CANADIAN & BRITISH COLUMBIAN GOVERNMENT LEGISLATIVE CHANGES COMING JANUARY 2023
Foreign Buyer Ban
Beginning January 1, 2023, non-Canadians will be banned from buying residential property across Canada for two years. Although the federal government has still not released supporting regulations at this point, the Canadian Real Estate Association and BCREA will notify REALTORS® as soon as any guidance is released. There are some exceptions (and Whistler may be one of them), full details won't be available to us until January 1st (frustrating I know!)
Click HERE to read the full article.
Home Buyer Rescission Period
Also beginning January 3, 2023, The HBRP provides buyers an opportunity to rescind their contract to purchase certain residential properties up to three business days after an offer is accepted with a financial penalty. This rescission period applies to residential real property transactions regardless of whether a real estate licensee is involved in the transaction and cannot be waived by the buyer or the seller.
If you choose to exercise your rescission right in the period provided, you must pay the seller an amount equivalent to 0.25% of the purchase price.
Click HERE to read the details.
Residential Property Flipping Rule
Individuals who purchase a residential property and sell it within 12 months of their purchase may be subject to the Residential Anti-Flipping Rule. Under the new rules, any profit from the sale of residential real estate (including rental property) within a year would be taxed as business income and ineligible for either the 50 per cent capital gains rate or the principal residence exemption (Canadian residents only).
Exemptions include:
· household addition, such as birth, adoption, or care of an elderly parent,
· breakdown of a marriage or common-law partnership,
· threat to personal safety, such as domestic violence,
· change in employment,
· involuntary disposition, such as from a natural or human-caused disaster.
Click HERE to read preliminary information on Justin Trudeau’s 2022 budget that includes some information on this change.
Positive changes include ...
Multigenerational Home Renovation Tax Credit
On January 1, 2023, the Multigenerational Home Renovation tax credit will come into effect. This tax credit will cover eligible homeowners up to 15 per cent (to a maximum of $7,500) for creating a secondary unit in their home to accommodate a senior or adult with a disability.
Click HERE to read more on this tax credit.
Changes already in effect from earlier this year ...
Amendments to the Strata Property Act (Nov 24, 2022)
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
· all age restriction bylaws are removed, with the exception of “seniors only” (55-plus) rules. This means that a strata will no longer be allowed to have 19-plus age restrictions.
Click HERE to read information from the BC Premier on these changes.
And if there's anything else you need to know, just respond to this email. Denise@Whistler-RealEstate.ca
Thanks for listening.
Denise
Posted by Denise Brown on
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