As of January 3rd, 2023, Home Buyers get 3 days to reconsider an accepted offer to purchase.  
It applies if the property is:

• a Detached House 
• a semi detached house
• a townhouse
• an apartment in a duplex or other multi-unit dwelling
• a residential strata lot as defined in section 1(1) of the Strata Property Act,
• a manufactured home affixed to land, or
• a cooperative interest, as defined in section 1 of the Real Estate Development Marketing Act, which includes the right of use or occupation of the dwelling.

The Home Buyer Rescission Period does not apply to exempt properties as follows: 

• residential real estate property that is located on leased land,
• leasehold interest in residential real estate property,
• residential real estate property that is sold at auction, and
• residential real estate property that is sold under a court order or the supervision of a court.

Where the Home Buyer Rescission Period applies, the rescission amount is 0.25% of the purchase price for the residential real property that is set out in the contract.  If there are counter offers between the parties that changes the price, then the rescission amount will need to be recalculated and amended.

You have likely received your new BC Assessment Authority (BCAA) valuation in the mail or looked it up online at www.bcassessment.ca.  Given the change in the Real Estate market since the July 1st evaluation date, BCAA anticipates a higher-than-usual number of appeals and has launched a media campaign with an aim to reduce that number.

BCAA’s mandate is to put a value on over two million properties in British Columbia with a staff of approximately 700 throughout our province. When was the last time an assessor knocked on your door?

The municipality uses these valuations to determine your property tax.

Each municipality takes the total valuation provided by BCAA of every property in their municipality and divides that by the costs to run the municipality, and you pay your proportionate share i.e., property tax based on your property assessment. 

BCAA uses a statistical appraisal system based on a cost approach, considering age, size and replacement costs, not a market value approach. Neighbourhood sales are used to determine what properties are selling for per square foot.

It is very important that you check the data on your property that BCAA is using, significant differences in age, size, bedroom and bathroom count can impact the valuation and likely your taxes. You might want to request a copy of what is on file with your municipality to compare.

On BCAA’s website, you can see what your neighbours’ assessments are and the percentage change from the last assessment. What is critical to note is the percentage change in valuation. Value spreads in many neighbourhoods can be enormous so do not get hung up on that, if your valuation has changed to a greater percentage than your neighbours. In this case, you might want to consider appealing it to keep your taxes in line with the neighbours.

Should you decide to appeal your assessment you must file the appeal before January 31, 2023. The formal appeal process is time-consuming, so try calling your local area assessor as they have some discretionary latitude to alter your assessment. They internally call it the “go-away amount” and from my experience and observation, BCAA may alter the valuation +/-5% provided you have a valid argument.

If you require assistance in preparing your appeal, feel free to contact me as I am here and happy to help.  604-240-5813