Two new regulations affecting BC’s real estate market went into effect with the start of the new year earlier this week. Here’s the key information you need to know.
BC home buyer rescission period – HBRP
As of January 1, 2023, BC home buyers now have a 3 day period in which they can decide to back out of a purchase after signing a contract.. If they do, the seller is entitled to 0.25% of the agreed sale price of the home as a rescission or “break free” fee.
More links on the HBRP:
https://news.gov.bc.ca/releases/2022FIN0088-001930
https://www.bclaws.gov.bc.ca/civix/document/id/complete/statreg/175_2022
and consumer friendly video:
Federal foreign buyer ban
The Prohibition on the Purchase of Residential Property by Non-Canadians Act, which prevents non-Canadians from buying residential property in Canada for 2 years, went into effect January 1, 2023.
The government recently released the regulations supporting the federal foreign buyer ban, defining what the ban will look like.
More links on the ban:
https://laws-lois.justice.gc.ca/eng/acts/P-25.2/page-1.html
https://www.cmhc-schl.gc.ca/en/media-newsroom/notices/2022/ensuring-housing-owned-canadians
