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ARTICLE · 20 JUNE 2022

Recent Real Estate Developments

In a recent batch of initiatives to cool the overheated housing market and promote affordability, the Government of Canada and British Columbia have indicated that they will be implementing...

CanadaReal Estate and Construction
Lindsay Kenney LLP
Lindsay Kenney LLP

In a recent batch of initiatives to cool the overheated housing market and promote affordability, the Government of Canada and British Columbia have indicated that they will be implementing two noteworthy changes.

Cooling-Off Period

British Columbia may soon become the first province to have a mandatory cooling-off period for residential real estate. The cooling-off period is aimed at providing homebuyers more time to consider their offers, ensure financing, and obtain a home inspection.

In the current market, many offers are being written condition free in order to be competitive. Some buyers are being saddled with homes that require significant repairs or they find themselves in a position where their financing falls through.

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About Mackrell International – Canada - Lindsay Kenney LLP is a full service business law firm with offices in Vancouver and Langley, BC and a member of Mackrell International. Mackrell International – Canada is comprised of four independent law firms in Alberta, British Columbia, Ontario and Quebec. Each firm is regionally based and well-connected in our communities, an advantage shared with our clients. With close relations amongst our Canadian member firms, we are committed to working with clients who have legal needs in multiple jurisdictions within Canada.

This article is intended to be an overview and is for informational purposes only.

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