LSTAR e-Bulletin - February 2024

IN THIS ISSUE

• Uploading Your Active Listings on the PropTx MLS® Platform
• Board of Directors Meeting Highlights
• Walk and Talk Sessions with LSTAR Chair Kathy Amess and LSTAR CEO Bill Madder
• LSTAR Webinar Series Kicks off on March 5th
• New On-Demand Course: Adding & Editing Listings in the PropTx MLS® System
• New PropTx Micro-Learning Videos
• Nominations for the Ron Richardson Award Open Today
• Winners of the 2023 Commercial Building Awards Announced
• Recap: Insights from the 2024 Western Ontario Housing Economic Summit
• Save the Dates of Our Coming Events!
• Proceeds from Four LSTAR Events Distributed to Eight Local Charities
• LSTAR Class Schedule for March 2024
• March External Learning Opportunities
• LSTAR's Latest Micro-Quizzes
• LSTAR's 2024 Scholarship
• Home Sales, Listings Take a Leap in January
• Join LSTAR's Team of Blood Donors and Bring a Buddy to Win Big!
• Discontinued OREA Forms
• CREA's New FAQ Regarding the REALTOR® Cooperation Policy
• CREA's Update on the Future of REALTOR.ca
• FINTRAC Update: New Ministerial Directive for Russian Transactions
• Updates to CREA's FINTRAC Regime Materials Webinar
• ITSO's February Digest
• Membership Updates
• Member Perks: Enjoy Savings and Discounts Today!
• TRREB’s 2024 REALTOR® Quest

Uploading Your Active Listings on the PropTx MLS® Platform

LSTAR has heard your concerns and collaborated with PropTx to offer alternative methods for uploading active listings onto the MLS® System. As a result, now you have two options: you can either work from a draft listing, or start from scratch within the "add listing" feature.

If you choose to work from a draft, you can locate your draft listings under the "Drafts" tab within the Add/Edit section. You can search the property address, select the listing, and review each data field within the draft for additions or corrections. Once everything has been reviewed, the listing can be moved to an active status.

It is important to note that there are some differences between the ITSO MLS® System and the PropTx MLS® System, so the auto-populated data may need adjustments. For example, the character limit for "Remarks for Clients" in the ITSO system is 2,000 characters, whereas, on the PropTx platform, the limit is 1,000 characters.

When unsure about your next steps, please refer to the informational icons for guidance on data fields. Moreover, when you click on "validate," any data that requires correction or addition will be highlighted.

If you choose to add your active listings from scratch, please keep in mind that your drafts will expire 45 days after the creation date. To learn how to add your active listings from scratch, you can take this short online course created by LSTAR. 

We strongly recommend that you load all your active listings on the PropTx MLS® platform by the end of March 2024.

Any new Listings Agreements signed on March 4th will require the PropTx data information form to be completed and signed.

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Board of Directors Meeting Highlights

Association Updates

PropTx

Members gained access to the PropTx MLS® System on February 13.

Each Member was sent information on February 13, with information and instructions on how to log into the PropTx MLS® platform.

There are many education courses offering a suite PropTx training. Schedule and registration information can be found on Matrix™ under News and Alerts and on the LSTAR Member Hub under REALTOR® Education.

Stay tuned to Matrix™ and REALM™ News and Alerts and the new PropTx Transition Page on LSTAR’s Member Hub.

Motions

• The Directors recommended and approved that LSTAR offer complimentary Interboarding to all OREA Members for all properties listed within LSTAR’s jurisdiction until December 31, 2024.
• The Directors also recommended and approved that LSTAR waive all joining and initiation fees for brokerages and Members that are already Members of an OREA real estate board/association between March 1 and December 31, 2024.
• The Community Engagement Committee recommended and the Directors approved that the following be accepted as beneficiaries of the 2024 LSTAR Charity events:
  • Slo-Pitch
    • Hospice of Elgin
    • Ark Aid Street Mission
  • Charity Golf Tournament
    • Indwell (for projects in London and St. Thomas)
  • Christmas Gala
    • Humana Community Services
    • Wellkin Child and Youth Mental Wellness
    • Women’s Rural Resource Centre of Strathroy and Area
  • Children's Christmas Party
    • Investing in Children
• With the new PropTx agreement, the Directors recommended and approved that the revised MLS® LSTAR Policies be approved as presented.
• With the ORWP in effect and enhanced life insurance benefit, the Directors recommended and approved that the RWAM LSTAR member life insurance policy be discontinued, effective April 1, 2024.

ORWP

• A reminder, the ORWP (Ontario REALTOR® Wellness Program) took effect January 1, 2024.
• The cost of the program is now part of OREA Member dues, increasing those dues to $769.88 per year.
• LSTAR Members are now being invoiced $270 per month. This amount covers both the OREA and CREA dues, in addition to the LSTAR monthly dues assessment.
• For more on the ORWP, check out www.orea.com/orwp.

