There continues to be a hesitation for sellers to come on the market as finding the next home when you sell continues to be the bigger challenge. And while there are options of renting back the home you sell, or longer completion dates, these options are few or far between.
Demand is proving to still be strong despite less and less homes being available on the market. Areas with dwindling inventories are starting to see the effects of less sales as buyers simply cannot find enough to purchase. Areas such as Vancouver East, Richmond and more so Burnaby, New Westminster, Coquitlam and beyond to the east.
In order to “help” buyers in British Columbia’s real estate landscape, the provincial government announced a cooling off period for all real estate sales to be legislated in 2022. While the details of the cooling period were not given, it will be difficult to see how this will help. Such as whether this legislation will apply to transactions not done by licensed individuals.
Will private transactions require a cooling off period, and if not, will that lead sellers and buyers avoiding the protections of regulated real estate transactions and the security this affords them – so they can offer without conditions?
Input will be needed by all parties and consumers to ensure this reflects the needs of everyone.
One thing is for sure, buyers and seller need a highly skilled and experienced real estate agent to navigate through this market. With over 20 years of experience, I am happy to help with answering questions or with helping to buy or sell a home.