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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.



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.


Chad Dreyer
Mortgage Consultant 

FSCO License: M21000565


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!


Chad Dreyer
Mortgage Consultant 

FSCO License: M21000565

Sales remained strong going into December with inventory at a real low. With a mild winter so far, 2020 is shaping up to be a very good year to sell and buy while interest rates remain low.

As I always share with my clients, timing is everything in Real Estate!  I always want my clients to have the jump on everyone else. If you are thinking of selling, please call me and let's get you on the market before everyone else jumps in. I expect sales to continue to rise and more inventory to come on the market sooner than our typical spring market.

Recently, I received a very interesting article from Ozze Jurock. For over 21 years Ozzie has been very accurate in predicting Real Estate trends and markets. He is a wealth of information on all kind of Economic and Real Estate stats world wide.

Below is from Ozzie Jurock's articles.



1. Our Jurock Real Estate Insider slogan has been for 21 yrs: "VALUES GROW WHERE PEOPLE GO AND PEOPLE GO WHERE THE JOBS ARE." (OR LEAVE, WHERE THE JOBS ARE NOT).

2. At every outlook and land rush conference since 2011 we predicted continued inward migration, not just from Asia but Iran......indeed from a world in turmoil everywhere. That inflow of people together with unconscionable money creation would result in ever higher prices.

3. In addition, money flows here for safety!!  Immigrants bring it or just send their money for 

CANADA was rated the 3rd safest COUNTRY by (Afire) and inward migration, together with relentless money creation would bode well for our real estate investment futures.

But even Ozzie did not foretell this this enormous NEW STATS CANANDA NUMBER!

The country's population grew by an astounding  208,234  in July to September 2019 period, with some 83% of that increase due to international migration, according to estimates from STATISTICS CANADA released December 19. GROWTH OF THIS MAGNITUDE from international migrations "HAD NEVER BEEN SEEN BEFORE IN A SINGLE QUARTER", the agency said.

NEW IMMIGRANTS TOTALED 103,751 IN THE QUARTER, while the number of non permanent residents rose by 82,438. BRITISH COLUMBIA SAW THE FASTEST POPULATION GROWTH.

Ozzie suggests people are running from falling currencies, crushing debt, collapsing enconomies and looking for a safe place. Canada is at least at the top of the choices. BC has the highest percentage increase and Alberta "the best in 4 years"

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