LSTAR Leadership in the Community

As part of the LSTAR 2022-2024 Strategic Plan, the Association regularly engages with local leaders, government, businesses and organizations across the region to position LSTAR as the go-to trusted source for real estate data, trends and housing policy recommendations, and to increase the profile of REALTORS® and the value they bring. 

To strengthen relations with community partners, here are some meetings and events LSTAR attended in January and February:

• January 17 Standing Committee on Finance and Economic Affairs Pre-Budget Consultation
• January 24 St. Thomas-Elgin Housing Stability Alliance meeting
• January 25 State of the City, London Mayor Josh Morgan
• February 8 London Chamber of Commerce Black History Month, Celebrating Canadian Black Innovation
• February 13 meeting with London City Councillor Anna Hopkins
• February 13 meeting with London City Councillor David Ferreira

LSTAR also supported the following events through attendance and sponsorship:

• January 26 to 28 London Home Builders’ Association Lifestyle Home Show
• February 9 2024 Youth Opportunities Unlimited Breakfast
• February 15 St. Thomas and District Chamber of Commerce Lunch with the Mayors 2024

Member Engagement

New Members

LSTAR welcomed 32 new Members in January. Welcome! The Association has 2,292 Members.

Education

• LSTAR continues to offer technology-based classes, online and in-person. Members may register themselves online by going to members.lstar.ca and clicking REALTOR® Education.
• PropTx Training – In February, LSTAR started offering PropTx product specific complimentary training, available in-person and online. LSTAR encourages all Members and Admins to register. Schedule and registration information can be found on Matrix™ and REALM™ News and Alerts and on the LSTAR Member Hub under REALTOR® Education. 

LSTAR Member Hub and Member Forum

If you haven’t seen it yet, be sure to check out the members-only portion of LSTAR's website! You can access it by going to members.lstar.ca and clicking on the "Member's Login" button at the top of the public website's home page. When prompted to enter your username and password, just use your REALTOR.ca SSO email and password.

Be sure to check out an exclusive Member Forum, where you can connect with other LSTAR Members to share your real estate needs, wants and insights.

Whether you're a long-time member of LSTAR or a brand new one, LSTAR's Member Hub is your go-to resource for everything LSTAR and real estate!

LSTAR in the Media

• The January home sales news release garnered coverage in the London Free Press. In January, 439 homes exchanged hands, and the average home price was $605,000, down from $628,000 in December.
• LSTAR 2024 Chair Kathy Amess appeared in the London Free Press on January 12th, on the Rogers TV program #LdnOnt on February 1st (as LSTAR’s new Chair), and on CBC News London on February 8th (about rental scams). Fanshawe College also interviewed Kathy about federal policy on foreign student limits and housing impacts (story forthcoming), and she is scheduled to appear on Next Week Today in St. Thomas-Elgin on February 21st.
• LSTAR 2024 Past Chair Adam Miller appeared on CBC London Radio on January 8th.

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Walk and Talk Sessions with LSTAR Chair Kathy Amess and LSTAR CEO Bill Madder

Join LSTAR's 2024 Chair Kathy Amess and CEO Bill Madder for an opportunity to ask questions, discuss REALTOR® issues or just to get to know them in one of LSTAR's area parks or walking trails. From industry insights to your most pressing concerns, you will have the chance to delve into a wide array of topics while enjoying the great outdoors.

Please reach out to kbougie [at] lstar.ca (kbougie[at]lstar[dot]ca) to book our spot. You may invite up to five LSTAR Member Colleagues to join you in this experience. 

Check your calendars, lace up your shoes, bring your ideas, and prepare to walk the talk with LSTAR's top leadership!

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LSTAR Webinar Series Kicks off on March 5th

The 2024 LSTAR Spring Webinar Series features nine educational sessions on timely topics, such as the impact of AI and VR on real estate, CASL compliance for REALTORS®, and mastering Canva for social media impact. All our educational webinars are intended to give you the tools and the knowledge necessary to better help your clients and conduct your business.

Registration information for all the Spring 2024 Webinars can be found on your MLS® System under "News & Alerts" and on LSTAR's Member Hub under Education – Webinar Registration.

The first webinar in this series will take place next Tuesday, March 5th, 2024, between 11 am and 12 pm. Join us to hear from Tracey DeLeeuw, futurist, founder and consultant, as she talks about the technologies that will have a major impact on real estate sales over the next 10 years. 

Register now!

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New On-Demand Course: Adding & Editing Listings on the PropTx MLS® System

Knowing how to comply with the PropTx MLS® Rules, Policies, can increase professionalism, increase the quality of MLS® listing content on the PropTx MLS® System enabling you to better serve your clients, and avoid the stress of being involved in the PSC process.  

This course is mandatory for all new members of LSTAR, but also recommended for all users of the PropTx MLS® System, whether they belong to a PropTx Member Association, are an Authorized User, or are an Administrator/Assistant.  

