On October 17, the federal Office of the Superintendent of Financial Institutions (OSFI) announced new restrictions on uninsured mortgages. The changes affect homebuyers and federally-regulated financial institutions. Effective January 1, 2018, all uninsured mortgages will require a qualifying stress test. A homebuyers with a down-payment of more than 20 per cent will have to qualify at
In early September, the Office of the Superintendent of Real Estate published draft rule changes to real estate practice. This action flows from the June 2016 Independent Advisory Group report. The most significant proposed change is a ban on limited dual agency, where a licensee represents more than one party in a real estate transaction.
The federal government plans to legalize non-medical cannabis by July 2018. In response, provincial and territorial governments are now considering how they’ll manage their responsibilities. The BC government’s Cannabis Legalization and Regulation Secretariat is consulting with the public, with a deadline for feedback of November 1. One of the top issues identified by the Secretariat