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New 3 Day Cooling Off Period





Starting in January 2023, a new way to buy real estate will be mandator in BC. It involves a 3 day cooling off period. The recent trend to making an offer to buy residential real estate where there was no subject to financing is going to change. This will be the first of its kind in Canada and involves a 3 day cooling off period after the offer has been accepted so the buyer can back out of the deal.

Sounds simple, but wait there's more. There is a cancellation fee equal to $250 for every $1,000,000 of purchase price, so a $1M home would produce a cancellation fee of $2,500.

Once the offer is accepted the purchaser, would have 3 business days to do their due diligence such as home inspection, review of strata minutes, appraisal, financing, legal etc and if they are not happy they can cancel the deal subject to the penalty.

This is NOT what the provinces regulator not the BC Real Estate Association recommended in terms of steps to take to protect home buyers but it is what the government deemed most appropriate.






















MORE GREAT NEWS FROM MORTGAGE BROKER CHAD DREYER


Hello,


Hope you had a great weekend!


It looks like we may see some great upcoming changes to Insured mortgages in Canada!


There are plans to increase the maximum purchase price for insured mortgages (less than 20% down) mortgages from 1 million to 1.25 million which is great new for Markets like Vancouver where prices are hight and in situations where buyers may be able for a to qualify but could be short on downpayment needed for a purchase would have the option to look at an insured mortgage with a higher price point.


As this develops I will be sure to keep to keep you updated.


Bond yields have hit new highs that we have not seen since Feb 2020 and this is certainly going to put pressure on fixed rates to increase shortly, I have heard some lenders will be announcing rate increases overnight or over the coming days unless bond yields go back down shortly.


Given where bond yields are now, I suggest any clients you are currently working with who may not have a pre approval/rate hold currently that they do so ASAP!


Have a great week.


Thanks,

Chad Dreyer
Mortgage Consultant 

FSCO License: M21000565
604.614.9239
chad@chaddreyer.ca
www.chaddreyer.ca

INTERESTING UPDATE FROM MORTGAGE BROKER CHAD DREYER ON PROMISES TO HELP HOME BUYERS.


Well as we all saw nothing much changed with last months Federal election, however the Liberals now have a fresh slate of policies for housing with hopes of sustainability and assisting first time buyers.


Here is a summary of their key housing promises:


Housing Supply


The Liberals plan to build, preserve or repair 1.4 million new homes if the next 4 years, they plan to do so through the following initiatives:


  • Housing accelerator fund
    • Invest $4 billion in a housing accelerator fund to build 100,000 new middle-class homes by 2024/2025
  • $2.7 billion for the National Housing Co-Investment Fund
  • $600 million for office and retail space conversion to housing
  • A temporary ban on foreign ownership
    • Foreign citizens would be barred from purchasing Canadian housing for the next 2 years, unless its proven to be for future employment or immigration within the proceeding 2 years
  • Anti-Flipping Tax
    • Applicable to properties sold within 12 months of purchase 


Mortgage Qualification Policies 


  • Changes to the First-Times Home Buyers Incentive 
    • Under the new plan participants could choose between the previous shared equity arrangement or now opt instead for a loan that is repayable only at time of sale 
  • Increase mortgage insurance eligibility cap to $1.25 million 
    • This is an increase from the current $1 million
  • Reduce CMHC insurance premiums for new buyers by 25%


Financial Assistance 


  • Tax-Free Home Savings Account
    • This allows Canadians under 40 to save up to $40,000 towards their first purchase, the money can withdrawn tax-free with no repayment requirement
  • $1 billion for rent to own projects 
  • Multi-generational home renovations tax credit 
    • Provide a 15% tax credit of up to $50,000 for homeowners who add a secondary unit to their home for the use of immediate or extended family
  • Double the First-Time Buyer Tax Credit from $10,000 from $5,000


There is definitely a lot of work here with everything the Liberals have proposed above and as we know by the time these come to law they could look much different that proposed above.


I will continue to monitor these and update you if any policy changes are announced.


If you have any questions please feel free to reach out!


Thanks

Chad Dreyer
Mortgage Consultant 

FSCO License: M21000565
604.614.9239
chad@chaddreyer.ca
www.chaddreyer.ca


ON MAY 19TH OUR HEALTH MINISTER ADRIAN DIX SAID THE FIRST COV-19 STATEMENT FROM THE PROVINCE WAS MADE 17 WEEKS AGO. "WE HAVE BENT OUR CURVE." ALL OF US HAVE MADE A DIFFERENCE.


"WE WOULD NOT BE EASING THE RESTRICTIONS IF WE DID NOT BELIEVE WE COULD DO IT SAFELY."


"WE HAVE FLATTEN OUR CURVE AND CAN SAFELY REOPEN OUR PROVINCE".

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BIG DAY FOR BC AS WE START TO REOPENSmile


DR. Bonnie Henry says safety of British Columbia is the Top priority as the gradual reopening gets underway


AS OF MAY 19, ONLY 2 NEW CASES!! THE LOWEST SINCE THIS ALL BEGAN BACK IN MARCH.