This On-Demand/Asynchronous course covers all aspects on how to load a listing onto the PropTx MLS®.  This course reviews the PropTx MLS® Rules associated with loading listings, reporting transactions and provides an overview of what happens when there is a breach of the MLS® Rules and Policies. This course features short videos and knowledge checks throughout the course with a final assessment at the end, requiring Members to obtain a mark of 80% to pass.

The course can be found on the LSTAR Member Hub under On-Demand Training. 

Click here to open the course full-screen in a new window.

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New PropTx Micro-Learning Videos

With the onset of the PropTx transitions, the education department has developed some new micro-learning videos to help you with the changeover.  Please make sure to visit the LSTAR Member Hub to view our ever-growing library to help you stay up-to-date on the latest changes.

Click here for the list of all permissions levels available within the PropTx MLS® System.

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Nominations for the Ron Richardson Award Open Today

Do you know a REALTOR® who is an outstanding leader across the region? Do you know a REALTOR® making a positive impact with a local charity? Do you know a fellow REALTOR® who inspires others? Nominate a colleague for the Ron Richardson Memorial Award!

The Ron Richardson Memorial Award recognizes an LSTAR REALTOR® Member who personifies the spirit and values of LSTAR’s three-time Past President, who championed philanthropy and giving back to the community. The award recipient will be recognized for his/her/their contributions in leadership, mentorship and professionalism* throughout the community and organized real estate.

Nominate a colleague today! The nomination deadline is Sunday, March 31st, 2024. The recipient will be announced at the LSTAR Annual General Meeting, scheduled to take place on June 25, 2024.

Examples include:

• Service on a real estate board or local charitable organization (e.g., Board of Directors, committee, special campaign, etc.)
• Volunteerism in the community (e.g., charitable groups, schools, post-secondary institutions, sports organizations, etc.)
• Passion for philanthropy (e.g., participation in philanthropy projects and campaigns to support fundraising for local community organizations)

The recipient will receive $1,000 to be donated to a charity of the recipient’s choice within the LSTAR catchment area to benefit local communities. The award is made possible by the incredible generosity of the Richardson family.

Ron Richardson joined LSTAR in 1943, when it was known as the London Real Estate Board. He served as President in 1948, 1949 and 1959, becoming the first Member to serve three terms as President. There are several notable milestones that happened in 1959, Ron’s final term as President. It marked the first time would-be registrants had to pass a short examination on their knowledge of the Real Estate and Business Brokers Act in order to qualify. It was also the year a local committee was struck to deal with business ethics, the first attempt to manage issues related to professional standards. Ron was an LSTAR Member for nearly 60 years. To learn more about him, check out this video.

LSTAR Members in good standing* are eligible to receive the award. Nominations shall be reviewed by the LSTAR Community Engagement Selection Committee, with the final decision to be made by the LSTAR Board of Directors. The award is presented annually at a scheduled LSTAR Membership Meeting.

*Eligible nominees must be in good standing with LSTAR, including a clear record in the past five years of not receiving a severe fine and/or penalty for unethical conduct from the LSTAR Discipline Committee and/or the Real Estate Council of Ontario (RECO).

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Winners of the 2023 Commercial Building Awards Announced

The London and St. Thomas Association of REALTORS® (LSTAR) is thrilled to announce the recipients of the 2023 Don Smith Commercial Building Awards. Recipients were honoured on February 22, 2024, at the Best Western Plus Lamplighter Inn and Conference Centre.

The biannual reception and awards ceremony recognizes the top commercial, industrial, multi-family and community buildings across the LSTAR region. The program was named after the late Don Smith, legendary co-founder of EllisDon, a world-renowned construction company with deep roots in London, Ontario.

“These awards illustrate the incredible innovation and design by the talented developer, construction and architecture community right here in our region,” said Kathy Amess, 2024 LSTAR Chair. “These leaders play an integral role to the business, economic and social development of our cities and neighbouring communities.”

Main categories include Commercial, Industrial, Multi-family and Institutional. A judging panel evaluates the projects, with the following criteria:

• Building, development or renovation located within LSTAR’s jurisdiction
• Design and innovation
• Addresses a specific developmental need within the community
• Sensitive to the environment
• Completed between August 1, 2021 and July 31, 2023

The 2023 winners were:

• Commercial: EMCO Building Historic Renovation, “The Empire” Building
• Industrial: Aspire Food Group, New Production Facility
• Multi-Family Community: HDC, 122 Baseline Road West
• Multi-Family High Rise: Sofia Yorkville
• Multi-Family Low Rise: Zerin Place on Clarke Road
• Institutional Renovation: Thames Hall Redevelopment
• Institutional Education: Summerside Public School and Childcare Centre
• Institutional Community Use: East Lions Community Centre
• Green: Port Stanley Net Zero Fire Station

Check out these amazing photos from the Ceremony:

Of course, we couldn't put on such a great event without the generous support of all of our Sponsors!

