Seasons Greetings

November 30, 2022


What a year it has been! There have been many announcements this past year along with forthcoming changes to the real estate industry and market. With increased lending rates, new rules for home purchases, and the very recent changes to the Strata Property Act, the Government and the Bank of Canada have made sure to fill our holiday stockings with plenty for us to digest.

I am not opposed to new rules and regulations if it means a long-term solution to the housing shortage that we continue to endure here in the Greater Victoria area and have experienced across Canada for far to long.

On November 21, 2022, the Office of the Premier announced changes to the Strata Property Act (“SPA”) impacting rental properties in British Columbia.

  • Banning of strata rental restriction bylaws;
  • Limiting age restriction bylaws in strata housing to age 55 and over; and
  • Making electronic meetings a permanent option for strata corporations.

These legislative changes came into effect on November 24, 2022 and apply to both new and existing strata bylaws.

If you have questions and concerns on how any of these new or forthcoming changes will affect you as a home owner or home buyer, I am happy to share with you all the information that the BC Financial Services Authority, my managing brokers and real estate lawyers have shared with us during these previous months.

Send me a quick note and we can chat about these changes and the details regarding the Cooling-Off Period and “What You Need to Know” about this new Home Buyer Rescission Period or ‘cooling-off period’ that is coming into effect January 2023.

And, of course, if you’re entertaining the idea of selling and finding your next dream home in 2023, I’m here to help. I can provide you with the market data and insights you need to make an informed decision. If you do decide to move, I can make that happen for you — smoothly and successfully.

So, keep me in mind when you’re making your plans for the new year. I’m a real estate resource you can tap into.

Sending You My Warmest Hopes for The Holidays. May you enjoy health and happiness throughout the coming year.