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Mar 28, 2022 10:46 PM - Connect News

B.C. prepares to strengthen protections for homebuyers

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Amendments to the Property Law Act introduced on Monday, March 28, 2022, will enable the creation of a new Homebuyer Protection Period to protect people buying a home in a challenging real estate market. (File photo - B.C. Govt.)

Amendments to the Property Law Act introduced on Monday, March 28, 2022, will enable the creation of a new Homebuyer Protection Period to protect people buying a home in a challenging real estate market.

The Homebuyer Protection Period, sometimes called a "right of recission," responds to concerns that in the highly competitive housing market, buyers are reporting pressure to submit offers without basic conditions intended to protect their interests.

The amendments would enable the creation of a period to give people buying a home more time to consider their offers, ensure financing and obtain a home inspection, instead of feeling like they need to waive these conditions. Regulations will be introduced this year to define the specific time homebuyers will have to exercise this right as well as the financial costs of retracting an offer. The legislation also allows for regional variation within the province, recognizing the housing market varies between regions.

"People need to have protection as they make one of the biggest financial decisions of their lives," said Selina Robinson, Minister of Finance. "In our overheated housing market, we have seen buyers feeling pressure to waive conditions just to be considered, and new homeowners discovering costly problems only after a deal has closed. We want to make sure people buying a home have time to get the information they need to make a sound decision within limits that still give sellers the certainty they need to close sales."

A new homebuyer protection period is one part of the Province’s efforts to protect people during the home-buying process. The parameters of this new tool, as well as any other new consumer protections to be implemented, will be informed by the result of a consultation that BC Financial Services Authority (BCFSA) completed with a range of real estate industry stakeholders, including home inspectors, appraisers, Realtors, academics and representatives from the legal and financial services sectors.

BCFSA’s analysis of the consultation is expected this spring and will inform development of the regulations that will implement the homebuyer protection period with the goal of having protection measures in place by summer.

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