1975 BC Covid patients have recovered, 81 precent of those diagnosed. Death total 146 and 325 active cases


Total number of COVID-19 CASES IN BC STANDS AT 2446

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2.5 Million cases of COVID-19 WORLD WIDE APRIL 21, 2020

 

CORONAVIRUS PANDEMIC                       MAY 21, 2020

APRIL 21, 2020                                     BC ACTIVE CASE 307

BC TOTAL CASES 1699                       BC TOTAL CASES  2479

BC TOTAL DEATHS 86                         BC TOTAL DEATHS 152

                                                                                         BC 12 NEW CASES

 APRIL 21,2020                                                                             MAY 22,2020

CANADA TOTAL CASES 37,000              CANADA TOTAL CASES 81,324

CANADA 1600 + DEATHS                        CANADA TOTAL DEATHS 6,152

   

APRIL 21,2020                                                                          MAY 23, 2020

TOTAL CASES GLOBALLY 2,499,723 TOTAL CASES GLOBALLY 5,244,728   DEATHS  GLOBALLY 171,718


 APRIL 21,2020                                                   MAY 23, 2020                               

UNITED STATES TOTAL CASES 788,110  USA TOTAL CASES 1,604,189

UNITED STATES DEATHS 42,374               USA DEATHS 96,082


COMPARISON TO MAY 21, 2020 CASES IN CANADA 

 
 
 
 
 
 
 
 
 
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This year started off with so much promise for a busy real estate market......then came Covid -19. Along with all of this, there has been big changes in how we sell Real Estate to keep our clients and our families safe.


As of May 5, 2015 there were 4,477,351 Total cases Globally and 303,389 Deaths


As of May 14/20  2392 Cases Covid-19 case in BC and 3 more deaths for a Total of 135 Deaths


Our world as we know it has changed.... I know you know that but did you know how It has changed in our Real Estate Market?


What Buyers & Sellers can expect in today's market. The Main Focus is SAFETY for everyone.


  • First Open Houses have been cancelled. It is possible as summer nears we may reopen for open houses with limited numbers and social distancing.
  • Buyers may need to provide a letter of approval from their mortgage brokers before working with an agent and viewing homes
  • Before requesting a viewing the Buyer's agent and Buyer must do a drive by and check out the neighborhood and surrounding areas and have viewed all the documents and media on the property as well.
Industry wide, we saw showings per buyer go down drastically, as buyers began honing in on what they really want before stepping foot inside a listing.

  • Facetime videos calls can also be done with the just the Listing agent and Buyer's agent.
  • Prior to a buyer entering into a home they can expect to be subject to Health screening precautions suggest by the Real Estate Board. Such as;
  1. Do you have any of the following symptoms: fever/feverish, new or existing cough and difficulty breathing?
  2. Have you or anyone in your family travelled outside of BC or Canada within the last 14 days? If so you would have to self isolate for 14 days.
  3. Have you had close contact with a confirmed or probable COVID-19 case?
  4. Have you had close contact with a person with acute respiratory illness who has been outside of BC or Canada in the last 14 days?
If Buyers refuses to answer or answers yes it is presumable the Seller and or the Seller's agent will politely ask the buyers to come back on another day for everyone's safety. 

  • Everyone must wear gloves and a mask and asked not to touch anything inside the
  • home  including the counter tops and furniture.
  • Sellers are asked to turn on all lights, open all doors and cupboards and closets prior to showings.
  • Sellers are advised to do a thorough cleaning and sanitizing prior and after a showing.
  • All buyers with signing authority need to be present for 1st viewing
  • It is suggested to leave kids home.


THE GOOD NEWS IS INTEREST RATES ARE EXPECT TO STAY LOW UNTIL 2022.


With all the pent-up demand we do expect a dramatic increase in the real estate sales and purchases by the final quarter of this 2020.


It is suggested it will take about 3 years for the overall economy to adjust. Time will tell.

It is suggested the second quarter of 2020 will be the bottom of our recession.


Home prices have stayed fairly level with slight increases but we may start seeing pricing moving upward as 1/3 of Canadians are continually looking to buy. With all the pent-up demand and low interest rates this will probably keep prices from falling drastically. 

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  • As of May 5, 2015 there are Globally 4,477,351 Total case 1.4 Million Recovered
  • Globally 303,389 Deaths
  • In the United States there are 1,419,998 Total Cases
  • In the United States there are 85, 974 Deaths.
As of May 7/20    63,85 Cases Covid-19 cases in Canada and 4280 Deaths
As of May 15/20  73,829 Cases Covid-19 cases in Canada and 5499 Deaths

As of May 14/20  2392 Cases Covid-19 case in BC and 3 more deaths for a Total of 135 Deaths
As of May 14/20  1885 Covid 19 Cases Recoverd which is 79% Smile
As of May  14/20  15 New Covid-19 Cases and 372 Active case of Covid-19 in BC

THE GOOD NEWS IS INTEREST RATES ARE EXPECT TO STAY LOW UNTIL 2022.


With all the pent-up demand we do expect a dramatic increase in the real estate sales and purchases by the final quarter of this 2020.


It is suggested it will take about 3 years for the overall economy to adjust. Time will tell.

It is suggested the second quarter of 2020 will be the bottom of our recession.


Home prices have stayed fairly level with slight increases but we may start seeing pricing moving upward as 1/3 of Canadians are continually looking to buy. With all the pent-up demand and low interest rates this will probably keep prices from falling drastically. Depending on the bounch back of the economy, this could change. 

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Governor Cuomo stated on May 8th 2020, they have discovered while everyone was screening travellers from China, 3 million Europeans flew into JFK airport in New York.


He feels we have to look back to see where the mistakes were made so we don't repeat them.


He feels now a virus anywhere in the world is now everywhere. He shares his thoughts a person with a virus anywhere in the world can board a plane and within a hours to a day can land anywhere in the world.


Italy had one of the worst outbreaks of the virus.


As of May 12/20 the Uk had 220,449 Covid-19 cases with new cases doubling every 29 days


As of May 12/20 Spain had 720 new cases on the Friday and 812 new cases on Saturday May 11/2020




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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.