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Recap: Insights from the 2024 Western Ontario Housing Economic Summit

On Friday, February 23rd, 2024, REALTORS® from across Southwestern Ontario convened at the Western Ontario Housing Economic Summit to delve into the most pressing issues shaping nowadays the region's housing market and economic environment. The event, held by LSTAR in collaboration with the Chatham-Kent Association of REALTORS®, the Huron Perth Association of REALTORS®, and the Woodstock, Ingersoll, Tillsonburg, and Area Association of REALTORS®, featured expert panelists who offered valuable perspectives on current challenges and future trends.

One highlight of the summit was a candid discussion on the state of the local economy, where topics such as inflation and interest rates took center stage. Peter Fragiskatos, MP for London North Centre, shared insights into the possibility of a rate cut in the near future, shedding light on potential economic shifts.

Representatives from various levels of government, including Darrin Canniff, mayor of Chatham-Kent, underscored the pressing need to address housing demands amid steady population growth. Canniff highlighted recent successes in apartment construction, emphasizing the community's response to increased housing options.

Matthew Rae, MPP for Perth-Wellington, emphasized the complexity of housing challenges, stressing the importance of collaborative efforts. He noted that while solutions may not be easy or immediate, collective action is key to addressing the multifaceted issues at hand.

Looking ahead, Peter Fragiskatos offered insights into emerging trends, including the rise of modular homes. Fragiskatos emphasized the potential of modular construction to address housing needs efficiently, citing its capacity to produce multiple homes daily, while maintaining quality and affordability.

The summit also addressed the critical need for increased municipal funding to support infrastructure demands, such as electricity and storm sewer systems. Panelists underscored the importance of proactive measures to ensure communities can effectively meet evolving needs.

Overall, the 2024 Western Ontario Housing Economic Summit provided a platform for meaningful dialogue and collaboration among industry stakeholders. As we navigate the complexities of our local housing market and economy, insights shared at events like these are invaluable in informing strategic decisions and shaping our collective path forward.

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Save the Dates of Our Coming Events!

Mark the dates of our upcoming events in your calendar!

LSTAR's Annual Slo-Pitch Tournament

Our annual Slo-Pitch Tournament is coming in hot and it's going to be one of the hottest events of the year. On June 14th, 2024, head to Slo-Pitch City in Dorchester to show off your skills on the field, while building relationships and team spirit. Whether you're a seasoned pro or just starting out, this tournament is the perfect way to kick off the summer.

LSTAR's Annual General Meeting and Trade Show

Then, on June 25th, 2024, you're invited to attend our Annual General Meeting & Trade Show taking place at the Best Western Lamplighter Inn and Conference Centre. During the AGM you'll be asked to vote on the future of the LSTAR building, so make sure you don't miss it. Also, the Trade Show promises to be a great opportunity to network, learn from local industry experts, and discover new products and services. We hope to see you there!

LSTAR's Annual Golf Tournament

On September 19th, come join us at the Highland Gold and Country Club in London, to tee off for a good cause. With beautiful scenery, challenging holes, and plenty of opportunities to network with other real estate professionals, our Annual Charity Golf Tournament is a must-attend event. Put it in your calendar now!

LSTAR's 2024 Christmas Gala

Lastly, on November 22nd, 2024, you're invited at RBC Place to show off your most stylish outfit at our most glamorous event of the year, the 2024 LSTAR Christmas Gala. Come to celebrate the holidays with us and your peers and be prepared for yet another elegant and enchanting soiree!

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Proceeds from Four LSTAR Events Distributed to Eight Local Charities

In a show of support for the local community, LSTAR has recently distributed the proceeds from four of its signature events to their respective beneficiaries. Representatives from each organization were invited to LSTAR to receive their official donation cheques.

LSTAR's 2023 Slo-Pitch Tournament, a highly anticipated event, was the primary fundraising initiative for the Ark Aid Street Mission and St. Thomas-Elgin Second Stage Housing. The proceeds were split equally among these organizations, reflecting LSTAR's commitment to supporting local causes.

At its 2023 Charity Golf Tournament, LSTAR continued its tradition of giving back by raising funds for Mission Services of London and the Grace Café in St. Thomas. The money raised was generously distributed among these deserving organizations, each of which plays an important role in the local community.

LSTAR's 2023 Children's Christmas Party was a festive occasion designed to spread joy and cheer to young attendees. Investing in Children was the sole beneficiary of this event, and the donation will help them continue their mission of supporting children in the local community.

At last, but not least, through its 2023 Great Gatsby Gala, LSTAR raised funds for other three local charities: Humana Community Services, Wellkin Child & Youth Mental Wellness, and Women's Rural Resource Centre.

All these donations serve as a testament to the LSTAR Members' dedication to making a positive impact in the community and supporting organizations that align with their values.

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LSTAR Class Schedule for March 2024

To help you get prepared for the opportunities unlocked by LSTAR’s transition to the PropTx MLS® ecosystem, LSTAR will continue to offer its regular suite of technology classes: Matrix™, BrokerBay, WEBForms®, GeoWarehouse® and Listing Load, along with some training on REALM™, SkySlope, and the new GeoWarehouse® features, including HoodQ. Check out March's classes below.

