New legislation allows B.C. home buyers to back out of accepted offer — but there’s a cost
Story continues below advertisement
Chief economist with the B.C. Real Estate Association Brendon Ogmundson said the legislation was intended to prevent buyers from regretting their purchase, or getting in over their heads in the heat of the moment amid a booming market and competing offers — a housing market that’s vastly different now.
The federally-imposed legislation went into effect Jan. 1 and prevents out-of-country investors from purchasing residential properties in census metropolitan areas such as Kelowna, Vancouver and Victoria.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Kelowna residents take on Polar Bear Dip challenge on New Year’s Day - Okanagan | Globalnews.caKelowna, B.C., residents dared to take the plunge in the 2023 Kelowna Polar Bear Dip, hosted by The Community Recreational Initiatives Society.
Read more »
Okanagan’s first baby of 2023 born at Penticton Regional Hospital | Globalnews.caIt's a girl -- Eleanor Amelia Guderyan was the first baby of 2023 born in the Okanagan. She came into the world at Penticton Regional Hospital just before 2:00 a.m.
Read more »
Fluctuating temperatures causing potholes in Kelowna, city says - Okanagan | Globalnews.caRoads in the Okanagan have seen a lot of wear and tear over the past few weeks and the fluctuating temperatures haven't been helpful. More potholes are being seen on the streets.
Read more »
Operations return to normal at Kelowna International Airport - Okanagan | Globalnews.caYLW has returned back to its normal operations, with the majority of flights departing and arriving on time. One issue still lingering is luggage left over at the airport.
Read more »
Penticton, B.C. film company documents a local doctor’s work with alcoholism - Okanagan | Globalnews.caA Penticton doctor revolutionized how patients suffering from alcoholism should be treated. Now, a local film company has documented his work and shared his legacy with the world.
Read more »