BC government plans to legislate a “cooling off” period for residential home sales next year
The provincial government revealed plans today to introduce legislation in the spring of 2022 requiring a cooling off period for resale and newly built homes.
This change would be similar to the cooling off period in place for pre-construction condominium sales.
The BC Financial Services Authority (BCFSA) will consult the real estate profession and other
stakeholders to develop the parameters of this proposed cooling off period.
According to today’s announcement, part of this research will examine other potential consumer protection measures related to the process for handling multiple offers on a home and instances where potential buyers waive all subjects on their offer.