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New rules for buying or selling a home

January 13, 2023

PERSONAL REAL ESTATE

Buying or selling a home in 2023? There are new rules that apply

If you’re thinking of buying or selling a home, you should be aware of 2 major changes in the law that came into effect on January 1st, 2023.

The first major change is that non-residents of Canada have been banned from buying residential property for the next 2 years. If a company is buying a residential property, and any foreign shareholder owns or controls at least 3% of that company, then the company is considered a foreign buyer and is disqualified from purchasing residential property in Canada for the next 2 years. There are several exemptions from the ban, including Canadian citizens and permanent residents, refugees, and some international students, among others.

The second major change is the introduction of a 3-business day “cooling-off period”. During this cooling-off period, a buyer can rescind its offer and back out of the deal for any reason, even if their offer has been accepted. The cooling-off time is intended to help buyers fully consider whether a purchase is right for them, even in a hot market. If a buyer changes their mind, they must pay a rescission fee of 0.25% to the Seller, amounting to $2,500 for every $1 million of the purchase price.

If you have questions on these new laws or any other legal matters, reach out to Aman Bindra at abindra@kswlawyers.ca or 604-591-7321 today.

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AMAN S. BINDRA

Lawyer

Aman Bindra and his team assist clients with all real estate, banking, and business matters, including purchases and sales of real estate and businesses, borrowing and lending, land development and construction, and leasing.

Aman has extensive experience working with individual, business and corporate clients throughout British Columbia. He regularly advises on and prepares agreements relating to land, asset, and share purchases, financings, and construction projects, and he assists with leasing, incorporations, partnerships, corporate reorganizations, and more.

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