Buyers will have 3 business days to back out of a residential purchase after signing the contract.  This applies to all contracts, regardless of subject conditions.   Buyers who rescind within its three day period will have to pay a rescission fee of 0.25% of the purchase price to the Seller.

National ban on foreign buyer purchases - only Canadian citizens or permanent residents can buy property in Canada this year and next.  There are a few exceptions.

Selling a property within 12 months of buying it will be considered "flipping" and profits taxed as business income.  There are exemptions.

Now that rentals must be allowed in any strata building, units that aren't rented will be subject to speculation/vacancy tax of 0.5% of the value (2% for foreign owners) per year.

Inflation is an economic phenomenon that refers to the general increase in the price of goods and services over time. It can have a significant impact on the real estate market, as the value of property is often tied to the overall health of the economy.

If buying or selling a home is part of your dreams for 2023, it’s essential for you to understand today’s housing market, define your goals & work with industry experts to bring your homeownership vision for the new year into focus.

“The key to making a good decision in this challenging housing market is to be laser focused on what you need now and in the years ahead, so that you can stay in your home long enough that buying is a sound financial decision.”

Click the link to help you fine tune your goals for 2023.

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