New Real Estate rules Ef. Jan 1, 2023

BC’s 3-day Rescission Period
This allows a “cooling off” period for buyers
*excludes the day of acceptance, weekends & holidays
*cannot be waived by any party
*contract can be rescinded with a .25% fee, it’s unclear if it will be payable “up front” at this point
*normal subjects/conditions still apply and the rescission cannot be used if you cannot fulfill one or more of your conditions
Federal Foreign Buyer Policy (2-year ban)
Foreign citizens will not be allowed to buy a residential property in Canada except in certain areas (Whistler for example) or if you are one of the following:
(a) a temporary resident within the meaning of the Immigration and Refugee Protection Act who satisfies prescribed conditions;
(b) a protected person within the meaning of subsection 95(2) of that Act;.
(c) an individual who is a non-Canadian and who purchases residential property in Canada with their spouse or common-law partner if the spouse or common law-partner is a Canadian citizen, person registered as an Indian under the Indian Act, permanent resident or person referred to in paragraph (a) or (b); or
(d) a person of a prescribed class of persons.