Newsletter

The BC Government, as part of their reaction to the housing demand in our province, has Amended the Strata Property Act banning rental restrictions. Their changes also eliminate Age Restrictions, expect for those that restrict to 55+. In addition to changes within the Strata Act, they have also stated how they are pushing municipalities to streamline the development process in order to build more homes faster. With the change to rental restrictions, it could pose as an opportunity for investors to get into some untapped buildings/complexes. Also, with age restrictions gone (except for 55+) there will likely be more options for first time buyers or young families.

Read more about these announcements here:

BC Government News

BC Legislation

The BC Real Estate Association has begun prepping Real Estate Licensees, like myself, for the new Home Buyer Rescission period. If you recall, several months ago, the Government made announcements for plans to introduce a cooling off period, in which perspective home buyers will have the opportunity to back out of a deal within 3 business days of acceptance of the contract for a small fee. Our industry is now just beginning to learn what this process will entail in preparation for its effective date of January 3rd 2023. Stay tuned for more updates!