Bank of Canada increases interest rate to 4.5%
Posted on Jan 25, 2023 in Real Estate News
After seven rate hikes last year, the Bank of Canada’s first interest rate update for 2023 is out.
The Bank of Canada raised its key overnight lending rate for the eighth straight time Wednesday morning, but signalled its rate-hiking campaign could finally be over.
The central bank bumped the overnight rate up by 25 basis points — a quarter of a per...
Canada's Foreign Buyer Ban Begins in January 2023
Posted on Dec 21, 2022
The Act restricts non-Canadians from avoiding the ban by using corporations or other entities to purchase residential pr...
Bank of Canada Raises Rate Again to 4.25%
Posted on Dec 07, 2022 in Real Estate News
The Bank of Canada raised its benchmark interest rate by 50 basis points, to 4.25 per cent. The move was widely expected by economists, who were anticipating a rate hike of either 25 or 50 points.
Canada's central bank has raised its rate seven times this year in its fight to wrestle inflation into submission. In the process, the bank has taken its...
New Home Buyer Rescission Period Coming January 3,2023
Posted on Dec 06, 2022 in Real Estate News
New home buyer protection initiative set to come into force January 3, 2023. and its related regulations will give British Columbia buyers of most residential properties a rescission period, informally known as a "cooling-off" period, where buyers can change their minds within a prescribed period and cancel a contract of purchase and sale for resid...
BC Government Removes Age and Rental Restrictions to Strata Title Properties
Posted on Nov 29, 2022 in Real Estate News
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:
- all rental restriction bylaws are removed, except for bylaws restricting short-term rentals such as Airbnb or Vrbo, and
- al...
What you need to know about Cooling off period
Posted on Apr 04, 2022 in Real Estate News
BC government to amend Property Law Act to add cooling off period
· The BC government is laying the groundwork to institute a cooling off period for homebuyers that will allow them to back out of a purchase after signing a contract.
· The cooling off period, called "Home Buyer Protection Period", will be in place by summer.
· BCFSA will soon release d...