yonge city square condos.There is a mandatory cooling-off period for house purchase in Canada. British Columbia, where Vancouver is located, introduced new rules at the beginning of the new year.Please Visit: yonge city square condos to Get Your VVIP Registration Today!
Set a compulsory protection period of three working days for home buyers to give them more time to ensure that mortgage loans are in place or to arrange house inspection.
The new rule has come into effect since January 3. As a result, British Columbia became the first province in Canada to provide home buyers with protection periods for second-hand and new home buyers.
The protection period of home buyers, also known as the buyer cancellation period, is also widely known as the “cooling-off period” by the media. This protection period applies to all sales transactions of residential real estate, including private sales, with a few exceptions. For the party who opts out of the transaction, it is necessary to pay 0.25% of the purchase price or a cancellation or withdrawal charge of C $250 for every C $100000 to ensure that both parties take the transaction seriously.
British Columbia Finance Director Kang Luoqi believes that the new measure will enhance public confidence in the real estate market.
Against the backdrop of a series of interest rate hikes by the Bank of Canada in 2022 to cope with high inflation, British Columbia Real Estate Association data show that the province sold 4512 homes in November 2022, a sharp drop of more than 50 per cent from a year earlier; the average house price in November 2022 was about C $904000, compared with about C $984000 in the same period the previous year.