A New Real Estate Law In BC Will Allow Homebuyers To Back Out & Use A 'Cooling Off' Period

The "cooling off period" is coming in spring.

Vancouver Editor
A New Real Estate Law In BC Will Allow Homebuyers To Back Out & Use A 'Cooling Off' Period

Homebuyers in B.C. will soon be able to back out of their home purchase with no, or very few, consequences under a new law being introduced.

The government said in a press release that it plans to introduce a cooling-off period by spring 2022 for home purchases across the province, similar to the seven-day cooling-off option already in place for pre-construction sales of condos.

Minister of Finance Selina Robinson said the goal of this is "to ensure that British Columbians are protected when buying and selling homes – one of the most important financial transactions of their lives."

With heightened real estate market activity, buying a home in B.C. is incredibly expensive and a huge decision, so changing your mind might be a nice luxury to have.

The province said that the BC Financial Services Authority has been asked to consult with real estate industry experts to "review other potential consumer protection measures."

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