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18 Jan

Real Estate Rule Changes in BC – Effective January 1, 2023


Posted by: Kimberly Walker

Real Estate Rule Changes in BC

Home Buyer Rescission Period – Buyers now have 3 business days to do their due diligence. If a buyer rescinds their offer, 0.25% of the purchase price will be paid to the seller

Ban on Foreign Buyers – Buyers must have a Canada Permanent Resident Card or be a Canadian Citizen. There is a prohibition on the purchase of residential properties by non-Canadians for two years.

Anti Flipping Tax – 20% tax is calculated on the profit and considered by CRA as business income and fully taxable. This tax applies to properties sold within 12 months, along with assignment sales.

 Strata Property Changes Effective November 24th, 2022- rentals restrictions are now prohibited, the number of units rented are no longer enforceable. Short term rental (under 30 days) prohibitions are still enforceable. There will also no longer be age restrictions under the age of 55. All Strata bylaws with ages 55+ are still enforceable except for a live-in care giver under the age of 55.