Strata properties with age restrictions of 55+ years means nothing now. If you think you are buying into an age restricted property in BC, you are not!! Read on…
Home sales decline below long-term averages and inventory remains low
Here’s January stats report:
Note the comments from the author (Andrew Lis) regarding prices reaching a footing. This could be true especially if supply doesn’t increase significantly. I’ve already noticed several multiple offer situations since seller’s realize the market shift & are pricing more realistically. In some instances pricing below market value in hopes of creating the multiple offer to push the sale price beyond the list price. One key difference that has changed from past years is the mandatory buyer rescission period.
More important changes to the real estate industry coming in the new year.
Mandatory Recission Period
The Mandatory Buyer Recission Period which will be effective January 3, 2023.
Here's the link to the key details as posted by the British Columbia Real Estate Association:
There seems to be some confusion & concerns about the implementation of this new legislation. It's going to be interesting to see how this unfolds. I understand the intent, which was to protect buyers in "subject free" offer situations. This was extremely comon over the past few years. Trust me it wasn't a lot of fun representing buyers at this time! The unfortunate thing is the market conditions have totally changed now & these "subject free" offers are rare now.
Foreign Buyer Ban
Here's a great article on the projected effect of this new government ban effective January 1, 2023.
Published by Yousaf Iqbal is director IQI Canada, the Canadian arm of real estate technology group Juwai IQI.
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