BC’s finance minister says homebuyers will soon be protected by provincial regulations that include a cooling-off period.
Selina Robinson says the Property Law Amendment Act would give buyers time to consider what they’re buying and to have a home inspection done.
She says it will set an amount of time buyers have to get out of a real estate deal and will include any possible financial costs involved in retracting an offer.
Professor Tsur Somerville at the University of BC’s Sauder school of business says the changes would give buyers more time for due diligence, but may also allow purchasers to make offers without consequences, which could put the seller at a disadvantage.
He says it also won’t make housing less expensive. (The Canadian Press)