Cool Down Period will come into effect Jan 2023

Last fall the Provincial Government started the process of coming up with a new system for all residential sales in B.C. that will implement a "cooling down" period similar to the one that is already in place for new developments.  Under the new plan, any buyer will have a 3 business day period in which they would be able to back out of any purchase for no reason.  The penalty to the potential buyer will be .25% of the purchase price payable directly to the seller.  This change will be applicable to ALL sales of residential real estate (with some specific exceptions) regardless if the home is being purchased through a realtor or not.  
This new rule is legislated and can not be waived through any wording in the contract to make the buyer's offer more enticing.  

Dwayne's 2024 forecast 

Posted on Jan 03, 2024

As we bid farewell to the year 2023 and gaze into the horizon of the future, I invite you to join me in exploring the housing landscape for 2024. Your valuable time is appreciated, and should you wish to delve deeper into the discussion, feel free to reach out.

Every month, I eagerly anticipate the comprehensive summaries offered by the Greater Vanc...

Read More

April year over year review

Posted on May 04, 2023

Read More

How did we get here?

Posted on Feb 17, 2023

The Bank of Canada as expected, hiked its key interest rate by another quarter-percentage point on January 25th, bringing it to 4.5 percent and continuing one of the fastest monetary policy tightening cycles in its history amid warning signs of a potential recession. In his commentary after the announcement, the Bank’s Governor Tiff Macklem said th...

Read More

The  Government revealed plans last week to introduce "cooling off" period.

Posted on Nov 08, 2021

This change would be similar to the cooling off period in place for pre-construction condominium sales in which buyers would have 7 days to rescind their accepted offer without any consequences. 

While the thought of putting a system in place to help cool off our "runaway" real estate market is long overdue, the government did not get input from pro...

Read More

Pricing Forecast into 2022

Posted on Oct 28, 2021

Blog post cWe have seen a strong year for prices in the Real Estate market through 2021 throughout the province.  The experts are forecasting this to remain the case till the end of the year.  2022 looks like it could be a rebalancing year however with more modest gains.  
If you are holding onto an investment property and wondering when the right time...

Read More