Changes in Money Laundering and Terrorist Financing compliance requirements go into effect June 23rd, 2008. The changes will require brokers and sales representatives to collect more information than ever before. Support materials available below for more information.

Click here to view a powerpoint presentation explaining the changes.

Vancouver, BC - May 14, 2008. British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC dipped 1.4 per cent to $4.1 billion in April, compared to April 2007. Residential unit sales declined 11 per cent to 8,623 units during the same period. The average MLS® residential price in the province reached $478,044, up 11 per cent from April 2007.

"Rising inventories are providing more choice for consumers and exerting less upward pressure on home prices," said Cameron Muir, BCREA Chief Economist. Active MLS® residential listings in the province were up 37 per cent to 47,923 units in April. "The combination of a slower pace of home sales and some profit taking by investors is contributing to a balance between housing demand and the supply of homes for sale."

"While homebuyers now face less competition for the homes available for sale," added Muir, "competition among home sellers means curb appeal, interior condition and prudent pricing are necessary for faster sale."

In the first four months of the year, MLS® residential sales volume in the province fell 1.8 per cent to $13.2 billion compared to the same period in 2007. Residential unit sales declined 13 per cent to 27,730 units, while the average MLS® residential price increased 13 per cent to $474,993.

For the complete news release, including detailed statistics follow this link: http://www.bcrea.bc.ca/news_room/2008-04.pdf.

For more information, please contact:

Cameron Muir
Chief Economist
Direct: 604.742.2780
Mobile: 778.229.1884
Email: cmuir@bcrea.bc.ca

Kelowna, BC (May 5, 2008) - Twenty four students from Western Canada were recently notified that they will be individually presented with a RE/MAX 2008 ‘Quest for Excellence' bursary, valued at $500, during their school commencement ceremonies.

The annual RE/MAX Quest for Excellence program encourages graduating students from British Columbia, Alberta, Saskatchewan, Manitoba, and the North West and Yukon Territories to write an essay based on their personal experience in one of six topics - Leadership, Sports, Technology & Trades, Performing Arts, Fine Arts and Community Service.

"A record breaking 1568 entries were received from students across Western Canada," says Marie Sheppy, Senior Coordinator, Corporate Affairs, RE/MAX of Western Canada. "Each year, the caliber of essays we receive far exceed our expectations. These young adults are sure to succeed in their chosen field and we are pleased that we can help fuel their achievements."

"In the spirit of giving back to our communities, we take pride in knowing that RE/MAX can help students reach their education goals", says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. "We hope that the bursary program encourages the applicants to continue to strive in their Quest for Excellence"

RE/MAX is Canada's leading real estate organization with over 17,800 sales associates situated throughout its more than 638 independently owned and operated offices across the country. The RE/MAX franchise network, now in its 35th year, is a global real estate system operating in over 65 countries. More than 7,000 independently owned offices engage over 110,000 member sales associates who lead the industry in professional designations, experience and production while providing real estate services in residential, commercial, referral and asset management. For more information, visit: www.remax.ca

"Homeownership continues to be primary objective", says RE/MAX

While higher housing values and tight inventory levels have hampered home-buying activity so far this year, longer amortization periods and alternative housing types have offset the impact on most major markets across the country, according to a report released today by RE/MAX.

Despite a higher degree of frustration in the marketplace than in previous years, the RE/MAX Affordability Report found that first-time buyers, in particular, remain steadfast in their determination to purchase a home. In fact, entry-level purchasers are adjusting their expectations by sacrificing size, location, and even long-term financial freedom, to overcome challenges such as rising prices and serious supply issues. Innovative financing has become key to homeownership in today's environment - with longer amortization periods gaining favour in 62 per cent of the major centres surveyed. Low or no down payments were popular with first-time buyers in 38 per cent of markets.

First-time purchasers continue to play a pivotal role at both a local and national level. The impact they have on the housing market is significant, as they are the impetus for sales in the mid-to-upper price ranges. As long as this segment of the market remains healthy, the real estate outlook will continue to be favourable.

