Editor:
In response to your news article the other day, we feel that the following statement is an ill thought-out insult hurled at the B.C. Real Estate Association following a press conference announcing the association’s plans to protect consumers in this overheated market: “The commission-based nature of the real estate business means the association has a vested interest in keeping the market hot.”
This came from of all people, Finance Minister Selena Robinson. One would really not expect her to confuse Economics 101 and Politics 101. Supply and demand is a simple economic fact taught in first year. Our market is hot because we have a very small inventory along with high demand. The lack of supply lies at the feet of government at every level - the last time a purpose-built rental building was built in the Tri-Cities was in the 1970s.
Realtors love a balanced market when buyers and sellers can both realize their real estate goals. What they do not enjoy is the current market where buyers have to make several offers on different properties over months/years before successfully purchasing a home - lots of disappointment and work.
The other aspect we do not enjoy is being scapegoated by a government minister who should know better. She speaks from the privilege of a regular pay cheque, pensions and benefits security - paid for by the taxpayer. Does she truly believe that, moved by greed, we have the power to alter the temperature of the real estate market? We hope that Ms. Robinson can recognize the economic nature of the problem and apologize for maligning the real estate industry in an effort to lay blame where it does not belong.
Finally, we would like to respectfully point out that when considering a “cooling-off period,” government recognize that circumstances for a regular homeowner are far different from those of a developer selling property yet unbuilt.
Realtors are strong supporters of their communities and are meaningfully involved in both participation and fundraising. In fact, Ms. Robinson can attest to this from her municipal councillor days where we know she called on our team every time she needed help with a fundraiser.
We appeal to government to listen and actively work on the building supply end.
Sheila Francis, Michelle Hawthorne, Scott Johnson, Shane Goutsis and Ray Harris, Generations Real Estate Partners
