Happy New Year! I hope that 2023 is off to a great start and I wish you a very successful, prosperous, and healthy year ahead!
As we enter this year, there are plenty of changes in the real estate industry, and in my personal business.
After much consideration and careful thought, I am extremely pleased to announce that I have decided to move to a new brokerage.
Effective immediately, I am now licenced with eXp Realty.
All contact info will remain the same and you can expect to receive the same excellent service and value that I bring you with all your real estate needs.
HOME BUYER RESCISSION PERIOD
The HBRP, commonly known as a "rescission period," gives buyers the right to withdraw from a purchase agreement within a specified period of time after an offer is accepted. Without a rescission period, if a buyer wishes to terminate an unconditional contract, they would need to negotiate with the seller and would typically face significant financial penalties or legal ramifications.
Buyers who exercise their right to rescind will have to pay a fee of 0.25% of the purchase price. For a $1,000,000 home, this would result in a $2,500 fee paid to the seller.
For more in-depth information regarding the HBRP, please see the following BCFSA links:
If you have any questions or concerns about the HBRP, please reach out to us at your convenience. We’d be happy to review and clarify the new regulations with you.
FOREIGN BUYER BAN
As of January 2023, non-Canadians will be banned from buying homes across Canada, through the Prohibition on the Purchase of Residential Property by Non-Canadians Act. This Act prohibits non-citizens and non-permanent residents from purchasing residential property in Canada for two years.
The Act restricts non-Canadians from avoiding the ban by using corporations or other entities to purchase residential property. Both the non-Canadian purchaser of prohibited property and any person or entity that knowingly assists in the purchase can be fined up to $10,000 and the property may be forced to be sold.
“Residential property” includes detached houses or similar buildings of one to three dwelling units, as well as parts of buildings such as semi-detached houses, strata units or other similar premises.
For more information on this, please contact me directly, I’d be happy to assist.
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