B.C. wants cooling-off periods for resale properties, newly built homes
Posted November 4, 2021 1:14 pm.
Last Updated November 4, 2021 1:15 pm.
The province of B.C. wants to introduce a cooling-off period for resale properties and newly built homes in an effort to bring the boiling real estate market down to a light simmer.
In a given time period, buyers would be allowed to change their minds and cancel the purchases with little to no legal consequences.
It’s unclear how long the cooling-off period would be, but the province says the BC Financial Services Authority (BCFSA) will consult with key industry stakeholders and experts determine the parameters.
B.C. already has a seven-day cooling-off period for pre-construction sales of condos.
Related article: Vancouver’s first-time homebuyers ‘gifted’ average of $180K from parents
Finance Minister Selina Robinson says it’s crucial to have “effective measures” to give people “peace of mind” that they’ve made the right choices in buying real estate.
“With this step, we’re moving ahead to protect people and their interests in the real estate market by bringing in a cooling-off period for homebuyers and looking at additional measures to ensure effective safeguards are in place.”
Earlier this year, the BCFSA became the sole regulator for all financial services in B.C., which includes real estate.
“BCFSA’s goal is to ensure that British Columbians are protected when buying and selling homes – one of the most important financial transactions of their lives. Both buyers and sellers need to be supported and have time to make good financial decisions,” said CEO Blair Morrison.
The creation of a single authority responsible for regulating real estate in B.C. is meant to ensure a more co-ordinated approach to regulating all parts of the financial sector and better protects British Columbians buying and selling homes.
