The New Cooling Off Period in B.C

Cooling Off Period

What is it?

Effective Jan 1, 2023 a cooling off period for the sole benefit of the buyer is applicable in all purchase contracts.

This Allows a buyer to change their mind about an offer within 3 (business days) after acceptance for a fee payable to the seller. Basically, in realtor lingo…”getting cold feet”.  

This applies to residential property only.

So what’s the difference between a buyer walking away from a subject offer?

It’s the deposit. During this 3 day (cooling off period) The deposit would be sent back to the buyer (less the fee) without the seller consent. On a subject offer, both the seller and buyer have to agree to release the deposit.

How much is the fee?

0.25% of the purchase price. (e.g.: $1.5M purchase agreement will cost $3,750) I could give my thoughts on this… but I won’t.

Issues:

As a seller, this fee is considered a service so don’t get so happy and spend it before you pay the GST of $187.50

This clause cannot be waived by either party. So you better be sure you want to proceed with this purchase if there is no subjects in place for your due diligence.

Concerns

Business days are defined as not a Saturday or a holiday. What about Sunday?

There may be a gray area regarding properties that are mixed use.

The gov has good intentions in protecting a buyer who may have offered too much for a property because of FOMO. However, there is a rescinding period in pre-sales already. Which makes sense because you’re buying paper and not being able to walk through the property.

Strategies

Unless you’re adding conditions like inspection and financing, It would be best to put in the contract the seller to allow for inspection within those three days.

I’m sure there will be many amendments to this legislation prior to Jan 1 (We hope)

For more helpful home buying information, visit

https://www.homebuyersvancouver.com

New Upcoming Hurdles for Landlords and what they are.

Increased Hurdles Proposed for Residential Landlords – Renovations and Rent Freezes

On March 1, 2021, the provincial government announced proposed legislation that will increase the hurdles faced by landlords wishing to complete renovations in tenanted residential property.

The proposed legislation seeks to both prevent “renovictions,” and to extend the current provincial rent freeze to December 31, 2021. If passed by the B.C. provincial government, this legislation will come into effect on July 1, 2021. According to the provincial government’s press release, significant effects of the legislation will include:

1) Landlords will be required to apply to the Residential Tenancy Branch before they can terminate a tenancy agreement for the purpose of making renovations;

2) Landlords will be prohibited from ending tenancies for renovations that are not “substantial,” or that do not require the rental unit to be vacant;

3) As the Province has already extended a rent freeze during COVID-19, this legislation will permit tenants to disregard notices of rent increase taking effect between March 30, 2020 and January 1, 2022, that tenants have already received; and

4) From 2022 onward, rent increases shall be capped at the rate of inflation.

The market prices are higher than they’ve ever been even surpassing the super hyped Vancouver market of 2016-2017

For a FREE market evaluation for your rental property Click HERE

How to Sell Your Home the Non-Traditional way using the Ikonomou Systems

How Vancouver-area home sellers are getting full price or more without using a traditional selling system..

Selling a Vancouver-area house, townhome, or condo the traditional way with a traditional system has 2 painful problems:

1 – Homeowners never know if or when their home will sell

2 – And, if it does sell, homeowners never know for sure if they got as much as they should have.

So, we fixed all that.

The Ikonomou system lets homeowners know the exact day their home can sell…

…and also the likely bare minimum it’s going to sell for. The only question is if they’ll get even more than they hoped.

Homeowners love this because they who know how much they’re getting and when they’re getting it. Homeowners can relax and plan for the future instead of feeling stressed and wondering if or when they’ll be able to move.

The way we get home sellers these amazing results is by completely changing how a home is sold. Specifically, we add these 2 things to the mix:

1 – Competition

2 – And A Deadline

When we add these two things, something miraculous happens…

..it puts the seller in full control and serious buyers are forced to take action immediately or lose out.

What we’re doing is creating an auction-like bidding environment.

Although we’re not actually auctioning homes, this home-bidding model works for exactly the same reason why luxury auction houses like Sotheby’s and Christie’s work…

…they start with a fair price for a valuable item and, because buyers can see that competition is all around them, buyers expect that the they wait, the HIGHER the price goes.

This is in stark contrast to the “traditional way” of selling a house where buyers expect that the longer they wait, the LOWER the price goes.

Plus, when we add a deadline to the mix, the results get even better.

That’s because a deadline demands action… and no one wants to miss out.

The bottom line of how this all works:

We compress all your showings into just a few days

Then give buyers a deadline to make an offer

This puts you, the homeowner, in complete control

Buyers know they will be competing and bring stronger offers. 

THIS GETS YOU MORE MONEY, FASTER!

Just choose 2 to 4 back-to-back days buyers can see your home…

…then receive multiple offers on “deadline day!”

It’s very simple and remarkably effective.

Then, if you want, we can even share with you what day your house can sell.

✅ Find out how much more you can get with this system by clicking HERE:

B.C Speculation & Vacancy Tax for Metro Vancouver

Taxable regions for the speculation and vacancy tax

Only those owning property classed as residential and located in a designated taxable region in B.C. must complete a declaration for the speculation and vacancy tax.

