Winter/Spring 2022
www.reic.ca
EXCHANGE
Real Estate Institute of Canada
INSIDE
REIC News
2021 Pursuit of Excellence Awards
A Broker’s Perspective on Property Insurance
Crypto Currency and Real Estate
and more...
3 MESSAGE FROM THE REIC PRESIDENT AND CEO
4 MESSAGE FROM THE IREM PRESIDENT
5 REIC NEWS
6 2021 PURSUIT OF EXCELLENCE AWARDS
7 MEMBER SPOTLIGHT: RECOGNIZING EXCELLENCE
8 ARTICLE: RESIDENTIAL REAL ESTATE PROPERTY INSURANCE 2022
OUTLOOK: A BROKER'S PERSPECTIVE
9 PARTNER SPOTLIGHT: CCRPA
10 CANADA'S LEADING REAL ESTATE EVENTS: FORUMS AND CONFERENCES
11 ARTICLE: SECURITY MEASURES IN APARTMENT BUILDINGS
12 ARTICLE: BLOCKCHAIN, CRYPTO CURRENCY AND REAL ESTATE
15 REIC SHORT COURSE SERIES
16 BC CHAPTER 2022 ANNUAL SPONSORS
REIC Exchange, Winter/Spring 2022
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INSIDE THIS ISSUE
INSIDE THIS ISSUE
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-estate-institute-of-canada
REIC Exchange, Winter/Spring 2022
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MESSAGE FROM
THE REIC
PRESIDENT AND CEO
MESSAGE FROM THE REIC PRESIDENT AND CEO
Whether you are a professional working in residential or commercial real estate, one thing we think
everyone can agree on is the last two years of Covid disruption have caused us to look through
more than one lens at a time and adaptability has become our best friend for running successful
businesses.
After 66 years of running face-to-face courses, REIC pivoted to on-line delivery which was very well
received. However, REIC members expect much more than just delivering courses on-line, they
value their established networks through events, conferences and social media.
Thanks to those established REIC Networks, REIC National watched the power of connectivity
flourish through last year, with Chapter events both in-person as Covid permitted and virtually
when necessary. REIC National was able to hold a Covid-friendly Open House for its’ new office
after waiting a year! Members came out to safely celebrate together. The quintessential need for
human interaction was observed by Members and REIC Chapters coming together from all over
Canada to participate and forge the future of REIC at the Strategic Planning session held in full
compliance with Ontario Covid Guidelines at Hockley Valley resort.
Without a doubt, this professionally facilitated Strategic Planning session captured the voice, ideas
and direction our Members wanted to see ‘activated’ in 2022! With growth on the minds of many,
plans are underway as we continue to work with Colleges and Universities across Canada, to
communicate the potential opportunity to Students to pursue a career in Real Estate. Webinars
have already taken place inviting Members and Non-Members to broaden their knowledge of real
estate. Students will also be invited to join REIC as an Associate Member (more information to
come). Recognizing the need to get ‘hot topics’ and ‘trends’ to our Members, Micro-Learning
sessions will be launched to provide ‘snackable learning’ that packs an informational punch!
So that constant in the equation, is holding onto the great things that REIC Members value, building
in hybrid learning and engagement opportunities that will carry us far beyond whatever Covid
throws at us. We are not just “all in this together”, we are all stronger together!
Theresa Salsman, CPM®, ARM® Stephen Ashworth
President, REIC National CEO, REIC National
The real estate management profession relies on building strong and lasting relationships based
on trust. While this has always been true, it’s never been more true than over these past two years.
Property managers around the world were tested in ways they never imagined.
But we’ve made it through, together, by sharing what we’ve learned along the way! And by
establishing best practices for property managers everywhere who are facing the same challenges.
We’re working hard to use technology to help meet and exceed expectations, even as we face
unknown and unseen threats. Along the way, we learned we’re better together than apart, and we
made both broad and specific changes to ensure we’re fostering and encouraging inclusive
environments throughout our profession, our businesses, and the properties we manage, working
together to make the world better tomorrow than it is today.
