Dockside Update: January 2017
With many changes happening in the Real Estate industry this year we expect 2018 to be an interesting one to predict and navigate. We have yet to see the full impact of the new federal Mortgage Stress Test in our markets, and there are changes to our industry in the works on a provincial level aimed at dual agency rules and customer protection.
Victoria Real Estate Board President Kyle Kerr said that industry professionals "...expected January to be a bit slower after the increase in activity we saw in November and December, which was likely due in part to buyers entering the market early to avoid the new mortgage stress test." "We have yet to see the full effect of the stress test, as many people attained a 90 -120 day pre-approval before the test became required January 1. We won’t know how much that stress test will affect the spring market until we see the numbers, and spring is also the time when sales traditionally pick up."
The required changes initiated by the new Superintendent of Real Estate appointed by provincial government to oversee the Real Estate Council were intended to take effect March 15, 2018 but the Council was not ready with the materials needed by industry professionals to comprehend the changes. All 11 BC Real Estate Boards and their Members have asked for another year so that members would have adequate time to be educated and to fully comprehend the new policies. The Superintendent has allowed Council till June 15, 2018 to get all the paperwork and courses re-written in order for members to learn about the new policies. Once we understand these new policies and procedures, we will be letting all of our Buyers and Sellers know how these changes could affect them.