Can I Change My Mind Once My Offer is Accepted? Contracts

As the buyer in a real estate transaction, you generally have the right to change your mind and back out of the sale before the contract is completed. However, whether you will be able to do so and the consequences of backing out will depend on the terms of the contract and any applicable laws.

If you have already signed a purchase agreement or other contract to buy a property, you may be legally obligated to complete the sale. In this case, backing out of the sale could result in a breach of contract, and you could be required to pay damages to the seller.

It is a good idea to carefully consider your decision to buy a property before making an offer, and to consult with a real estate attorney or…

302 Views, 0 Comments

Read Full Post

As expected, the Bank of Canada (BoC), satisfied with the sharp decline in recent inflation pressure, has raised the policy rate by only 0.25% today. They are forecasting that inflation will return to roughly 3.0% later this year and to the target of 2% in 2024 (subject to uncertainty). 

In their report statement today, the BoC acknowledges the following:

  • Recent economic growth in Canada has been stronger than expected and the economy remains in excess demand.
  • Labour markets are still tight and the unemployment rate is at historic lows.
  • There is growing evidence that restrictive monetary policy is slowing activity, especially household spending.
  • Consumption growth was moderated from the first half of 2022 and housing market activity…

366 Views, 0 Comments

Read Full Post

Yes, you can buy a house for the purpose of renting it out on Airbnb. However, there are a number of things to consider before doing so. First, you will need to check the local zoning laws to ensure that it is legal to rent out the property on a short-term basis. In the city of Vancouver, you'll need a business license and meet additional property owner restrictions. For Vancouver, please click here to see If your home is eligible to have a short-term rental

You will also need to make sure that the property meets all applicable safety and health standards. Additionally, you will need to consider the costs of maintaining and managing the property, as well as any potential risks or liabilities associated with renting out the property online (ie.…

432 Views, 0 Comments

Read Full Post