Inventory levels, however, remain one of the foremost concerns facing purchasers across the country. A shortage of available entry-level product was identified as a major obstacle impeding buyer intentions in three-quarters of markets surveyed in the report, including St. John's, Moncton, Fredericton, Halifax-Dartmouth, Ottawa, Greater Toronto Area, Hamilton-Burlington, Niagara Falls, Winnipeg, Regina, Saskatoon, Greater Vancouver, Victoria and Kelowna.

Doom and gloom reports coming from south of the border have yet to hinder overall momentum. First-time buyers are still leading the charge, taking advantage of every resource available to achieve homeownership. They're determined to get into the market sooner rather than later. If suburban locations, smaller condominiums and town homes, or a little sweat equity is what it takes to get into the market, these purchasers are game.

Although average price is the barometer for housing values in most major centres, first-time buyers looking to achieve homeownership consider starting prices a more meaningful gauge of affordability. Starting prices can be substantially lower than the market average. For example, average price has surpassed the $600,000 benchmark in Greater Vancouver, while the starting price for a detached home can hover as low as $237,500 in the peripheral areas.

The best value for the dollar continues to be found in the suburbs. For those unwilling to sacrifice on location, small condominium units in new developments and condominium conversions of rental buildings offer up the next best alternative. Condominium conversions in some of the country's major centres can be picked up as low as $150,000 to $175,000.

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RE/MAX of Western Canada (1998) Inc. Affordability report, issued April 22, 2008.

Now that the Easter holiday's and Spring break have come and gone, Spring is officially here! In Nanaimo, the Multiple Listing Service® (MLS®) sales summary data released by the Vancouver Island Real Estate Board (VIREB) for March 2008, shows a drop in unit sales with average sale price increases. The average sale price across the VIREB region for March 2008 was $338,846. This is an 8 per cent increase from the $313,560 posted at the end of March 2007. Unit sales volume increased slightly from the end of February 2008 to the end of March 2008, but dropped approximately 30% from March 2007. It's a balanced market with plenty to choose from and we're seeing more and more interest from elsewhere in Canada. As always, proper pricing continues to be key in this marketplace and our prices continue to be more affordable than Victoria and Vancouver.

Michael hosted his 2008 Client Appreciation Evening on Friday, March 28^th at Gallery 223 downtown Nanaimo where wine, art and jazz were enjoyed by all. The Gallery was a wonderful host with plenty of old and new artist's work on display. The Wellington Jazz Trio played beautifully in the corner while clients mixed and mingled enjoying a glass of wine from a local brewery called Wine Works. Several door prizes were won by the attending guests including art from the Gallery, gift certificates, and wine with stem wear. A good time was had by all and we look forward to next year's event.

New regulations and licensing systems are going to be introduced by the BC government this fall to regulate the home inspection industry. This will ensure home inspectors have up-to-date training on buildings codes, electrical, natural gas, and fire code regulations. They are also discussing whether to make insurance mandatory for home inspectors to cover situations where consumers claim financial loss over a mistake made by an inspector.

Currently BC home inspectors are self-regulated with two organizations offering voluntary membership and certification. Online courses and a set of exams that lead certification, if desired, are available through the BC branch of the Canadian Association of Home and Property inspectors. Applicants are also allowed to challenge the exams. A volunteer board of examiners from the industry evaluate applicant's experience and education, and require house and property inspection courses along with a program on the BC Building Code in order to be certified.

If the new systems are adopted, the licensing and regulations would be administered by the Business Practices and Consumer Protection Authority.

Condominiums achieve unprecedented favour

among Canadian homebuyers

Double-digit sales gains reported in most major markets in 2007

After more than three decades of slow but steady growth, the condominium concept has finally clicked with Canadian homeowners. The lifestyle has proven to be a solid investment in housing markets across the country, chalking up some of the most impressive gains in residential real estate in 2007, according to the RE/MAX Condominium Report.

Their universal appeal is substantiated, with every market reporting increased momentum in condominium sales volume over 2006 levels. In fact, 80 per cent of markets surveyed reported double-digit gains in sales year-over-year, with 53 per cent reporting increases over 20 per cent. The greatest growth was experienced in Canada's small to mid-sized markets. Leading the country, in terms of percentage increase in sales so far this year, are Kitchener-Waterloo (+59%), Regina (+57%), St. John's (+54%), and Saskatoon (+33%).

