Skip to Main content

10.42°^C Vancouver

News Entertainment Videos Shows Podcast Contact Us

Nov 5, 2021 12:30 AM - The Canadian Press

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

Share On

b-c-to-introduce-cooling-off-period-legislation-for-real-estate

B.C. Finance Minister Selina Robinson is photographed following her budget speech in the legislative assembly at the provincial legislature in Victoria, B.C., on April 20, 2021. THE CANADIAN PRESS/Chad Hipolito

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.

Latest news

suicide-car-bomber-strikes-a-school-bus-in-southwestern-pakistan-killing-4-children-officials-say

WorldMay 21, 2025

Suicide car bomber strikes a school bus in southwestern Pakistan, killing 4 children, officials say

A suicide car bomber struck a school bus in restive southwestern Pakistan on Wednesday, killing at least four children and wounding 38 others, a government official said. A local deputy commissioner, Yasir Iqbal, said the attack occurred in Khuzdar, a district in Balochistan province, as the bus was transporting children to school in the city. No group immediately claimed responsibility, though suspicion is likely to fall on ethnic Baloch separatists, who frequently target security forces and civilians in the region. Pakistan’s Interior Minister Mohsin Naqvi strongly condemned the attack and

g7-finance-ministers-to-discuss-global-economy-ukraine-at-banff-summit

CanadaMay 21, 2025

G7 finance ministers to discuss global economy, Ukraine at Banff summit

Top economic officials from the G7 are gathering for a full day of closed-door discussions in Banff, Alta., to examine pressing topics including the global economy and the war in Ukraine. The meeting in the Rocky Mountains, which wraps up Thursday, is a prelude to the G7 leaders summit in June in nearby Kananaskis, Alta. It comes in the wake of global tariffs initiated in early April by the United States, which have caused many countries to reconsider their trading relationships. The office of U.S. Treasury Secretary Scott Bessent says he plans to use the meeting to "focus on the need to addre

alberta-reports-48-new-cases-of-measles-nears-500-case-mark-since-march

AlbertaMay 21, 2025

Alberta reports 48 new cases of measles, nears 500-case mark since March

Alberta has confirmed 48 more cases of measles, bringing the province's total case count to 486 since the beginning of March. The province says all but two of the new cases of the highly contagious disease are in southern Alberta, the area that has seen about 70 per cent of all cases. Government data shows that close to 80 per cent of all cases have been reported in children, including 149 cases in those under the age of five. As of earlier this month, 35 people had been hospitalized. Measles symptoms include fever, coughing, runny nose, red eyes and a blotchy, red rash that ap

bc-rcmp-say-man-impersonated-police-then-called-9-1-1-to-make-report

BC RCMP say man impersonated police, then called 9-1-1 to make report

Mounties in Richmond, B.C., say they have arrested a man who they believe impersonated a police officer and conducted a traffic stop, then called 9-1-1 to report his own actions.The RCMP say they received a report around 1 p.m. on Sunday from a man who said he was pulled over by a driver in a Ford Mustang equipped with red and blue police lights.Police say the complainant said the Mustang driver was wearing a police badge lanyard and asked for his driver's licence, but because he suspected the man was not an officer, he drove away and reported the incident.RCMP say the suspect also later calle

vancouver-island-university-students-make-worlds-largest-nanaimo-bar

Vancouver Island University students make world's largest Nanaimo bar

Students at Vancouver Island University in Nanaimo, B.C., assembled the world's largest Nanaimo bar.The sweet treat was unveiled to the public at noon on Saturday, and it is 21.3 meters long, 0.9 meters wide and weighs nearly 500 kilograms.Aron Weber, chair of the professional baking and pastry arts program with VIU, says students got the idea a few years ago when they were brainstorming ways to generate publicity and excitement for a business.Weber says they looked up world records and found that the largest Nanaimo bar was made by a family in Ontario, and considering the B.C. city has so muc

Related News

BC RCMP say man impersonated police, then called 9-1-1 to make report

BC RCMP say man impersonated police, then called 9-1-1 to make report

Mounties in Richmond, B.C., say they have arrested a man who they believe impersonated a police officer and conducted a traffic stop, then called 9-1-1 to report his own actions.The RCMP say they received a report around 1 p.m. on Sunday from a man who said he was pulled over by a driver in a Ford Mustang equipped with red and blue police lights.Police say the complainant said the Mustang driver was wearing a police badge lanyard and asked for his driver's licence, but because he suspected the man was not an officer, he drove away and reported the incident.RCMP say the suspect also later calle

Vancouver Island University students make world's largest Nanaimo bar

Vancouver Island University students make world's largest Nanaimo bar

Students at Vancouver Island University in Nanaimo, B.C., assembled the world's largest Nanaimo bar.The sweet treat was unveiled to the public at noon on Saturday, and it is 21.3 meters long, 0.9 meters wide and weighs nearly 500 kilograms.Aron Weber, chair of the professional baking and pastry arts program with VIU, says students got the idea a few years ago when they were brainstorming ways to generate publicity and excitement for a business.Weber says they looked up world records and found that the largest Nanaimo bar was made by a family in Ontario, and considering the B.C. city has so muc

BC business leaders demand action to fix Canadian economy

BC business leaders demand action to fix Canadian economy

A letter signed by British Columbia business leaders has been sent to every member of parliament across Canada, calling for concrete action to boost the country’s economy. The BC Business Council co-signed the letter with business leaders from Alberta, Saskatchewan and Manitoba. It includes calls for repealing proposed emissions caps for oil and gas, reforming the tax system and Canada’s regulatory system. The letter says our economy has grown very slowly in the past decade relative to its population, and Canada’s per capita GDP growth from 2014 to 2024 was the second-weakest. Business

Legals

Journalism code of ethics

© 2021 AKASH Broadcasting Inc.

MANAGED BY STRATWIT

useful links

Accessibility Plan

BC Children's Hospital