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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

Need Mortgage Help? Jennie or Chad can help. See Jennie's recent post below


Good Morning,

With the enormous amount of information being thrown at us right now, the following is a summary of the 'state of the mortgage union'

  • Firstly and importantly ALL major banks and the majority of non-bank lender and credit unions (so far) have announced they will be offering suspended mortgage payments for those who need it. This will be looked at on a case by case basis but potentially up to 6 months relief. Reach out to your lender or myself and I can give you the pertinent info to get in touch with the right people.

  • Due to the 2 cuts from the Bank of Canada, the Prime rate is down to 2.95% (at most institutions). for those with a variable rate or line of credit, this will have been a 1% reduction in your interest payment. However, to counter balance this, many banks have reduced the discount off Prime for new mortgages. If you have a variable rate mortgage it may take a payment or 2 for you to see the reduction.

  • Fixed rates are also down. The bond yields are extremely low which influences the 5 year fixed rate. If you have a rate currently in the 3% + range, it is worth a conversation on whether it will benefit you to re-finance to a lower rate now!

  • The Ministry of Finance has put the revised stress test - due to begin April 6th - on hold indefinitely. This would have meant that all mortgages that required CMHC insurance (5%-19% down) would have had a lower qualification benchmark rate and thus would have qualified for a slightly higher mortgage amount. I will advise when it is back on the docket!

  • Finally, there is plenty of positive news that is not reported on. The majority of folks fully recovering from this virus (including the elderly). China has closed down its last Coronavirus hospital as there are not enough cases to support them. Apple has re-opened all 42 stores in China! Cases in South Korea are declining.

  • Stay safe and reach out to me if you want me to crunch numbers for you or need the number for a lender to discuss the payment suspension option.

The sun is out, have a great day!

Jennie Shandley

Mortgage Specialist – Dreyer Group Mortgages Inc.

Member of the VERICO Brokers Network

Cell: 604-836-3317 Fax: 604-608-9307


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