More important changes to the real estate industry coming in the new year.
Mandatory Recission Period
The Mandatory Buyer Recission Period which will be effective January 3, 2023.
Here's the link to the key details as posted by the British Columbia Real Estate Association:
https://www.bcrea.bc.ca/advocacy/bcs-home-buyer-rescission-period-your-questions-answered/
There seems to be some confusion & concerns about the implementation of this new legislation. It's going to be interesting to see how this unfolds. I understand the intent, which was to protect buyers in "subject free" offer situations. This was extremely comon over the past few years. Trust me it wasn't a lot of fun representing buyers at this time! The unfortunate thing is the market conditions have totally changed now & these "subject free" offers are rare now.
Foreign Buyer Ban
Here's a great article on the projected effect of this new government ban effective January 1, 2023.
https://realestatemagazine.ca/opinion-canadas-foreign-buyer-ban-will-have-little-impact/
Published by Yousaf Iqbal is director IQI Canada, the Canadian arm of real estate technology group Juwai IQI.
Have questions? Give me a call to discuss.
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