Big changes are coming to BC Real Estate in a few weeks!

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There will be some major changes to the way homes are bought and sold in the province. The British Columbia Goverment will start enforcing a cooling off period in real estate, and it's going to start on January 1 2023.

The government claims that this 3 day cooling off period will help ensure that homebuyers have an opportunity to conduct their due diligence... for (example securing financing, home inspection).

As you know, many buyers were coming in subject free during this last bull run. Buyers will now have 3 days to back out of their residential purchase.

How is this going to work?

It's kind of similar to the 7 day rescission period that currently exists for pre-sales in British Columbia. After signing the contract...if a buyer backs out of a contract in this 3 day period, they will have to pay a rescission fee of 25 basis points. Here is an example, lets say you buy a Kitsilano condo for a million dollars, if you wish to rescind, you will have to pay $2,500. This applies to all contracts, regardless of the subjects and it is mandatory and cannot be waived.

#biggerpockets #realestateinvesting #shorts #candianrealestate #vancouver #housingmarket2022 #november

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