The Province of BC is in the process on introducing new legislation that requires “cooling off” periods for resale properties and newly built homes.
The introduction of a “cooling off” period for all purchase transactions would mean the end of non-subject offers. Non-subject offers have been extremely common in this insanely competitive real estate market and ultimately puts buyers at great risk. This could be a good sign if we see legislation passed in 2022.
What you need to know about this
- I do not suspect this will result in a reduction of house prices. I do however, believe this will give buyers with less than a 20 percent down payment, the ability to do their due diligence with an appraisal and inspection
- Already in force for pre-sale units
- Other provinces in the the country (Quebec) have similar legislation
- A rescission period for other large purchases like cars, insurance, and other financial sectors are in place to allow consumers to have a due diligence period.
While this addresses people in the market to purchase – fixed rates are on the rise. If you are looking for a Pre approval or have a renewal in 2022, the time to secure your rate with us is now.
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