seasonally adjusted basis," said Cameron Muir, BCREA Chief Economist. "Elevated consumer demand is being supported by strong employment growth, rising wages and favourable demographics."

 

BC employment increased 3.8 per cent over the last 12 months, totaling over 90,000 jobs. Over the same period, average hourly wages in the province climbed 5.7 per cent to $26.82. Against this backdrop, a large cohort of millennials is entering their household-forming life stage. In addition, some buyers are likely completing purchases now in advance of tighter conventional mortgage qualifications, scheduled for the new year.

 

Year to date, BC residential sales dollar volume was down 6.8 per cent to $69.4 billion, when compared with the same period in 2016. Residential unit sales declined 8.8 per cent to 98,024 units, while the average MLS® residential price increased 2.2 per cent to $708,150.

 

Focus on Kelowna Real Estate & the Central Okanagan.

In the Central Okanagan, Average Sale Prices were up 7.2% from $467,815 in November 2016 to $501,335 in November 2017.

 

Given that inventory was down 1.3% on this time last year from 2,555 units for sale to 2,521 units, while we may see a flattening off for some prices during the Winter months, there is no sign yet that prices will start to fall.

 

Year to date the number of sales are down 10.3% for 2017 with 8,594 units sold compared to 9,583, but we must remember that this does not include all the new Downtown Condo unit sales in such complexes as One Water Street and Ella, which were sold directly by the Developers, so did not appear in the MLS® stats.


Kind Regards


Trish Cenci


Tel 250 864 1707

 

 

 

 

 

 

 

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I have listed a new property at 1307 1875 Country Club Drive in Kelowna.
Exclusively listed for Sale.
One Bedroom One Bathroom 3rd Floor Condo.
Square Footage - 820 Square Feet
Kitchen - Breakfast Bar, Granite Counters, Black Appliances & Maple Cabinets.
Living Room - Wall to Wall Carpet, Electric Fireplace & access to Deck
Parking - One Secure Underground Stall
Additional Parking - Street Parking Available on Country Club Drive
Storage - Some Storage In Unit / Bike Storage available in Parkade
Roof - Tile
Amenities Pool, Hot Tub Meeting Room and Exercise Room
View - Faces South and West
Furniture Package - available at extra cost
Storeys in Building - 4
Construction - Timber Frame
Built - 2008
Heating / Cooling - Heat Pump / Central Air - Electric.
Strata Fees $309.65
Strata Fees Include - CareTaker, Contingency Reserve, Insurance, Landscaping, Management, Recreational Facilities, Road Maintenance, Sewer, Snow Removal, Trash Removal, Water
BBQ's Allowed.
Rentals - Allowed - short and long-term rentals allowed.
Pets -1 Cat or 1 Dog no more than 15 inches high.
Master Bedroom L1 15'3"X14'3"
Ensuite - Full L1 11'X9'
Kitchen L1 14'3"X8'9"
Living Room L1 18'9"X12'
Storage L1 4'X5'4"
Patio L1 12'6"X15'4"
All Measurements are approximate, please verify if important.
Proximity to Golf Course - Less than 5 minutes to the 2 Quail Ridge Championship Courses
Proximity to UBCO - 5 minutes by Car 15 minutes Walking.
Bus Transit - Available by limited service during UBCO School Year.
Proximity to Shops, Restaurants, Liquor Store & Kelowna International Airport - 5 minutes Drive
Possession available from January 31st 2018 onwards.
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The beginning of November seemed to start very slowly, and it felt like we were really entering into the usual winter lull. I suspect this was not helped by the heavy snowfall we experienced in early November before all the leaves had fallen. Thank goodness that melted quickly and I was pleased to see 10 degrees on my Thermometer one-day last week! In the last week, inquiries have picked up again and Buyers are still writing offers.

Kelowna Real Estate Sales Numbers November 2017

Overall sales are down 10.3% on last month but interestingly up 14% on this time last year.Single Family Home sales are down 16.1% on last month, but up 17% on 2016, and Strata sales are down 17% and down 8.5% on this time last year. Interestingly Lot sales are still much higher than last year.

What is the Current Kelowna Real Estate Market Outlook?

In case you missed it, the BC Real Estate Association issued its Q4 Real Estate Forecast for BC this week. Unfortunately, they only break down the numbers for our area as the Thompson-Okanagan Region which includes Kamloops and the South Okanagan.


As you will appreciate, this is quite a diverse area, so I would exercise some caution when reading the figures, as my feeling for the Central Okanagan is that while prices overall may start to even out, we are still in a Sellers Market, inventory is still on the low side and certain types of properties are is still in short supply, so there will be pockets of the market which will show above average price rises.


To read the summary for our area please click on the attached link -:http://realestatenews.trishandtanis.com/2017/11/kelowna-real-estate-thompson-okanagan-2018-housing-forecast/

Changes coming up for the BC Real Estate Industry

If you have been reading the news recently the BC Superintendent of Real Estate, has now come out with his recommendations for changes in the Real Estate Industry. These will include a ban on Limited Dual Agency, by BC Licenced Real Estate Agents, to commence on March 15th, 2018.


For many, this will not affect their relationship with their Real Estate Agent, but for those who decide to purchase a property from the listing Agent, there will be some changes.  I am currently reviewing these recommendations and waiting for further guidance on how this will affect my Clients, so watch out for further updates as they come out!


If you have any questions about our latest Market update or any other questions about your Real Estate buying and selling needs, please do not hesitate to contact me.


Trish Cenci


Tel 250 864 1707

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The trademarks MLS®, Multiple Listing Service® and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system.
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