On November 24, 2022, Bill 44, the Building and Strata Statutes Amendment Act, 2022 (the “Act”), was enacted and removed most rental and age restrictions in strata buildings. The amendments became effective immediately on November 24, 2022. REALTORS® need to be aware of the impact of these changes for existing owners, buyers, and sellers. The …
With the Home Buyer Rescission Period (HBRP) coming into effect on January 3, 2023, BCREA has created a video for REALTORS® to share with their clients to help them understand buyer’s rights during the HBRP. [iframe width=”560″ height=”315″ src=”https://www.youtube.com/embed/T3Q6U3PtokI” frameborder=”0″ allowfullscreen style=”position:absolute;top:0;left:0;width:100%;height:100%;”][/iframe] This video will provide an overview of the HBRP and go over how …
For the complete news release, including detailed statistics, click here. Vancouver, BC – December 13, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 4,512 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November 2022, a decrease of 50.8 per cent from November 2021 and about 30 per …
The federal government is introducing new tax changes that may impact homeowners and potential homebuyers beginning January 1, 2023. Here’s what you need to know. Multigenerational Home Renovation Tax CreditThis tax credit for families applies to eligible construction costs for those who wish to add a secondary unit to their home to allow an immediate …
On November 24, 2022, the BC Government passed amendments to the Strata Property Act, which take immediate effect. There are two significant changes impacting REALTORS® dealing with strata properties, as well as their clients: This affects REALTORS® differently, depending on their area of practice. For strata management services: For trading services: For rental property management …
The Home Buyer Rescission Period (HBRP) will come into effect on January 3, 2023. Under this new regulation, some buyers for some residential properties will have three clear business days to change their mind, for any reason, and walk away from an accepted Contract of Purchase and Sale. It’s important for REALTORS® working with buyers …
With the new Home Buyer Rescission Period coming into effect in January 3, 2023, BCREA has developed a new course to support REALTORS® and managing brokers to not only understand the new rules but also apply them in their practice. (BCREA Access login required) The Home Buyer Rescission Period: What REALTORS® Need to Know course, …