B.C. to introduce 'cooling off' period legislation for real estate

British Columbia's government says it will introduce legislation in the spring aimed at giving homebuyers a chance to change their mind on the purchase of a home.

The so-called cooling-off period would allow purchasers to back out with no or diminished legal consequences.

The B.C. Financial Services Authority also will be consulting with those in the real estate industry and other experts on more ways to protect consumers, including a review of the blind bidding system, which can significantly raise the price of purchase.

Finance Minister Selina Robinson says the COVID-19 pandemic has impacted the real estate market, first by dipping during the initial weeks of the pandemic then surging.

She says the consumer protection consultation ``needs to be done right.''

Blair Morrison, CEO of the financial services authority, says ensuring fair markets and promoting public confidence in B.C.'s real estate sector is a key priority.