To register for any LSTAR courses via the Member Hub (you will need to login), click on the Education tab and scroll down to "Upcoming LSTAR Learning Opportunities". Expand the arrow by clicking on it and a table will appear with courses for the selected month. To register, click on the "Link", which will re-direct you to your Matrix™ Portal to complete the registration. A confirmation email will be sent to you upon registration.

To register for any LSTAR courses via the ITSO Matrix™, log in, and then click on the “Links” tab along the top of the main page of Matrix™. On the next page, scroll down to “Member Portal - Profile, Account/Payment, Education Registration, and click the link. A confirmation email will be sent to you upon registration.

If you do not receive a confirmation email after you register, you have not completed the registration correctly. Zoom class links are provided in your confirmation email. If you require support, please send an email to learning [at] lstar.ca (learning[at]lstar[dot]ca).

March

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March External Learning Opportunities

Looking for other learning opportunities? Check out this list of courses and webinars being offered by our provincial and national associations, technology providers, and other third parties.

March

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LSTAR's Latest Micro-Quizzes

Are you up-to-date on the REALTOR® tools of the trade? Check out our latest micro-quizzes designed to test your knowledge in two-minutes or less! (click on each image to see each of these quizzes).

Stay tuned for our next weekly micro-quiz!

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LSTAR's 2024 Scholarship

The application form for the 2024 LSTAR Scholarship will become available in the coming weeks. This year, the deadline for applications will be Friday, May 31st.

The LSTAR Scholarship is awarded to university or college-bound students who have demonstrated academic achievement, a high level of school and community involvement, maturity, responsibility, initiative, and strength of character. These students must either be the children, grandchildren or under the legal guardianship of a Member of the London and St. Thomas Association of REALTORS® or a Members' staff. 

Each award recipient receives $2,500.

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Home Sales, Listings Take a Leap in January

439 residential transactions were recorded last month via the MLS® System of the London and St. Thomas Association of REALTORS® (LSTAR), 28.7% more than in January 2023. The number of newly listed properties climbed from 386 in December 2023 to 873 in January 2024.

“The number of home sales is consistent with LSTAR’s 10-year-average for January, but the jump in newly listed properties is significant.  In January we saw the third highest number of new listings for that month," said 2024 LSTAR Chair Kathy Amess.

Out of the 439 properties sold in January, 329 were single-family homes, 74 were townhouses, and 31 – apartments. January’s average price for a single-family home in LSTAR’s jurisdiction sat at $660,686, while that of a townhouse settled at $504,304. The average price of an apartment from the London-St. Thomas region was $319,210. “When compared to last January the average prices for townhouses and apartments saw a slight decline. However, the average price of a single-family home increased by 3.8%,” Amess emphasized.

Housing supply dropped from 4.4 months of inventory in December to only 3.3 months in January.

"LSTAR’s sales-to-new listings ratio sat at 50.3% last month.  This and our January stats indicate a stable real estate market, which is positive news for everyone." Amess said.  

The average home price for the entire LSTAR jurisdiction reached $605,785 last month, up 3.9% over January 2023. However, the Composite MLS® Home Price Index (HPI) Benchmark Price ticked up at $573,300, 0.4% higher than a month ago, but 0.7% lower than a year ago.

The table below presents a detailed breakdown of January's average and MLS® HPI Benchmark Prices in LSTAR's main regions.

“In analyzing the real estate landscape for January 2024, it's essential to discern between average prices and MLS® benchmark prices. The HPI benchmark price offers a glimpse into the perceived value of a 'typical home' in a specific area, taking into account certain housing attributes valued by local buyers. In contrast, the average sales price is derived by summing all home sale prices and dividing that total by the number of homes sold. 

The HPI benchmark price is a more reliable tool for tracking trends over time because it provides a more stable reference point, unlike average sales prices, which can experience wild swings from one month to the next, due to only a few outliers from the sales activity mix.” Amess stated.

The following table shows how January’s benchmark prices for all housing types within LSTAR's jurisdiction stack up against those recorded in the previous month and three months ago.

"When compared to the prices recorded in other provincial and national centres, homes within the LSTAR jurisdiction remained relatively affordable, positioning our region as an attractive housing market for many," Amess said. The chart below shows the most recent HPI benchmark prices, as provided by CREA.

According to a recent study¹ by Altus Group, an average housing transaction in Ontario generates roughly $77,420 in ancillary spending within three years from the date of purchase. These expenses include legal fees, moving costs, furniture acquisitions, and home improvement expenses, as well as some other dues. 

“In other words, through the secondary spending they are triggering, LSTAR’s January home sales have the potential to create almost $34 million in spin-off spending by 2027. This demonstrates the key role played by our real estate market as a driver of the local economy." Amess concluded.

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Join LSTAR's Team of Blood Donors and Bring a Buddy to Win Big!

