“A new homebuyer protection period will protect people in B.C. looking to buy a home from being pressured into high-risk sales.” You can read the full announcement here.
A short summary of the change:
The homebuyer protection period will come into effect on Jan. 1, 2023. It includes a cancellation fee of 0.25% of the purchase price, or $250 for every $100,000, for those who choose to back out of a deal. For example, if the purchaser exercises the right of rescission on a $1-million home, they would be required to pay $2,500 to the seller (Buyers still may make offers conditional on home inspections or financing at any time).
A few comments on this from Angela Calla
– This is not something intended to cool the market or help with supply or qualifying
– This does not remove the importance of a buyer getting fully pre-approved and doing the inspection, financing, and review of any/all related documents required for completion of a purchase
– In today’s market conditions most offers already have a subject period for due diligence, unlike we saw for the 12 months previous to today and in last cycles with demand outweighing supply
– With new construction, this is already in place and for a full 5/7 days with the exception of the cancellation fee (Which is not kept during the cancellation period should you decide not to proceed).
Angela Calla is an 18-year award-winning woman of influence which sets her apart from the rest. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code“, Angela educates prospective home buyers by providing vital information on mortgages.
In August of 2020, at the young age of 37, Angela surpassed $1 Billion dollars in funded personal mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.
Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.
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