British Columbian home buyers will be allowed some time to change their minds after making an offer to purchase in the province’s highly competitive housing market, under newly proposed amendments to the Property Law Act.<\/p>\n
B.C. Finance Minister Selina Robinson said Monday that the creation of a cooling-off period for purchasing resale properties and newly built homes is needed to balance risk in the current overheated real-estate market.<\/p>\n
“British Columbians trying to buy a home in these market conditions are frustrated,” she said. “The status quo is only working for people who profit from an overheated market.”<\/p>\n
The proposed law would be the first of its kind in Canada, but the province has already introduced a similar, seven-day cooling off period for pre-construction condominium sales.<\/p>\n
Ms. Robinson said the new measure was designed to respond to concerns that the intensely competitive market in some parts of the province is forcing buyers to submit offers on a home without basic conditions intended to protect their interests. The changes will allow people buying a home more time to consider their offers, ensure financing and obtain a home inspection, instead of feeling like they need to waive these conditions.<\/p>\n
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