A key goal of my IREM presidency, and my entire IREM journey, is to help ensure an exceptional
experience for our current and future members and this means listening and responding to the
needs of our Canadian Members. I believe relationships are at the core of real estate management,
and I value my relationship with you, my colleagues in Canada. It is through connections like these
that have helped me not only shape my business, but shaped me personally. My IREM network has
collectively raised the bar on what it means to be a real estate manager and elevate our profession.
By sharing our experiences and expertise, I’ve learned the importance of ongoing education and
skill-building.
Another goal for me, and IREM as a whole, is to advance accessibility of our profession to everyone.
Engaging and inviting fresh talent means encouraging an inclusive environment where everyone
feels welcome. While I like to think we’re all warm and welcoming, our DEI measures can help us
assess and face sometimes harsh realities and make the necessary changes – changes that open
us up to differing points of view and differences in experience to strengthen our profession.
Today, as a global organization, we continue to adapt and evolve on a worldwide platform, always
looking for opportunities to add value as a leader in real estate management. As an association,
profession, and network, we are limitless!
Barry G. Blanton, CPM
IREM President
Blanton Turner, AMO®
REIC Exchange, Winter/Spring 2022
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MESSAGE FROM
THE IREM
PRESIDENT
MESSAGE FROM THE IREM PRESIDENT
REIC Exchange, Winter/Spring 2022
www.reic.ca
REIC NEWS
REIC NEWS
Promoting the CRP Designation
REIC has been working with subject matter experts over
the past several months to reinstate the education
requirements for the Certified Reserve Planner (CRP)
designation. The education program will be offered in
collaboration with the University of British Columbia,
Sauder School of Business.
Introducing
the
Associate
Membership
and
Launching the Certification in Ethical Real Estate
(CERE)
REIC is excited to introduce the Associate Membership and
the incentives it offers to help students and individuals who
are considering a career in real estate.
All designations currently offered at REIC require real
estate experience, ranging from three to five years. The
Associate Membership will be available to anyone who
wishes to be part of the community we have created.
Concurrently, we will be launching the introduction of an
entry level certification which will appeal to a wide range of
individuals within the real estate industry, but is primarily
aimed at those just getting started in the field. This new
certification aims to target students who are currently in a
real estate/property management education program
across Canada, as well as individuals who are considering a
career in real estate or property management but have no
experience. Individuals who have a real estate license and
experience in the real estate program but either do not
have the years of experience required to pursue a
designation offered by REIC or are not currently able to
invest the time for a full designation will find this
certification appealing as well.
The Associate Membership and Certification in Ethical Real
Estate will allow REIC to further its mission of espousing
ethics and professionalism in our industry. This new
offering gives our next generation of real estate
professionals
a
path
to
continuous
learning
and
improvement. While the entry level certification will be
optional
and
not
required
to
hold
an
Associate
Membership, we will be encouraging everyone to consider
obtaining it.
It is anticipated that the Associate Membership and
Certification will be launched in late February 2022. Stay
tuned
for
more
details,
and
reach
out
to
memberservices@reic.com if you have any questions.
The CRP designation is widely recognized across Canada
and allows professionals to complete reserve fund studies
and depreciation reports for condominiums, institutions,
corporations,
and
government
entities.
The
CRP
designation is specifically named as an approved credential
in various condominium legislation across Canada.
Information about the education requirements and the
process to obtain the designation is posted on our website
and can be found here: https://reic.ca/designations/crp/.
If you are interested or know someone who is interested in
earning the CRP designation, kindly send an email to
memberservices@reic.com.
REIC Exchange, Winter/Spring 2022
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2021 PURSUIT OF
EXCELLENCE AWARDS
2021 PURSUIT OF EXCELLENCE AWARDS
Congratulations to our 2021 Pursuit of Excellence Award winners. Recipients were formally
recognized during our 2021 Annual Conference, which was held virtually.
J.A. WEBER AWARD
Tahir Qureshi, FRI CRES - City-Pro Realty Inc.
REAL ESTATE MANAGEMENT MEMBER OF THE YEAR AWARD
Melissa Caron, CPM® - Old Oak Properties Inc.
