British Columbia

Home Buyer Rescission Period

The new Home Buyer Rescission Period (“HBRP”) is now in force for residential real estate transactions in the province. Also known as the “cooling-off period,” HBRP improves consumer protection in the real estate market by giving homebuyers time to consider whether a purchase is right for them under any market conditions. This especially helps the buyer under a highly competitive market.

HBRP allow homebuyers to rescind a contract to purchase residential real estate, including private sales, for up to three clear business days after the offer is accepted. This right cannot be waived even if both of the parties agree. Therefor, a buyer can change their mind for any reason within the rescission period but must then pay a 0.25% fee to the seller, which help ensure that all parties are taking the transaction seriously.

The HBRP and any subject conditions included in the contract of sale both start counting down at the same time and run concurrently. If those subject conditions such as financing, inspection etc., are not waived by the buyer, the financial penalty is not applicable.

It is important to note that the rescission period does not give a buyer’s inspector or appraiser access to the property unless specifically mentioned in the contract of purchase and sale.

If you are planning to move, make sure that you buy the property that is right for you by contacting our team.

5 Reasons Why December is a Good Month to Buy a Home

I recently wrote a blog post outlining reasons why winter is a good time to sell a home, so I thought I’d share the flip side and list out reasons why it’s a good time to shop for a home too. 

1. Sellers are highly motivated. People who are listing their homes in December are usually on a timeline. They may be relocating for work, wanting to move over the school break, or need to sell their home before the end of the year.

2. You have less competition. Listings do go down in December, but many buyers also take a break during the holiday season. So while the overall number of homes available might be lower, you also have less competition looking.

3. You can get a better price. Motivated sellers and fewer lookers means you can make a better deal. If your seller needs to make a move before the end of the year, they will be willing to work with you on all other terms besides closing date.

4. Rates are staying low. Mortgage rates are forecast to remain low through the end of this year, and into 2021, so it’s a good time to buy.

5. Schedules are more flexible. You might think December is too busy a month for moving, but most people tend to have more flexible schedules in December. Children’s activities are suspended, work schedules are more lax, for both you, your sellers, as well as your lender, home inspector, and moving companies, so scheduling all the parts of your transaction and move may actually become easier.

I’d love to help you find your next home. Let’s make your holiday wishes come true! Message or call me to book a virtual, or socially distanced, property tour: 604.808.3797