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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

New York & Governor Andrew Cuomo

The United States has the World's Most COVID-19 Cases 790,000+ as of April 21, 2020.

New York with a population of over 19 million people at one time hade 80% of the COVID -19 cases. April 24th approx 43% of Covid-19 Cases were from NY.

Imagine being the Governor of this State during this crisis. As it happens,

Governor Andrew Cuomo is. He has been so interesting to watch. He has such a clear and "Just the facts mame" no nonsense way of communicating. 

We have enjoyed watching his daily updates. I am sure he will rise as one of the heros during this pandemic.

Can you imagine the task of getting over 19 million people to stay inside in such a high density area for over 1 month? NEW YORK received stay at home orders on March 22, 2020. Gov Cuomo has said they stay in place until May 15/2020 and maybe longer if needed.

Working with President Trump, he was able to get over 40,000 extra beds and thankfully did not need all of them.

GOV Cuomo shares; NY Pause has worked But we are not there yet. NY Pause will be extended in coordination with other states to May15/20. When New Yorkers/Americans come together, there is no problem we can't solve.

He states 'We are on a Gentle Decline" "We're in a much better place, We're not home yet!"

In the last week, hospitalizations have dropped down from 2000 a day to 1300. Over the weeks the number of lives lost has been decreasing. 

  • April 16  630
  • April 17  540
  • April 18  507
  • April 19  478
  • April 20  481
  • April 21  474
It is heartbreaking realizing that each number above represents a cherrished loved family member.
The only good thing that can come from such devasting news is the curve is on the downward trend.

Gov Cuomo shared this dial below.

It measures the rate of infection.  He says you want to be under .09 ideally and no higher than 1.2  before you reopen. NEW YORK currently has very little room on the dial before another outbreak inside the current outbreak could cause the dial to jump passing the 1.2 infection rate.This would be back to crisis mode.


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