New Consumer Protection Measures
The provincial government brought in the Home Buyer Rescission Period (HBRP) effective January 3. The BCFSA website has the Mandatory Agency and Disclosure Forms and Frequently Asked Questions.
The federal government brought in the Prohibition on the Purchase of Residential Property by Non-Canadians Act effective January 1. This effectively bans non-Canadians from purchasing residential properties in Canada for two years. Any licensee who facilitates a residential real estate transaction in contravention of this legislation could be fined by the federal government and be disciplined by BCFSA. Highlights are on the CMHC website.
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