Real Estate Changes for 2023

Dated: January 2 2023

Views: 269

I want to start by first wishing you all a very Happy New Year!!! I hope this year brings you all happiness, excellent health and prosperity! 2022 is now gone, and we have this wonderful new year to work on, a blank canvas. With this new blank canvas, some recent changes have been implemented in real estate for the start of this new year. 

Rental bylaws and age restrictions:
The government is trying to tackle the significant issue of rental unit availability, so amendments to the strata property act were implemented. It has now ended the strata rental restriction bylaws implemented by many strata bylaws. The only age restriction that will remain is the housing rule of "55 and over" rule. So all other agreed restrictions are now gone. The one rule not affected by this amendment will be bylaws restricting short-term rentals, such as Airbnb, which will continue to be permitted.


Consumer protection for homebuyers:
So the way the real estate market had been booming, many buyers were waiving their rights to a home inspection before purchasing the home of their dreams. So a new process was introduced and comes into effect in January 2023. The protection period includes a cancellation fee of 0.25% of the agreed purchase price or $250 for every 100,000 for any buyer who decides not to move forward with the deal. 

Foreign buyer Ban:
Lastly, the government has placed a two-year ban on foreign commercial enterprises and people from purchasing property in British Columbia; however, many people will be exempt from the new rule, including those with temporary work permits, refugee claimants and international students who meet specific criteria. 

We can say 2023 will be very interesting to see in terms of real estate and what will happen as time progresses. In addition, more interest rate increases are being reported to be announced on the horizon. On that note, I wish you all a very happy new year! 

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Shawn Bhatt

Hi, and thank you for stopping by! I have been serving the community for over ten years now, and it has been an absolute pleasure in doing so! I am dedicated to bringing you the best homes for sale an....

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