B.C.’s Minister of Finance, Selina Robinson, recently announced the Homebuyer Protection Period; new legislation that, when implemented, will allow homebuyers a five-day cooling off period, during which they may reconsider their offer, secure financing and obtain a home inspection. “The new legislation is causing a lot of uncertainty among industry professionals and consumers. With few details revealed, and no clear indication of how this policy will be implemented or monitored and by whom, it is difficult to predict what impact this will have on the market,” said
Randy Ryalls, general manager, Royal LePage Sterling Realty. “We believe that with the collaboration of industry leaders, the province would have been able to devise a policy that better serves Canadians during one of the most important decisions of their lives.” Ryalls added that the cooling off period stands to create more of a supply backlog, and that a mandatory pre-offer period allowing buyers time to conduct due diligence would be more beneficial, as suggested by the British Columbia Real Estate Association.
