The real estate market has certainly taken a dip towards the end of 2022, but we all know that it is merely a matter of time before everything picks up again.
The crazy real estate frenzy of the pandemic exposed a few areas where the government and the real estate industry could do better in protecting the consumer when purchasing real estate.
There are changes to come next month for real estate that will affect the Squamish market. Notably, the introduction of the Home Buyer Rescission Period, which comes into effect as of January 3, 2023. This policy will create a "cooling-off" period, where buyers can change their minds within a prescribed period and cancel a contract of purchase and sale for residential property with few consequences.
Also arriving next year is the "Foreign Buyer Ban". Starting in January 2023, non-Canadians will be banned from buying homes across Canada, through the Prohibition on the Purchase of Residential Property by Non-Canadians Act. This Act prohibits non-citizens and non-permanent residents from purchasing residential property in Canada for two years.
The Act also restricts non-Canadians from avoiding the ban by using corporations or other entities to purchase residential property. Both the non-Canadian purchaser of prohibited property and any person or entity that knowingly assists in the purchase can be fined up to $10,000 and the property may be forced to be sold.
How these two changes will affect the market in Squamish is cause for much speculation, and we can only wait and see how this plays out.
With informed decisions, and careful strategy, homeowners, potential homebuyers, and investors can succeed with their real estate goals.
If you're thinking of making a move, call/DM me: my phone is always on!