The government of B.C. is planning on introducing new laws to protect consumers in this hot real estate market, including adding cooling-off periods.
They are looking into how to place restrictions on the real estate business regarding buyers concerns about being committed to buying a home without knowing everything they need to make a fully informed decision.
The Finance Minister annouced the new law last Thursday, saying the change will be similar to the cooling-off periods already in place for pre-construction strata sales.
The government has also been asked to review other potential consumer protection measures, including looking at the blind-bidding system and waiving of conditions when making offers.
The Minister explained that 'People looking to buy a home need to know they are protected as they make one of the biggest financial decisions in their lives. Especially in periods of heightened activity in the housing market, it's crucial that we have effective measures in place so that people have peace of mind that they have made the right choice'.
With this step, the minister is 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.
The government is suggesting the legislation for the cooling-off periods will be drafted for introduction in the spring legislative session.
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