B.C to introduce "Cooling Off" period legislation to real estate??
Updated: Nov 8, 2021
British Columbia’s government says it will introduce legislation in the spring aimed at giving homebuyers a chance to change their mind on the purchase of a home.
The so-called cooling-off period would allow purchasers to back out with no or diminished legal consequences.
This cooling-off period would allow purchasers to back out with no or diminished legal consequences. Much like when you purchase a "new build" or "time share."
The B.C. Financial Services Authority also will be consulting with those in the real estate industry and other experts on more ways to protect buyers, including a review of the blind bidding system, which can significantly raise the purchase price of a home.
Finance Minister Selina Robinson says the COVID-19 pandemic has impacted the real estate market, first by dipping during the initial weeks of the pandemic then surging.
What do you think? Could this level off the housing market? Should the blind bidding system be banned? As a buyer, these changes can definitely work to your advantage. However, as a seller, would you be ok with waiting out this "cooling off" period to know whether or not your house is officially sold? Believe it or not Real Estate existed and still exists with buyers making conditional offers. Its definitely not the norm of today but maybe it will be in the not so distant future!