The white picket fence, sprawling green lawn and tidy urban bungalow has become an unattainable ideal for many first-time buyers-especially in the West. By necessity, condominiums have become the only practical means to homeownership for a growing segment of the population. Today's entry-level purchasers aspire to manageable mortgage payments, sunset city views, and the non-stop action and amenities of central core living, all packed into 600 to 800 sq. ft. The momentum of the market in recent decades has redefined the home buying process.

While price appreciation on freehold properties, in particular, was the primary factor in the upswing, the strong desire among baby boomers to lead an active, carefree lifestyle has also driven the concept to unprecedented popularity. The RE/MAX Condominium Report identified Greater Vancouver as the strongest market in the country - where close to 60 per cent of all residential sales now involve a condominium. Condominium presence is also on the rise in centres such as Toronto, Edmonton, Calgary, Regina, Ottawa, and Hamilton-Burlington, where condos now represent 20 to 30 per cent of all MLS sales.

Deteriorating affordability levels in major Canadian centres have lead to the resurrection of the condominium lifestyle in recent years. Condominiums are clearly the answer to the skyrocketing cost of land and shelter that has all but eradicated the dream of homeownership for many first-time buyers.

Condominium values were also up from coast-to-coast in 2007, with all major markets reporting an increase in average price. Thirty-three per cent of cities surveyed reported double-digit price appreciation. The most dramatic hikes were seen in Western Canada's red-hot housing markets, led by Saskatoon (+24%), Calgary (+22%), Edmonton (+19%), Kelowna (+16 % for town homes, +12% for apartments), Vancouver (+14 % for town homes, +11% for apartments), and Victoria (+9% for town homes, +12% for apartments).

At the top end of the market, condominium ownership has been equated with lifestyle. Throughout 2007, aging baby boomers fuelled demand for luxury condominium units. Upper-end activity was reported to be on the rise in all markets examined, with the greatest appreciation occurring in Edmonton (+154 %), Greater Toronto (+98 %), Victoria (+85 %), Winnipeg (+58%), Vancouver (+49%) and Kitchener-Waterloo (+39%). The maintenance-free factor, the ability to travel and to enjoy the best the city has to offer-from restaurants to recreation-were citied in overall condominium appeal.

In years past, there seemed to be a ceiling in terms of what buyers were willing to pay for this type of product. Widespread acceptance has seen that philosophy tossed out the window. In the upper-end especially, buyers have demonstrated a willingness to set new benchmarks, and in some cases, are spending more than what a detached home might cost. Multiple offers, once unheard of, have become a reality in some centres.

New benchmarks for the most expensive apartment-style condominium units ever sold through MLS have been reported in several cities in 2007, including Vancouver ($18 million), Calgary ($3.7 million), Edmonton ($2.3 million), Winnipeg ($1.25 million), and Kitchener-Waterloo ($670,000).

Given solid demand through all price ranges, it comes as no surprise that investors have been very active in the majority of markets surveyed, hoping to snap up a piece of the pie while demand remains at peak levels. Yet, with a growing number looking for a quick return on investment, swelling inventory levels have become a serious concern in several markets, most notably in Calgary and Edmonton, and to a much lesser extent, Kelowna.

The impact of speculation, especially in Canada's largest condominium markets, have yet to be determined, but concerns for the future are relevant. In downtown Vancouver, an estimated 50 per cent of sales activity is attributed to investors, whereas as much as 60-85 per cent of new condominiums sales in Toronto's downtown core reportedly involved investors in 2007. This is a major factor that could influence prices in years to come.

For now, a number of market fundamentals point to increased growth in sales, prices and demand well into 2008. These include vibrant economies, Canada's aging population, rising prices, and higher levels of immigration, to name a few.

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RE/MAX of Western Canada (1998) Inc. Condominium Report issued November 14^th, 2007.

Please be advised that RE/MAX of Western Canada released the Condominium Market Report to the national news media today. The press release and full report can be found at http://www.remax-western.ca/.

