It’s no secret that the real estate market is hotter than ever here on Vancouver Island and across much of British Columbia. Over the past five years, the average price of a single family home on Vancouver Island has increased from $577,000 in October 2020 to $757,300 in October 2021, according to the Vancouver Island Real Estate Board. Many prospective homebuyers are finding themselves priced out of the market, and the continual growth in house prices has exacerbated the ongoing housing crisis across the province.
In light of these developments, the provincial government has announced new legislation for 2022 which will require ‘cooling-off’ periods for resale properties and newly built homes. These measures are intended to cool the red-hot housing market across the province. These cooling-off periods are limited periods of time where buyers can change their minds and cancel purchases with few or no legal consequences.
“People looking to buy a home need to know they are protected as they make one of the biggest financial decisions of their lives,” says Finance Minister Selina Robinson. “Especially in periods of heightened activity in the housing market, it’s crucial that we have effective measures in place so that people have the peace of mind that they’ve made the right choices.”
Other areas currently under the microscope are alternatives to the blind bidding system, as well as buyers waiving conditions in order to put in a more competitive offer. These practices are believed to negatively impact first-time homebuyers, something that the provincial government intends to mitigate.
The provincial government is responding to more than just climbing house prices – the practice of potential homeowners giving up basic tools like a home inspection in order to make things easier for the seller is also under examination.
The lawyers and legal professionals at Saanichton Law Group are also able assist you in the event your real estate transaction necessitates arbitration. Brad Bianchin, lawyer at Saanichton Law Group, is a Qualified Arbitrator (Q. Arb) with certification from the Alternative Dispute Resolution Institute of Canada (ADRIC). As a Qualified Arbitrator, Brad is able to assist clients in resolving legal disputes without incurring the costs, time and complexities associated with civil litigation.
Using the services of our legal team when conducting real estate transactions is especially important if buying out of province. For example, if you’re purchasing real estate in British Columbia but you reside in another province, the real estate laws that apply to you may vary significantly. Understanding the complexities of these laws is what our legal team is for, and we are able to explain to you the best course of action to take when you make your real estate transaction.
The lawyers at Saanichton Law Group are here to help you with your legal needs in Real Estate, as well as Wills & Estates, Representation Agreements, Arbitration, Power of Attorney, Mortgages and Corporate Law. Call us at (250) 544-0727 or email us at info@saanichtonlaw.com for more details on how we can assist you.
