British Columbia adjusts homebuyer notice period to aid first-time buyers

The British Columbia government has revised the notice period for homebuyers in the province, reducing it to three months. This change aims to assist first-time homebuyers, ensuring that tenants still receive adequate time to relocate.

The adjustment, effective August 21, 2024, follows amendments on July 18 that initially extended the notice period to four months. Feedback indicated that the longer notice period hindered first-time buyers, especially those under Canada Mortgage and Housing Corporation programs requiring vacant possession.

The dispute period for tenants has also been modified to 21 days. Landlords moving in or accommodating family members must continue providing four months’ notice and comply with a 30-day dispute period. The government emphasizes ongoing support for both renters and landlords.