Hope you are enjoying our beautiful Vancouver summer.Real Estate wise, a lot has changed in our markets these past few months. Along with that more changes to our industry which will affect Buyers and Sellers going forward and more changes to the Speculation Tax which will also possibly impact those with secondary properties.
Many of our clients' heads are spinning when it comes to real estate and the impacts as a result of inflation, rising interest rates and other policy changes. For anyone looking to buy and or sell there’s a good chance you’ll be impacted one way or the other. What are some of these changes you ask?
- Three day rescission period allowing buyers to walk away on a subject free offer within 3 days of offer acceptance. To learn more, here’s a link to our YouTube video “3 day Rescission Period”
- The Speculation Tax will be included in more regions. If you own secondary real estate and the property is rented for less than 6 months in a calendar year you may be impacted. The provincial government has widened its reach on where Speculation Tax will be levied. As a property owner make sure you are aware. Go to the Speculation Tax website and see if you’re impacted. To learn more, here’s a link to our YouTube video “Speculation Tax Video”
- Foreign Buyers are restricted from buying residential real estate for 2 years. If you’re thinking of selling and your neighborhood has a significant number of foreign owners then the decision by the federal government to block foreign owners from purchasing may negatively impact prices in your area.
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