The Province of BC is in the process on introducing new legislation that requires “cooling off” periods for resale properties and newly built homes.
The introduction of a “cooling off” period for all purchase transactions would mean the end of non-subject offers. Non-subject offers have been extremely common in this insanely competitive real estate market and ultimately puts buyers at great risk. This could be a good sign if we see legislation passed in 2022.
What you need to know about this
- I do not suspect this will result in a reduction of house prices. I do however, believe this will give buyers with less than a 20 percent down payment, the ability to do their due diligence with an appraisal and inspection
- Already in force for pre-sale units
- Other provinces in the the country (Quebec) have similar legislation
- A rescission period for other large purchases like cars, insurance, and other financial sectors are in place to allow consumers to have a due diligence period.
While this addresses people in the market to purchase – fixed rates are on the rise. If you are looking for a Pre approval or have a renewal in 2022, the time to secure your rate with us is now.
Angela Calla is a 17-year award-winning woman of influence which sets her apart from the rest. She is without a doubt, a true expert in her field. 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 firstname.lastname@example.org or at 604-802-3983.
Click here to view the latest news on our blog.