New Strata Property Act Amendments
Stratas can no longer enforce rental restrictions, except for short-term rental restrictions. There are now only two age-related options for stratas: a bylaw requiring at least one resident in a unit to be 55 years-old or older; or no age restriction bylaw. Stratas can now conduct annual and special
Mortgage Stress Test Unchanged
It’s official… there will be no change to the mortgage stress test….Canada’s bank regulator keeps mortgage stress test unchanged despite calls to relax rules as rates spike. The mortgage stress test is a tool used by mortgage lenders to determine whether a borrower can afford to make the payments on
The Home Buyer Rescission Period ("cooling-off period")
The home buyer rescission period, also known as the "cooling-off period," refers to a legally mandated period of time during which a home buyer can change their mind and cancel a real estate transaction. During this period, the buyer has the right to rescind and pay a penalty of 0.25% of the purchas
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