A new homebuyer protection period will protect people in B.C. looking to buy a home from being pressured into high-risk sales.

A new homebuyer protection period will protect people in B.C. looking to buy a home from being pressured into high-risk sales.

The province says it is the first of its kind in Canada and marks the first key action the Province is taking based on the B.C. Financial Services Authority's report on ways to offer homebuyers better consumer protection in the real estate market.

The mandatory three-day period will give homebuyers an opportunity to take important steps, such as securing financing or arranging home inspections, as they prepare to make one of their biggest financial decisions.

The homebuyer protection period includes a recission (cancellation) fee of 0.25% of the purchase price, or $250 for every $100,000, for those who choose to back out of a deal. Buyers still may make offers conditional on home inspections or financing at any time.

The protection period, which will begin January 1st, 2023, will offer homebuyers the opportunity for due diligence at times when conditions are not in place.