In less than two months, LSTAR's Team of Blood Donors, which is now 77 members strong, rolled up their sleeves for a total of 30 donations. This year, our goal is 200 donations, so we're well on our way to get there!

Please remember: if you're a blood donor and bring a friend or a family member with you to donate blood, your buddy will receive one entry and your name will be entered TWICE into a quarterly draw for a chance to win a $100 gift card to a local restaurant!

Each time you donate, be sure to email claire [at] lstar.ca (Claire[at]LSTAR[dot]ca), so that you (and your buddy) can be entered into the quarterly draw.

How to Join the LSTAR Team of Blood Donors:

1. Set up an account on blood.ca or the "GiveBlood app" for Apple and Android.
2. Select "Partners" from the Menu.
3. Select "Join a team" and search for "LSTAR". A dropdown list will appear.
4. Select the team you wish to join, LSTAR.
5. Book your next appointment, either through your team bookings (visible under your team) or as an individual.

Partner ID: LSTA013463 (four letters and six numbers)
Organization: LSTAR

For your convenience, a Blood Donor Clinic is ongoing in London, located at 820 Wharncliffe Road South.

In St. Thomas, you can donate blood at the Joe Thornton Community Centre at 75 Caso Crossing. Upcoming clinics are scheduled for Wednesday, March 6, and Wednesday, April 10, from 1:00 to 7:00 pm.

If you're in Aylmer, you can head over to the East Elgin Community Complex at 531 Talbot Street to donate blood. The next clinic is coming up on Thursday, March 28 from 1:30 to 7:30 pm.

We look forward to having more people join our team of blood donors soon.

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Discontinued OREA Forms

OREA has discontinued all Working with a REALTOR® Forms (810, 812, 815, 817). In their place, you can use the RECO Information Guide. For your convenience, this comprehensive resource is now available on SkySlope Forms, and WebForms®.

OREA is also updating their forms in response to the Trust in Real Estate Services Act (TRESA). We will inform you when these changes are completed.

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CREA’s New FAQ Regarding the REALTOR® Cooperation Policy

Last month, the REALTOR® Cooperation Policy came into force, putting into effect the new “Duty of Cooperation” in Article 30 of the REALTOR® Code.

To help address REALTOR® Members' concerns, CREA has updated the Frequently Asked Questions found at CREA.ca/REALTORCooperation.
 
These include:

New construction listings in developments with multiple properties or units are exempt from the policy. Are assignments of such properties also exempt from the policy?

Yes. Any assignments will be exempt if they occur prior to the transfer of title. Read the complete answer here.

Is advertising a property listing at a real estate show (e.g., cottage show) considered “public marketing”?

Yes. Advertising listing information (e.g., photos, address, street name, property details, etc.) for specific properties visible in a public place like a real estate show is considered public marketing and would trigger the policy. Read the complete answer here.

Communications between a listing REALTOR® and REALTORS® within the same brokerage is not considered public marketing. Does this include REALTORS® in branch offices of their brokerage? 

Yes, where a brokerage has branch offices under the same broker of record, communications between a listing REALTOR® and REALTORS® in those branch offices would generally not be considered public marketing.

Communications to REALTORS® in any other office with a different broker of record, whether completely unaffiliated or affiliated in some other way (e.g., two brokerages operating under the same franchise banner), would be considered public marketing unless it is a one-to-one direct communication. 

One-to-one direct communication between a listing REALTOR® and a REALTOR® from another brokerage/office (the receiving REALTOR®) is not considered public marketing. What about one-to-one direct communication between a listing REALTOR® and a potential buyer, or between the receiving REALTOR® and their client or other REALTORS®?

One-to-one direct communication on an individual basis between a listing REALTOR® and a potential buyer is not considered public marketing. Similarly, one-to-one direct communication on an individual basis between the receiving REALTOR® and their potential buyer is not considered public marketing. Read the complete answer here.

Some of the more commonly asked questions, and key elements of the Policy, have also been summarized in this infographic:

If you have any questions, please contact CREA’s Member Experience Centre by email at support [at] CREA.ca (support[at]CREA[dot]ca) or calling 1-888-237-7945.

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CREA’s Update on the Future of REALTOR.ca

REALTOR.ca stands as a cornerstone in the Canadian real estate landscape, serving as the premier portal for real estate transactions nationwide. It plays a pivotal role in facilitating connections between consumers and REALTORS®, generating millions of leads for our members annually.

In line with its commitment to advancing real estate technology and safeguarding the long-term viability of REALTOR.ca, CREA has taken decisive steps following the 2023 CREA Special General Meeting (SGM) held last October. A specialized REALTOR.ca Task Force has been convened, tasked with meticulously assessing and providing recommendations on a proposed business case. This case will comprehensively evaluate various options for REALTOR.ca, including its potential restructuring as a separate, taxable entity.

