Province introduces legislation intended to protect homebuyers in hot real estate market (CBC News)
The British Columbia government says people buying homes in the province’s hot real estate market could soon be protected by a cooling-off period that gives them time to back out of an agreement.
Finance Minister Selina Robinson says the Property Law Amendment Act introduced in the legislature today will help build the framework for a protection period for homebuyers to properly assess, finance and inspect the home they want to buy.
Robinson says the length of the cooling-off period and potential financial costs of leaving a purchase agreement have yet to be determined.
Real estate experts say the government’s cooling-off plan will not ease housing affordability in the province and could put sellers at a disadvantage.