The following Metro Vancouver Regional District municipalities are taxable regions:

  • Anmore
  • Belcarra
  • Burnaby
  • Coquitlam
  • Delta
  • Langley (City)
  • Langley (Township)
  • Maple Ridge
  • New Westminster
  • North Vancouver (City)
  • North Vancouver (District)
  • Pitt Meadows
  • Port Coquitlam
  • Port Moody
  • Richmond
  • Surrey
  • University Endowment Lands
  • Vancouver
  • West Vancouver
  • White Rock

Refer to the map of the Metro Vancouver Regional District (PDF) for your reference.

For more information on the Vancouver vacancy tax chat with Tom 778.879.8366

7 efficient Tips when Downsizing

7 efficient tips to downsize when moving to a smaller home
Your parents are downsizing and moving to a senior’s living home or a small condo?

You know they can’t take it all, but many people underestimate how much stuff they have as they trying to figure out, how to downsize to the rightsize.

Here are 7 important tips to get the best result from your downsizing process.

  1. Determine the storage space in the new layout . Take pictures of all storage spaces in the new house: kitchen cupboards are the most important as they will always be different. take a picture of the closets, pantry, den, living room.
  2. How many walls will you have?

. New buildings especially in Vancouver and North Vancouver built with many large windows to let more sun light in and natural view. In the old houses there are many walls to hang up picture frames and place a bookcases against them. Count and take pictures of walls in the new place. That will help you not just downsize – but rightsize.

  1. Mark with a tape. Back to the old house. Look at your kitchen, and look at the picture you took at the new place . Count how many cupboard you have in the new place. (Assuming 8 doors and 4 drawers ) . now, mark with a green painter’s tape 8 doors and 4 drawers in your old kitchen. Start fill up only the marked shelves and drawers with things you like and want to take with you to the new home. switch and play around with dishes and items. It helps visualizing how much space there is in the new kitchen.

Repeat this process with every storage space you have in the house: closets, pantry, den. If you don’t have a linen closet in the new layout you can’t take them all. Think about the right spot for the linens ( a shelf in the bedroom’s closet for example) and place them there.

  1. Art and picture frames. Do the same with the picture frames and art, only in this case, you may be able to store few picture frames in the new house and have the option of alternating the art on the walls from time to time.
  2. Furniture. Look at the furniture and ask yourself: where is this going to live in the new home? If you are taking a china cabinet with you- everything that fit inside can go as well. Fill this cabinet or dresser with the items you plan to store in it at the new house.
  3. Chunk tasks. The best way to deal with the over whelming downsizing and moving process is to assign specific people to specific tasks. Many of our senior’s client have a son, daughter or a daughter in law who carry this project on their shoulders. The best way to get other people to come and help is not by asking them to come and help, but by giving them specific task you know they would be able to get it done.

Examples :

a. Ask the most computer savvy grandkid to scan the family pictures and upload to a digital picture frame? (It will save space and grandma can enjoy these photos ).

b. Who in the family can get in touch with donation’s organizations and schedule them to come and pick up unwanted items?

c. Any accountant in the family that can sort files and papers ?

  1. The giveaway party: Finally, when everything is sorted, schedule a giveaway VIP party: Invite the family members and friends to a small party. They will pick up items designated to them. Choose the day and the time, make it an official specific event. Stick a note to every item with a name of the friend or family member. That will be a great opportunity to say goodbye to the old place as well.

FREE: Join our private list of friends and stay in touch with new listings, sales and price reductions direct to your inbox… Click HERE

In Vancouver and around the city, there are many great places to take your donation or recycling items.

Recycling BC hot line, can tell you which organization can pick up donations from your door and where to recycle each material:

Call or find online: RCBC hot line: 604-7329253 http://rcbc.bc.ca/.

Good luck rightsizing. We are looking forward to take away the packing task from you and unpack in the new location in only a few hours.

Top 13 places to send change of address to

“Moving Home, Changing Address, Doormat, with Clip Path. Isolated on White.”

Most people know in advance they will be moving by way of subject removal dates. This time period can be anywhere up to 60 days and is adequate to send emails to your service providers with your new contact info. This will save you additional fees setting up mail forwarding. The following is a list of the 

  1.  Post Office
  2.  Change accounts and credit card agencies
  3.  Friends and Relatives – send them private messages or text your new address.
  4.  Subscriptions, book clubs, record clubs (notice requires several weeks in         advance)
  5.  Bank – transfer funds, arrange for check cashing in new city
  6.  Insurance – Notify regarding new location for coverage:  Life, Health, Fire, Auto
  7.  Automobile registration – Transfer of auto title is necessary: also driver’s license,   city windshield sticker and motor club membership
  8.  Utility Companies – Gas, electric, water, telephone, cable television, fuel: obtain   refund of any deposit made:  arrange for immediate service in new location
  9.  Route Persons – Laundry, newspaper delivery, changeover of services
  10.  School Records – Ask for copies of the transfer of children’s records
  11.  Medical, dental, prescription histories – Ask physicians and dentists for referrals,   transfer needed prescription, X-rays
  12.  Church, clubs, civic organizations – Transfer memberships, request letters of   introduction
  13.  Pets – ask about registration for licenses, vaccinations, tags.  Request transfer of   veterinarian’s records
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