The work of the REALTOR.ca Task Force is progressing in three key areas:

• Governance, encompassing by-laws, articles of incorporation, and shareholder agreements.
• Financial analysis, evaluating revenues, costs, risks, and a five-year financial model.
• Operating model, outlining transition plans, shared services, and proposed new frameworks.

Looking ahead, the 2024 CREA Open Forum and Annual General Meeting (AGM) on April 16 will serve as crucial milestones in this process. While there won't be any vote(s) on the draft business case during the AGM, ample time will be dedicated to engaging members and gathering feedback. The Open Forum will feature an interactive session to share progress updates and solicit input from all Members of CREA.

Subsequently, a CREA Special General Meeting (SGM) will be convened at a later date for delegates to vote on the final business case.

Meanwhile, it's imperative to emphasize CREA's unwavering commitment to REALTORS®:

• REALTOR.ca is and will remain solely owned by REALTORS® through their membership with CREA.
• No shares in the new entity will be traded, sold, or licensed.
• All net revenue generated by the new entity will be reinvested in REALTOR.ca to enhance its services for members and consumers.
• Advertising on listing pages and the sale of leads back to members will not be pursued by the new company.

We urge all members to stay informed and actively participate in this critical juncture for REALTOR.ca's evolution. Your feedback and insights are invaluable as we collectively chart the course for its future.

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FINTRAC Update: New Ministerial Directive for Russian Transactions

On February 24, 2024, the Minister of Finance issued a new Ministerial Directive under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (“FINTRAC Regime”) applicable to the real estate sector. The Ministerial Directive requires all reporting entities (including brokers and sales representatives) to treat all transactions originating from, or destined to, Russia as high risk.

It is the responsibility of each brokerage to:

• Document in the brokerage’s risk assessment that transactions to and from Russia are high risk;
• Update policies and procedures to include information on how the brokerage becomes aware of ministerial directives issued by the Minister of Finance (i.e.: FINTRAC RSS feed, join FINTRAC email list, FINTRAC website);
• Implement specific measures to mitigate the risk posed by high-risk transactions (i.e.: take additional steps to identify clients involved in such transactions, keep a record of all actions with the client, report a suspicious transaction); and
• Ensure that the measures are understood by all sales representatives.
  Minor tweaks to the Canadian Real Estate Association's (CREA) FINTRAC Regime resources will be made next week to remind REALTORS® of the existence of the new Ministerial Directive.

Note that a separate Ministerial Directive, applicable to North Korea, which has been in force since 2017, continues to apply.

For more information on the Russian Ministerial Directive, please visit: https://fintrac-canafe.canada.ca/obligations/dir-rus-eng. 

If you have questions about FINTRAC, please refer to the resources available on member.CREA.ca or contact CREA Member Support at 1-888-237-7945 or via email at support [at] crea.ca (support[at]crea[dot]ca).

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Updates to CREA's FINTRAC Regime Materials - Webinar

Following important revisions to CREA's FINTRAC Regime materials, CREA's General Counsel, Simon Parham, On Thursday, hosted an information session for LSTAR Members on February 22nd, 2024.

The changes made by CREA to its FINTRAC materials were not a result of the new FINTRAC requirements, but, rather, meant to address those areas where REALTORS® seemed to have difficulties in complying with the FINTRAC regulations.

Simon provided further insights into the latest changes and then opened the floor up for a "Q & A" period.

If you missed this webinar, you could find its recording here.

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ITSO's February Digest

You can access the latest monthly digest of ITSO by following this link. In this issue, you can find February's ITSO statistics, their PSC Committee updates,the advertising rules you have to follow to be in compliance with CREA's REALTOR® Cooperation Policy, and square footage measurement guidelines.

Membership Updates

Membership Count

As of February 27, 2024, LSTAR has 2,297 Members.

Welcome to our Newest Members!

• Zach Boulert – Davenport Realty Brokerage
• Sunny Singh – Gold Empire Realty Inc.
• Shawn Terpstra – EXP Realty
• Ioroslav Domanskyi – The Realty Firm Inc.
• Justin Ngo – Sutton Group – Select Realty
• Saul Teichroeb – A Team London
• Brayden Abraham – EXP Realty
• Juan Gonzales Meza – EXP Realty
• Aman Zaidi – Re/Max Sarnia Realty Inc. 
• Varun Malhotra – Century 21 First Canadian Corp
• Dallas Mann – The Realty Firm Inc.
• Xin Fan – Century 21 First Canadian Corp
• Parisa Fallahi – Pinheiro Realty LTD
• Rochelle Sorzano – Royal Lepage Triland
• Balaram Kafley – Dragon Homes Realty Inc
• Andrea Lyons – EXP Realty
• Jeevan Malasani – Initia Real Estate
• Lexi Dodic – Century 21 First Canadian Corp
• Timi Olaniyan – Initia Real Estate
• Maran Thirukaran – Century 21 First Canadian Corp
• Bibin Jose – Century 21 First Canadian Corp
• Ashik Jose – Streetcity Realty Inc.
• Kalli Aggelopoulos – Century 21 First Canadian Corp
• John Aguilar – The Agency Real Estate
• Marcell Azizi – Century 21 First Canadian Corp
• Lauren Schmitt – Century 21 First Canadian Corp 