W.P.J. McCARTHY PARTNER OF THE YEAR AWARD
Oxford Properties Group
YOUNG PROFESSIONAL OF THE YEAR AWARD
Jessica Greenberg, CPM® - Osgoode Properties Ltd.
DON HILL CHAPTER INITIATIVE OF THE YEAR AWARD
REIC Toronto Chapter
QUADREAL EXCELLENCE AWARD
Desiree R.C. Palechek, CPM® - Midwest Property Management
"Although it sounds cliché, I fell into Property Management like many others. After a career in
operations management, retail, laboratory, seniors living and care, I was looking for a new challenge
and an opportunity to learn and grow; I certainly found that in 2015!
I had a solid foundation in leadership, customer service, operations, and financial management
with exposure to property management. To meet the needs and expectations of residents and
ownership, however, I recognized that I would benefit by further education and professional
development specific to Residential Property Management. The Certified Property Management
designation was the clear path.
The CPM certification courses including marketing and leasing, Human resources, maintenance and
buildings operations, ethics, financing and analytics, leadership and site management was the
catalyst for my growth and professional development. With an everchanging economy, and the
pandemic adding further hurdles, the knowledge I gained was incredibly valuable and contributed
to my ability to support and direct my team successfully through challenging times.
Completing the designation has elevated my understanding and confidence as a leader in this
industry and broadened my perspective. As Property Managers, we are presented with an array of
situations and experiences daily. I believe, a foundation for performance, and the ability to deliver
exceptional results are achieved by a CPM education. In my experience, understanding the
business, making the right decisions, and doing the right thing, builds strong, long-lasting
relationships with our residents.
This industry is interesting, exciting, challenging, and truly, there has never been a day where I have
been bored. I feel privileged to play a role in our residents finding their home and choosing our
community as a place to raise their family, a home base for their career or education, and as a
place they are proud to call home.
The CPM provides the tools to improve leadership skills and outcomes. This, coupled with the
exposure to many interesting challenges, emergencies and celebrations that are the day to day of
Property Management continue to keep me engaged in this exciting industry. I will continue to
move forward with further professional development and am truly grateful for the opportunities I
have been provided."
- Desiree R.C. Palechek, CPM®
REIC Exchange, Winter/Spring 2022
www.reic.ca
MEMBER SPOTLIGHT:
RECOGNIZING EXCELLENCE
MEMBER SPOTLIGHT: RECOGNIZING EXCELLENCE
The pandemic, an historic hard market cycle and record-
breaking global catastrophe losses have challenged the
property insurance market over the last 28 months in
many ways.
As we head into 2022, a question that has been on
everyone’s mind is how have global events impacted real
estate insurance and, what can I expect when budgeting
for insurance premiums? These are some of our thoughts
based on what we see happening in the marketplace.
How have major global events impacted residential
real estate insurance?
The Pandemic
The good news is that from a physical property
perspective, a pandemic does not cause physical property
damage so this has had no real impact on property
insurance. What we have seen at the start of the pandemic,
is most insurance companies used this opportunity to
create clarity to the absence of any property coverage by
way of endorsing policies with a “communicable disease
exclusion”. These exclusions clearly define and exclude a
communicable disease.
For commercial business owners, exposure to business
interruption continues to remain a concern. In the first
year of the pandemic, retail was amongst one of the
hardest hit segments and more likely to request relief than
office and industrial tenants. Landlords had to become
more flexible with lease negotiations, rent deferrals etc.
With gradual re-entry into physical spaces in 2021 and
2022, commercial real estate is going to see renewed
interest from investors.
Extreme Weather
This past year insurers and taxpayers have also continued
to feel the impact and financial cost of a changing climate.
Storms, floods, wildfires, earthquakes and other extreme
weather events have caused a total of $280BN in damage
and $120BN of insurable losses in 2021 according to
Munich RE, one of the largest reinsurance companies in
the world. When you do the math that is an increase of
$114BN or a shocking 69% in a span of 2 years.
These repeating catastrophic insurable events affect the
reinsurance market and eventually trickle down to impact
consumers.
Thankfully,
rate
and
deductibles
have
increased to attract new insurer support over the last 2
years, which has created stabilization.
