The British Columbia government is moving forward with its promise to impose a cooling-off period on home sales, to give people time to have their homes inspected and consider financing before making a deal in a bidding war for rare houses.
Finance Minister Selina Robinson tabled amendments in the B.C. Legislature on Monday to impose what she calls a “homebuyer protection period,” but it will be a few months before buyers and sellers don’t know how long it will take. The target of regulations that would set the cooling-off period and other conditions is expected sometime this summer, after BC’s new Financial Services Authority consults with real estate agents, building inspectors , appraisers and legal and financial representatives.
Robinson, who announced the chilling change in early November, pointed to the need for home inspections, which have been among the first victims of multiple-offer home sales that have intensified over the past two years.
“In our overheated housing market, we’ve seen buyers feel pressured to waive terms just to be accommodated, and new owners discover costly issues only after a deal is struck,” Robinson said. March 28. “We want to make sure people buying a home have the time to get the information they need to make an informed decision within boundaries that still give sellers the certainty they need to close sales.
Helene Barton, executive director of the Home Inspectors Association of BC, said the previous boiling housing market in 2016 resulted in many disappointed buyers who found significant problems with homes after completing the transaction, in some cases having to move shortly after the move. to make repairs.
Legislative Assembly of British Columbia Politics of British Columbia