Prohibition on Rental and Age Restrictions in Strata Buildings #556

On November 24, 2022, Bill 44, the Building and Strata Statutes Amendment Act, 2022 (the “Act”), was enacted and removed most rental and age restrictions in strata buildings.  The amendments became effective immediately on November 24, 2022. REALTORS® need to be aware of the impact of these changes for existing owners, buyers, and sellers. The

Ready… Set… Rescind

Game Plan for 2023 As the new Home Buyer Rescission Period (HBRP) comes into effect on January 3, 2023, REALTORS® should prepare a game plan in order to move forward effectively and efficiently regarding the new regulations. If an offer or counter-offer is accepted prior to midnight on January 2, 2023, the HBRP regulations do

VIDEO: Home Buyer Rescission Period, What Consumers Need to Know

With the Home Buyer Rescission Period (HBRP) coming into effect on January 3, 2023, BCREA has created a video for REALTORS® to share with their clients to help them understand buyer’s rights during the HBRP. [iframe width=”560″ height=”315″ src=”https://www.youtube.com/embed/T3Q6U3PtokI” frameborder=”0″ allowfullscreen style=”position:absolute;top:0;left:0;width:100%;height:100%;”][/iframe] This video will provide an overview of the HBRP and go over how

Housing Market Activity Remains Slow in November

For the complete news release, including detailed statistics, click here. Vancouver, BC – December 13, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 4,512 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November 2022, a decrease of 50.8 per cent from November 2021 and about 30 per

Helping Homeowners and Buyers Navigate New Federal Tax Changes

The federal government is introducing new tax changes that may impact homeowners and potential homebuyers beginning January 1, 2023. Here’s what you need to know. Multigenerational Home Renovation Tax CreditThis tax credit for families applies to eligible construction costs for those who wish to add a secondary unit to their home to allow an immediate

Mortgage Rate Forecast

To view the Mortgage Rate Forecast PDF, click here. Highlights Bond yield volatility surges through the Fall. The Canadian economy may be starting its descent into a recession. A Bank of Canada pivot in 2023? Mortgage Rate Outlook The relative calm in the mortgage markets contrasts with the unprecedented volatility in the bond market. From

How Do Amendments to the Strata Property Act Impact You?

On November 24, 2022, the BC Government passed amendments to the Strata Property Act, which take immediate effect. There are two significant changes impacting REALTORS® dealing with strata properties, as well as their clients:  all rental restriction bylaws are removed, except for bylaws restricting short-term rentals such as Airbnb or Vrbo, and  all age restriction bylaws

To Rescind or Not to Rescind…

The Home Buyer Rescission Period (HBRP) will come into effect on January 3, 2023. Under this new regulation, some buyers for some residential properties will have three clear business days to change their mind, for any reason, and walk away from an accepted Contract of Purchase and Sale. It’s important for REALTORS® working with buyers

CLI Falls in Third Quarter 2022

To view the full Commercial Leading Indicator PDF, click here. The BCREA Commercial Leading Indicator (CLI) fell to 149 from 153 in the third quarter of 2022 while the six-month moving average retreated from a record high. Compared to the same time in 2021, the index was down by 0.8 per cent. It is important