2. ‘Cooling Off Period’:
I’ve posted extensively on this on my Facebook and Instagram (please follow us on both btw!Ā )
Here’s a link to one of the most recent articlesI shared about this:
https://www.theglobeandmail.com/canada/british-columbia/article-bc-to-impose-cooling-off-period-for-home-buyers-the-first-of-its-kind/?fbclid=IwAR0IUPJEIXTWclqU3-4_LMj0U9kIAiAezaly5moyf9YZ2e4tjl12N8hyh64
Essentially weĀ already haveĀ a “Cooling Off Period” in Brand New Construction – There is law that states a buyer may have 7 days to back out of any purchase they make if they write an offer on a brand new home.Ā The idea is that buyers may be at a disadvantage while buying unrepresented through a sales centre and this ensures they have more time to do their due diligence and that they won’t be pressured into a sale through mis-representation etc.Ā Ā Reasonable people can agree or disagree on thisĀ law….
NOW… the NDP Government wants to do this to ALL sales…even standard RESALE listings where both parties have full representation and mutually agree to a firm sale… now the buyers would have 7 days to WALK AWAY for NO REASON at all!Ā Ā This would add an unprecedented amount of uncertainty to the markets and would completely change Real Estate contract law as we know it by institutionallyĀ shifting power from sellers to the buyers arbitrarily.…
You can probably tell I’m a “huge fan” of this policy…!!
This is something that no other democracy in the world has to my knowledge!Ā They will be introducing this legislation for vote this Spring, and based on every article I’ve read and every interview I’ve watched – this seems very likely to pass (at best we see a watered down version, and at worst we see this fully go into effect).
This will cause a bigger disruption to the market than we’ve likely seen in a while if it comes to pass so we are just hoping it doesn’t LOL!Ā (But not very hopeful given the Gov’t!) |