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.
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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