Stay Cool – New Home Buyer Rescission Period for Residential Real Properties Coming January 3, 2023 #555

All licensees should be aware of a new buyer protection initiative set to come into force January 3, 2023. The Property Law Amendment Act, 2022 (the “Act”) and its related regulations will give British Columbia buyers of most residential properties a rescission period, informally known as a “cooling-off” period, where buyers can change their minds

BCREA Online Courses Updated to Reflect Regulatory Changes

With the Home Buyer Rescission Period (HBRP) expected to be implemented province-wide on January 3, 2023, BCREA has revisited previously available courses to learn where and how the rescission period may have changed what REALTORS® need to know for their practice. We have identified significant revisions to reflect the new legislation in the Disclosures in

Discover the 2023 New and Revised Standard Forms

REALTORS® now can view advance copies of the new and revised forms, clauses and accompanying resource guides.  The annual Standard Forms Launch aims to address the needs of REALTORS® in this dynamic environment by revising and creating new forms and clauses to help support the profession while minimizing the number of changes throughout the year.  

BC Home Sales Remain Slow While Active Listings Plateau

For the complete news release, including detailed statistics, click here. Vancouver, BC – November 14, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 5,242 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October 2022, a decrease of 45.5 per cent from October 2021. The average MLS® residential

UPDATE: BC’s Home Buyer Rescission Period: Your Questions Answered

The Home Buyer Rescission Period (HBRP), previously known as “Homebuyer Protection Period” and “cooling-off period,” is expected to be implemented province-wide on January 3, 2023. With many details yet to be determined by the BC Government, we have been hearing from REALTORS® with questions. In this post we answer some of those questions.   New or revised questions

Home Buyer Rescission Period Calculators

BCREA has created two Home Buyer Rescission Period Calculators to support REALTORS® when calculating the rescission amount and time period during which a buyer may exercise their right of rescission. The calculators should only be used in respect of transactions where the buyer has a right to rescind under Section 42 of the Property Law

Canada’s Foreign Buyer Ban Begins in January

Starting in 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 federal government has still not released the supporting regulations for the foreign buyer

Webinar Recording: 2022 BCREA Director Applicant Information Session

On October 31, BCREA hosted a virtual information session for individuals interested in learning more about becoming a BCREA REALTOR® or public Director for the 2023-24 term. The session, held via webinar, was hosted by BCREA CEO Trevor Koot, who was joined by Chair of BCREA Board of Directors, Janice Stromar, and Chair of the