Here's a good article by REW outlining the primary advantages to having a secondary accommodation & some associated pitfalls too:  https://guide.rew.ca/articles/owner-occupied?utm_source=Agents%3A+Market+Insights&utm_campaign=ae51af6ba9-REWnews_38&utm_medium=email&utm_term=0_14f9ba90ce-ae51af6ba9-93810443

New rule and form coming July 17 that is focused on enhancing transparency in multiple offer situations 

The real estate boards across the Lower Mainland will implement a new multiple offer disclosure form on July 17 2023 that seller’s agents will be required to complete and communicate to buyer’s agents who participated in a multiple offer situation. 

The new Disclosure of Multiple Offers Presented (DMOP) form lists all of the competing offers received and the name of the submitting brokerage. The listing Realtor and the seller will be required to sign this form. The listing Realtor will then need to provide it to the buyer’s agents as well as to any unrepresented buyers who submitted offers, no later than one calendar day after the seller has decided on all the presented offers. 

To accommodate this change, the boards of directors at REBGV, the Fraser Valley Real Estate Board, and the Chilliwack and District Real Estate Board all recently approved changes to the Rules of Cooperation. 

This change is the result of considerable research and discussion by a committee of brokers and Realtors over the past few years. The intent behind this rule is to allow for greater transparency in multiple offer situations and to give buyers whose offers were not accepted comfort that listing Realtors and their clients review and consider all offers.

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…

https://globalnews.ca/news/9664903/bc-changes-rules-strata-buildings/

Home sales decline below long-term averages and inventory remains low

Here’s January stats report: 
https://www.rebgv.org/market-watch/monthly-market-report/january-2023.html

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: 

https://www.bcrea.bc.ca/advocacy/bcs-home-buyer-rescission-period-your-questions-answered/

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.  

https://realestatemagazine.ca/opinion-canadas-foreign-buyer-ban-will-have-little-impact/

Published by Yousaf Iqbal is director IQI Canada, the Canadian arm of real estate technology group Juwai IQI.

Have questions?  Give me a call to discuss.