The steep uphill climb in home prices since early Summer 2020 in British Columbia has now led the provincial government to enact its first interventionist measures on the real estate market since the pandemic began.
New legislation will be introduced in Spring 2022 to require cooling-off periods for homes that are resold or newly constructed — just like the cooling-off periods for pre-sales for condominiums.
During this limited period of time, buyers can change their minds and cancel the purchase with no, or diminished, legal consequences.
“People looking to buy a home need to know they are protected as they make one of the biggest financial decisions of 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 the peace of mind that they’ve made the right choices,” said Selina Robinson, BC Minister of Finance, in a statement.
“With this step, we’re 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.”
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