REIC Exchange, Winter/Spring 2022
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RESIDENTIAL REAL ESTATE PROPERTY
INSURANCE 2022 OUTLOOK:
A BROKER'S PERSPECTIVE
RESIDENTIAL REAL ESTATE PROPERTY INSURANCE 2022 OUTLOOK:
A BROKER'S PERSPECTIVE
Hard Market
Insurers have faced multiple years of low investment
returns and decreasing profitability. Combined with the
pandemic and unprecedented economic uncertainty, it has
led to one of the most extraordinary hard markets cycles in
history. The only option left for insurers was to increase
rates and improve their operations in order to return to
profitability.
wow
What will affect your insurance premiums in 2022?
The answer to that question is: it depends. There are many
considerations to take into account but here are the top
five that could have an impact on your insurance in 2022.
Inflation. A shortage of labour due to the pandemic along
with material cost increases have had an impact on
replacement values which have seen an increase between
5-20% based on the leading property appraisers in the
country. The increase in replacement values causes a
direct impact on the property insurance premiums you
pay.
Location as it relates to catastrophe (CAT) events.
Earthquake, flood & wildfire are three of the main CAT
perils insurance companies review to qualify risks.
Properties in higher risk areas could see a reduction in
available insurance capacity meaning brokers will have to
look further afield to find coverage.
Construction type. Typically, there tends to be more
insurance capacity in the marketplace for fire resistive
properties than for wood frame properties due to the
exposure of fire.
Claims History. Properties that have had an unfortunate
claims history could see a reduction in available capacity
and/or increased insurance rates and deductibles.
Maintenance. When insurance companies are qualifying
risk, they look to see how the property is maintained. If you
have an older building, insurers ask will ask questions such
as when was the roof replaced, how the plumbing is
maintained etc. They key here is to open a dialogue and
understand any impacts that could affect your property.
Continued on next page ...
Written by: BFL Canada
How can working with a broker help reduce my
premiums?
A broker is a licensed insurance professional who works for
you. We review your individual insurance needs and
recommend coverage solutions that best fit. Few
understand the challenges faced in the market quite as we
do. Our knowledge and expertise combined with our
access to a wide range of insurance companies allows us
to do the shopping for you and find the best coverage
pricing on the market to bring you with savings and choice.
At BFL CANADA, we always strive to be there and provide
support to our clients. If you have any questions on
premiums, deductibles, the market, potential claims or
would like our team to discuss any real estate related
insurance topics please let us know.
35 years since founded, BFL CANADA is the only broker in
Canada that operates a national, Strata, Condo, and
Apartment Program. We have also created a Commercial
Real Estate Program with a growing national presence.
Additionally BFL also has a Rented Strata Unit Program
(RSU) and a personal lines team well equipped to handle
tenant insurance questions. Along with these in-house
programs, we have access to all major insurance markets.
REIC Exchange, Winter/Spring 2022
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PARTNER SPOTLIGHT: CANADA-CHINA REALTY PROFESSIONAL
ASSOCIATION (CCRPA)
PARTNER SPOTLIGHT:
CANADA-CHINA REALTY PROFESSIONAL
ASSOCIATION (CCRPA)
REIC has had a wonderful partnership with CCRPA since the first session in 2018. We are looking
forward to the current session 5 candidates achieving their designations this spring and look
forward to many becoming FRI members.
"For the past 4 years, Canada-China Realty Professional Association (CCRPA) already recommended
100+ top real estate professionals to REIC for the Fellow of the Real Estate Institute (“FRI”)
designation. With the highest professional and ethical standards, these FRIs strengthened real
estate industry in Chinese community and gained more trusts and respects from their clients,
peers and colleagues. Through this program and the partnership between REIC and CCRPA, we
brought real estate professionals together and enhanced their networks within the real estate
industry. We look forward to developing a more collaborative plan with REIC and continuing to
provide professional development educational programs to CCRPA members leading to more
designations."
- Steven Sun, President of Canada-China Realty Professional Association (CCRPA)
10 REIC Exchange, Winter/Spring 2022
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CANADA'S LEADING REAL ESTATE EVENTS:
FORUMS AND CONFERENCES