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Province introduces legislation intended to protect homebuyers in hot real estate market

The Canadian Press - CBC News • April 19, 2022
'Cooling-off period' could put sellers at greater disadvantage, experts say.

The British Columbia government says people buying homes in the province's hot real estate market could soon be protected by a cooling-off period that gives them time to back out of an agreement.

Finance Minister Selina Robinson says the Property Law Amendment Act introduced in the legislature today will help build the framework for a protection period for homebuyers to properly assess, finance and inspect the home they want to buy.

Robinson says the length of the cooling-off period and potential financial costs of leaving a purchase agreement have yet to be determined.

Real estate experts say the government's cooling-off plan will not ease housing affordability in the province and could put sellers at a disadvantage.

Prof. Tsur Somerville at the University of B.C.'s Sauder school of business says the legislation would give buyers more time for due diligence, but may also allow purchasers to make offers without consequences, putting the seller at a disadvantage.

"You've got to have it set up in a way that has sufficient money at stake if somebody backs out of a deal.''

Somerville says the legislation won't make housing less expensive.

"If your notion is this is going to address affordability, this really sort of isn't the path to take.''

A report last month by the B.C. Real Estate Association said introducing a cooling-off period would cause more problems than it solves, including uncertainty for sellers.

In a news release, the association said a "pre-offer period" would give buyers more time to consider a purchase.

Rather than allowing buyers to back out, as in the cooling-off period envisioned by the government, it would require that properties be listed for five days before offers are opened, providing time for property viewing and inspections.

Robinson told CBC's On the Coast host Gloria Macarenko that the province is also looking into mandatory inspections and closed bidding to make the market more comfortable for buyers.

🏑 Langley & Fraser Valley Market Update – What’s Happening in 2025

By Andy Schildhorn • February 18, 2025
Looking for the latest Langley and Fraser Valley real estate market trends? Wondering if now is the right time to buy or sell a home in Langley, Surrey, or Abbotsford? This video breaks down sales trends, home prices, and what to expect this spring. πŸ“‰ Sales are down πŸ“ˆ Inventory is rising πŸ’° Buyers have more negotiating power But with spring approaching, interest rate cuts expected, and growing inventory, what’s next for Fraser Valley’s housing market? πŸ“Š What’s Covered in This Video? βœ… Langley & Fraser Valley Home Prices: Detached, Townhomes & Condos βœ… Is It a Buyer’s Market? What You Need to Know βœ… Economic Factors Affecting Fraser Valley Real Estate 🏑 Buying or Selling in Langley or Fraser Valley? Let’s Talk! If you’re considering buying or selling a home in Langley, Fraser Valley, or surrounding areas, I can help you navigate the current market trends, pricing strategies, and investment opportunities. πŸ“Š Full FVREB Market Stats → bit.ly/FVREB-Stats πŸ“… Book a Call → https://calendly.com/andyschildhorn πŸ“ž 778.835.8957 πŸ“§ [email protected] 🌐 www.AndytheRealtor.com πŸ“Ί Subscribe for Weekly Langley & Fraser Valley Real Estate Updates! πŸ”” Like, Subscribe & Ring the Bell for More Market Insights! Thanks for watching—see you in the next video! πŸ‘‹

πŸŽ‰ Family Day Fun in Langley! πŸ‘¨‍πŸ‘©‍πŸ‘§‍πŸ‘¦πŸŽΆπŸŽ¨

By Andy Schildhorn • February 17, 2025
Langley residents have plenty of fun to choose from when deciding how to celebrate Family Day this month. Started in 2013, the annual statutory holiday is celebrated on the third Monday of February, but some local events also take place on the weekend leading up to Feb. 17. Find out more.

Sometimes we need to smile

By Andy Schildhorn • February 14, 2025
I typically steer away from politics in my content and anything like that. So....here's a baby beaver for no particular reason.
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