Enhancing Consumer Protection in BC’s Real Estate Market
We may be seeing the end of the Seller’s Market in Victoria. Rising interest rates have put a cooling effect on the frenzied purchases of the last couple of years.
Already when talking to other Victoria Realtors, Rosemary and I are hearing about the changes in the market as well as seeing this ourselves. The BC Financial Services Authority, who regulates the British Columbias Real Estate Market has recently sent its Consumer Protection Recommendations published on May 26, 2022 to the Ministry of Finance. This will be reviewed by the Government and if fully implemented will significantly change the way real estate is bought and sold in BC. The British Columbia Real Estate Association (BCREA) is urging the Ministry of Finance to carefully consider the next steps prior to implementing any of the measures proposed.
Do you want to know what these recommendations are? Then watch our YouTube video to get all the details.
YouTube Video: https://rosemaryandgaryvictoriahomesteam.video/bcfsa-new-rules
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Rosemary and Gary