Slow and steady growth forecast for residential real estate

in major Canadian markets in 2008, says RE/MAX

Canadian home sales to top 500,000 in 2007

After posting extraordinary gains in 2007, housing market performance will moderate in most major Canadian centres in 2008, according to a report released today by RE/MAX.

The RE/MAX Housing Market Outlook 2008 examined residential real estate trends in 18 markets across the country. The report found that while economic prospects will continue to improve next year, few major markets are expected to exceed record sales levels set in 2007. Winnipeg, Hamilton-Burlington, Kitchener-Waterloo, London-St. Thomas, Ottawa, Sudbury, Saint John, Halifax-Dartmouth, and St. John's are all predicted to buck the trend in 2008, with appreciation ranging from one to seven per cent. Average price is forecast to increase in 78 per cent of markets surveyed next year, with the lowest price increase expected in Edmonton and the highest in St. John's.

Nationally, the number of homes sold is expected to break through the half-million threshold in 2007, climbing 13 per cent to an estimated 545,400 units, up from 483,770 units one year ago. Average price is projected to appreciate nine per cent to $303,000, up about $25,000 over 2006 levels. In 2008, home sales are expected to retreat to 500,000 units while Canadian housing values are forecast to continue their ascent, rising six per cent to $321,000.

Clearly, economic prosperity has translated into increased housing sales and upward pressure on prices across the board. The country's economic engine fired on all cylinders throughout the year, despite dire conditions south of the border. As in 2007, inventory will be the major wildcard next year-the ultimate variable most expected to influence housing market conditions and performance. A return to tight market conditions could mean all bets are off as buyers are forced to compete, creating increased market pressure.

Major market frontrunners for price appreciation in 2008 include St. John's (12 per cent), Regina and Kelowna - Central Okanagan (nine per cent), Hamilton-Burlington and Saint John (eight per cent) and Greater Vancouver (seven per cent). Leading the country in sales growth next year will be Kitchener-Waterloo (seven per cent), followed by Hamilton-Burlington, London-St. Thomas, Sudbury and Halifax-Dartmouth, each forecasting a five per cent gain.

Higher mortgage rates and increased inventory levels failed to materialize in most major centres, making 2007 a record year for real estate activity in Canada. By year-end, housing values across the country are expected to shatter existing records. Serious double-digit increases in average price are forecasted for Saskatoon (49), Edmonton (31.5), Regina (21), Calgary (20), Sudbury (20), Kelowna (19.5) Saint John (17), St. John's (12), and Greater Vancouver (10).

Saskatchewan dominated real estate news in 2007, reporting some of the highest percentage increases in unit sales. The number of homes sold in Regina by year-end is expected to top 35 per cent, bringing sales to an estimated 4,000 units. Neighbouring Saskatoon is forecast to climb 28 per cent to 4,400 units in 2007. Other centres expected to post double-digit gains in activity include Saint John (19 per cent) Kitchener-Waterloo (13 per cent), Halifax-Dartmouth (12 per cent), St. John's (11 per cent), and Toronto (10 per cent).

- more -

RE/MAX Outlook 2008...2

Western markets were first out of the gate in 2007, but those in the East followed suit. By year-end, some of the most impressive gains in home sales will be realized in Ontario and Atlantic Canada. Solid economic fundamentals, including billions of dollars in capital projects, a positive unemployment outlook, and solid consumer confidence levels will propel markets forward. A slow and steady growth trajectory, minus the peaks and valleys experienced in 2007, is forecast for next year.

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RE/MAX of Western Canada (1998) Inc. Housing Market Outlook 2008 Report issued October 17^th, 2007.

Consumers and real estate professionals alike are happy to see that Nanaimo's housing market is continually climbing and holding strong. Vancouver Islands Real Estate Board number's show:

• Average sale price of a single family home is up 8% from one year ago, from $319,000 to $346,000 (roughly).
• Unit sales are up from 107 in August 2006, to 152 August 2007.

These numbers are due to availability of listings, low interest rates aiding in affordability, and consumer confidence. Although the average price of a home in Nanaimo may seem high at $346,000, our prices are still good compared to the rest of BC, particularly Vancouver. The Vancouver Island Real Estate Board says they anticipate further increases in months ahead so now is the time to by.