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Market Information • November 5, 2021

BC government announces cooling off period for residential real estate transactions

by Jessica Sabenecio

Today, the BC government announced its intent to introduce legislation requiring cooling off periods for real estate transactions involving residential resale and newly built homes. Cooling off periods are limited periods of time in which buyers can change their minds and cancel the purchase with no or diminished legal consequences.  This change is expected to be similar to the cooling off period in place for pre-construction condominium sales and will be introduced in spring 2022.

You can learn more here: https://news.gov.bc.ca/releases/2021FIN0070-002097

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