New Transfers

• Aria Farivar – Now with Blue Forest Realty Inc.
• Caroline Roxx – Now with Tri Capital Realty Inc.
• Gagan Sandhu – Now with Shrine Realty
• Randi Carey – Now with Initia real Estate
• Iman Zabian – Now with Century 21 First Canadian Corp
• Jenny Harrison – Now with Re/Max Centre City Realty
• Yvonne Steer – Now with Elgin Realty Limited
• Pardeep Bhangoo – Now with Gold Empire Realty Inc.
• David Dykeman – Now with Oak and Key Real Estate Brokerage
• Ian Leishman – Now with Royal LePage Triland
• Mingxuan Li – Now with Streetcity Realty
• Jeff McNaughton – Now with Initia Real Estate
• Jose Pereira – Now with Sutton Group – Select Realty
• Abhinav Tewari – Now with Royal LePage Triland
• Sally Jia – Now with Initia Real Estate
• Sandeep Singh – Now with Gold Empire Realty Inc.
• Sunny Singh – Now with Gold Empire Realty Inc.
• Codi Ioacovino – Now with The Agency Realty
• Rachael Silver – Now with The Agency Realty
• Parminder Turna – Now with Gold Empire Realty
• Alexis Rau – Now with Oak and Key Real Estate Brokerage
• Beant Raja – Now with Gold Empire Realty Inc.
• A.J. Marini – Now with Sutton Group Preferred Realty
• Hardeep Singh – Now with Gold Empire Realty Inc.
• China Casarin – Now with Sutton Group – Select Realty
• Daryl Armstrong – Now with Elgin Realty Limimted
• Pauline Shannelly – Now with Initia Real Estate
• Thomas Kenagy – Now with Oliver & Associates Sarah Oliver
• Sarah Anne Jones – Now with Synergy Realty LTD
• Nicole Schmidt – Now with Oliver & Associates Sarah Oliver
• Brian Simpson – Now with Oliver & Associates Sarah Oliver
• Steve Tanton – Now with Oliver & Associates Sarah Oliver

New Offices

• Dragon Homes
  PB: Balaram Kafley
• Gold Empire Realty
  PB: Narinder Bhangoo

Office Closures

• Realty Executive Edge Inc. 
  PB: Nelson Mathew
• Glenda James Real Estate
  PB: Glenda James

Retired Members

• Larry Loney – Point59 Realty
• Glenda James – Glenda James Real Estate
• Ruth Ann Drozd – Royal Lepage Triland

For any and all questions regarding your LSTAR Membership, please contact our Membership department at Membership [at] LSTAR.ca (Membership[at]LSTAR[dot]ca).

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Member Perks: Enjoy Savings and Discounts Today

As a Member of the London and St. Thomas Association of REALTORS®, you are entitled to a range of deals and discounts through the LSTAR Member Perks Program.

To take advantage of the discounts outlined in this program, just present your Business Card or RECO Number to any of the participating discount providers. Please read the information related to each discount provider carefully to make sure that the deal is current.

For any inquiries, please contact Claire Dawson at Claire [at] LSTAR.ca (Claire[at]LSTAR[dot]ca).

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TRREB’s 2024 REALTOR® Quest

The 2024 REALTOR® QUEST of the Toronto Regional Real Estate Board (TRREB), Canada’s largest real estate conference and trade show, will take place on May 15 and 16, 2024, at the Toronto Congress Centre. This year’s theme is “Pathways to Success”.

Five Must-See Highlights at TRREB’s REALTOR® QUEST

1. Speaker Series 
   Don't miss your chance to take your career to the next level with informative and thought-provoking presentations from industry leaders. The bestselling author and award-winning podcast host Jay Shetty is one of the motivational speakers at this event.  Stay tuned for more exciting REALTOR® QUEST speaker announcements!
2. Health Quest
   We know that it can be hard to find time to relax. Reward yourself with a little "me time" over at Health Quest.
3. Podcast Hub
   Be a part of the action and experience real-time tapings of TRREB's very own Ready to Real Estate podcast.
4. TRREB Central
   Stop by the heart of TRREB REALTOR® QUEST for networking opportunities and to find out what's in store for the market in 2024.
5. TRREB REALTOR® Store Pop-up
   For all your shopping needs and more, check out the pop-up TRREB REALTOR® Store. 
   BONUS: There will be exclusive show deals for you to enjoy!

Click here and then on the “Continue as a Member” button to register.

To find out more about this event, please refer to the following resources:

• REALTOR® Quest Website: https://realtorquest.trreb.ca/ 
• Conference details: https://realtorquest.trreb.ca/index.php/conference/conference 
• Trade show details: https://realtorquest.trreb.ca/index.php/tradeshow 

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