Whistler Real Estate Blog - home buyer rescission period

Home Buyer Rescission Period Began Jan 3

Posted by Denise Brown on January 6th, 2023

Home Buyer Rescission Period began January 3, 2023

The new Home Buyer Rescission Period (“HBRP”) is now in force for residential real estate transactions in the province.

 The B.C. government introduced the HBRP, also known as the “cooling-off period,” as a consumer protection measure to give home buyers time to consider whether a purchase is right for them. HBRP gives buyers the right to rescind their offer up to three business days after the offer is accepted. If a buyer changes their mind, they must pay a 0.25% rescission fee to the seller.

Often contracts of purchase and sale contain subject clauses that provide buyers and sellers with an opportunity to perform their due diligence. The right of rescission is separate from any subject…

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Canada & BC Government Changes January 2023

Posted by Denise Brown on December 14th, 2022

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…

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