Putting the chill back in home buying

The province is looking to put in a “cooling off” period for home buyers in an effort to make sure buyers have the time they need to make fully informed decisions, rather than leaping into a purchase with no conditions or doing blind bidding.

The announcement took the Victoria Real Estate Board by surprise as they asked the question what problem the province is actually trying to solve.

The BC Financial Authority will be reaching out to stakeholders and experts over the next two months with a goal of providing the right information to the government. Current plans are to bring in legislation in the spring focused on protecting both the seller and the buyer in this over-heated, under-supplied real estate market.