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Three-Day "Cooling Off" Period now in Place for Homebuyers in B.C.
Vancouver Sun
This week, B.C. became the first province to introduce a mandatory three-day cooling-off period for home buyers The new Homebuyer Protection Period is intended to give homebuyers more time to secure financing or arrange home inspections after an accepted offer.
The BC Government says the extra time will help buyers fully consider whether a purchase is right for them under any market conditions, including in the face of rising interest rates and any high-pressure sales.
The Homebuyer Protection Period does include some penalties for buyers who back out of a home purchase within the three-day cooling-off period. A cancellation fee of 0.25% of the purchase price, or $250 for every $100,000, for those who cancel their contract to help ensure that all parties are taking the transaction seriously. For example, if the buyer exercises the right of rescission on a $1-million home, they would be required to pay $2,500 to the seller.
The full government news release is available here.
Questions about the new Homebuyer Protection Period and its impact on the sale of homes should be directed to a real estate lawyer or your Realtor.
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Delayed Effective Date of the BC Building Code Amendment
BC Government
In response to the public review of proposed changes to the BC Building Code (Code), the Ministry of Housing continues to evaluate comments and consider any necessary modifications with respect to energy efficiency and carbon pollution in new buildings.
The Ministry is targeting completion of these regulatory amendments by early 2023.
CHBA BC’s submission, along with other industry associations, highlighted the need for a smooth transition from current to proposed requirements. As a result of the feedback, the Ministry is considering options to minimize disruption to in-stream projects, including the possibility of a delayed effective date to allow for bylaw amendments and project design adjustments prior to the regulation coming into effect.
CHBA BC will continue to work directly with the Ministry of Housing on implementing the next amendment of the BC Building Code.
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Canada's Two-Year Foreign Buyer Ban Now in Effect
CTV
On January 1, the federal government’s ban on foreign buyers from purchasing Canadian residential properties came into effect.
The Prohibition on the Purchase of Residential Property by Non-Canadians Act bans commercial enterprises and individuals outside of Canada from purchasing detached homes or similar buildings, as well as semi-detached houses, rowhouse units, residential condominium units and other similar premises.
The ban is intended to remain in place for the next two years.
There are some exemptions to the foreign buyer ban. People with temporary work permits are still allowed to buy residential properties, as are refugee claimants and international students who meet certain criteria.
The ban does not apply to those who are Canadian citizens or permanent residents, nor does it apply to non-Canadians who are looking to rent a residential property in Canada.
Non-Canadians with a spouse or common-law partner who is a Canadian citizen, permanent resident, person registered under the Indian Act or refugee are also exempt from the ban.
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From the luxury appliances we sell to the relationships we keep, we value quality in all its forms. More than just high-end ranges, professional refrigeration, and laundry appliances — you can count on our dedicated sales teams to help build a dream home worth living in.
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CHBA BC Hitting the Slopes in Whistler this Month
CHBA BC
 There's still time to register for the first CHBA BC Winter Mountain Extravaganza.
Join us at the Chateau Whistler from January 15 - 17, 2023 for two days of epic fun on the slopes and networking with friends and colleagues from across the province. The cost for the Winter Mountain Extravaganza is $479 + tax per person and includes a private welcome reception, breakfast, après ski, dinner, and farewell breakfast.
Whether you’re looking to ski, snowboard, take in some other winter activities or just enjoy the hot tub and après ski, there is something for everyone.
Check out the details of all the fun events we have planned here.
Don't miss out. Register today!
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In-Person Training: MIND THE GAP: PREVENTING FAILURES IN HVAC AND AIRTIGHTNESS
CHBA BC
 This one-day course will take a deeper dive into the BC Energy Step Code metrics for Part 9 buildings and how to achieve Step 3 and higher through design and building techniques to build better and minimize costs. The content will focus on practical strategies for effective design, proper selection and installation of mechanical systems, and airtightness. Using real-world examples and different housing archetypes from local climates, we will examine why some projects fail while others pass easily. This session is geared towards building and design professionals. Instruction will assume a basic understanding of the BC Energy Step Code.
Topics covered include:
- Design and material considerations for Step Code compliance
- Tips for communicating with mechanical designers and mechanical trades to ensure properly sized and installed HVAC equipment
- Airtightness best practices, testing process and checklist
Event Details:
Time: 8:30 am - 5:00 pm
CPD: 7.5 points
Price: $250
Available dates and locations:
PENTICTON
Date: Feb 7, 2023
Location: Penticton Lakeside Resort & Conference Centre
NELSON
Date: Feb 9, 2023
Location: Prestige Lakeside Resort and Convention Centre
CRANBROOK
Date: Feb 10, 2023
Location: Prestige Rocky Mountain Resort
GROUP RATES
*Do you have a project manager or subcontractor that would benefit from this session? If so, the following group rates are available:
2 registrations: $175 per person
3+ registrations: $160 per person
**CHBA BC members receive an additional 25% discount for any of the above pricing.
For group rates, please contact [email protected] to register.
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Upcoming Webinar: REDUCING WARRANTY CLAIMS
CHBA BC
This session offers insights into the top claims reported to warranty providers in relation to BC Building Code requirements and presents solutions to reducing structural risks and health and safety issues.
Event Details:
Location: via Zoom
CPD: 1 point
Price: $50 (CHBA BC members receive 25% off)
Available dates and times:
Feb 16, 2023
8:30 am - 9:30 am
Feb 23, 2023
1:00 pm - 2:00 pm
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Finalists for CHBA National Awards for Housing Excellence Announced
CHBA National
This week, CHBA National announced the finalists for the annual Awards for Housing Excellence and CHBA BC members will be in contention in many categories.
The 2023 awards include over 50 different categories in residential home construction and renovation. Nearly 800 entries were submitted to the 2023 competition, which was judged by almost 150 industry peers.
Winners will be announced during the awards gala on February 16th during CHBA's Home Building Week in Canada taking place in Banff, AB.
Congratulations to all our CHBA BC members who are finalists for these prestigious awards.
You can review all the finalists and their projects here.
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Nine Kittens Rescued at Vancouver Construction Site
Vancouver Sun
 A keen-eyed worker’s discovery of a box dumped at a Vancouver construction site led to the rescue of nine kittens abandoned inside.
The kittens, which range in age from 12 weeks to four months, were freezing and huddled for warmth during the recent cold spell in Vancouver.
They were immediately brought to the B.C. SPCA for treatment.
The kittens, which the B.C. SPCA describes as very sweet and playful will soon be available for adoption after treatment and recovery.
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