On January 25, 2023 the BOC raised the benchmark interest rate by 0.25% as the federal government continues to work at reducing inflation.
For more information on the rate hike go see Bank of Canada press release.
After significant market adjustments in 2022 we are now seeing a more balanced market with Buyers and Sellers having the ability to negotiate their respective terms and conditions.
The BC and federal government legislated two new rules that both came into effect January 1. While both rules are important, I do not anticipate them significantly altering the process of purchasing real estate or its value.
Home Buyers now have three business days to decide whether to proceed with their purchase upon negotiating an accepted offer. Essentially, if a Buyer wants to rescind their offer within the timeline allowed, they are subject to a penalty of 0.25% of the agreed price and they can walk away. For more information on the new bill, click Buyer Rescission Notice or contact me.
The federal government’s new Foreign Buyer Ban prohibits non-Canadians (except if exempt) from purchasing residential property in Canada for two years (except in remote locations). For more information on this national rule and its exemptions, please visit Foreign Buyer Ban Legislation or contact me.
RE/MAX is again offering grade 12 students with a chance to win one of 40 cash scholarships of $1,000 each. Application deadline is March 13, 2023. Go to blog.remax.ca/quest-for-excellence to apply.