December 2022

Canada's Foreign Buyer Ban Begins in January 2023

Posted on Dec 21, 2022

The federal government’s ban on new foreign ownership of residential property becomes law on January 1, 2023, disallowing anyone who isn’t a Canadian citizen or permanent resident from buying residential real estate for two years.

The Act restricts non-Canadians from avoiding the ban by using corporations or other entities to purchase residential pr...

Read More

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...

Read More

New Home Buyer Rescission Period Coming January 3,2023

Posted on Dec 06, 2022 in Real Estate News

Home Buyer-Jeyhoon Mohammadi

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...

Read More