Cooling-Off Period Coming For Homebuyers

B.C. Minister of Finance Selina Robinson says details of the government’s plan to introduce a cooling-off period for homebuyers will not be revealed until later this year.

B.C. Minister of Finance Selina Robinson says details of the government’s plan to introduce a cooling-off period for homebuyers will not be revealed until later this year.

The plan to amend B.C.’s Property Law Act was announced in last month’s provincial budget and was introduced to parliament on Monday — creating a Homebuyer Protection Period to protect people buying a home in a “challenging real estate market.”

The amendments will allow a buyer who has an accepted offer to rescind that offer within a period of time yet to be revealed.

Robinson said that 70 per cent of offers in B.C.’s most competitive markets over the past year were made without conditions, which can lead to major repair and renovation costs or the loss of a deposit if the buyer’s financing falls through.

The amendments would enable the creation of a period to give people buying a home more time to consider their offers, ensure financing and obtain a home inspection, instead of feeling like they need to waive these conditions.

B.C. is the first Canadian province to implement a homebuyer protection period for resale properties and newly constructed homes.