A Canadian first: How B.C. plans to protect buyers entering the real estate market
The provincial finance minister announced details of Phase 1 at a news conference in Vancouver Thursday, during which she described the measures as a first in the country.
The measures are meant to protect buyers from taking on too much risk in the housing market, Selina Robinson said.
She told reporters the government has heard many stories of buyers feeling that they need to waive all conditions when buying a home. The new legal protections, which come into effect on Jan. 1, 2023, are meant to combat that risk...
- The new cooling off period will be effective January 1, 2023.
- Buyers will have three days to back out of a residential purchase after signing a contract.
- Buyers who back out of a contract within this three-day period will have to pay a rescission (cancellation) fee of 0.25%. For example, if the purchaser exercises the right of rescission on a $1-million home, they’d be required to pay the seller $2,500.