BC To Introduce a "Cooling Off" Period
BC Financial Services Authority (BCFSA) has been working to strengthen protection for home buyers amidst the significant volatility in the real estate market this past year. Their goal is to ensure that all buyers can be protected when buying and selling homes, and to ensure that support is available for buyers to assist in making a good financial decision.
Thus, British Columbia is introducing legislation that requires "cooling off" periods for resale properties and newly built homes.
What does this mean?
BCFSA to review the blind bidding system
Condition waiving in offers
Limited time in which buyers can cancel their purchase with diminished legal consequences
The goal of these proposals is to provide a "calming effect" and a fair market on the province's real estate market.
What do you think of these proposals so far? We'd love to hear your thoughts!