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.  

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...

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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...

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New stress test for mortgages comes into effect today.

Posted on Jun 01, 2021

It's a bit harder to qualify for home loan as of today as the government has raised the minimum financial bar that anyone applying for a mortgage must meet. Ottawa raised the level of the so-called "stress test" for mortgages today, setting the new level at 5.25 per cent — or two full percentage points above the borrower's mortgage rate, whichever...

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2021 Market Forecast

Posted on Jan 19, 2021

Last week the chief economist for the BCREA shared his projections for the upcoming year.  If you would like to see the complete Zoom meeting click here 

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Selling a water access only lower mainland foreclosure

Posted on Dec 04, 2020

lower mainland foreclosure
This spring I sold another lower mainland lower mainland foreclosure for Genworth Financial.  When they told me that it was a water access only property, I gladly said I was up for the challenge.  Not any other jobs allow you to commute on the water to get to work!  

After quite a few showing and ride on all kinds of watercraft ranging from a dingy to a...

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