16.56°C Vancouver

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

WorldSep 09, 2025

Hamas confirms six killed in Israeli attack on Qatari capital

Hamas has confirmed the killing of six people, including a member of Qatari security forces, in an Israeli attack on the Qatari capital, Doha. Hamas said its negotiating team survived the attack but the son of the group's chief negotiator, Khalil al-Haya, was among those killed. Meanwhile, US President Donald Trump assured Qatari leaders in a statement that such a thing would not happen again on their soil. At the same time, Israeli Prime Minister Benjamin Netanyahu said that the attack was carried out by targeting Hamas' senior leadership. Netanyahu said that our attack in Doha was in rev
WorldSep 09, 2025

Apple's iPhone 17 line-up includes a new ultra-thin model and $100 price hike for Pro model

Apple has rolled out its next generation of iPhones that includes a new ultra-thin model and a slight price hike for one of its high-end models, while the company feels the squeeze of a global trade war. The iPhone 17 line-up includes a new slimmed-down model that will adopt the ``Air'' name that Apple already uses for its sleekest iPads and Mac computers. The new iPhones are the first to be released since President Donald Trump returned to the White House and unleashed a barrage of tariffs, in what his administration says is an attempt to bring overseas manufacturing back to the U.S. _ a cr
BCSep 09, 2025

Seniors in Maple Ridge will benefit from nearly 100 new affordable homes

Seniors in Maple Ridge will have access to more affordable housing with construction starting on 98 homes. “Seniors have helped shape our communities and it is important that we continue to support them,” said Christine Boyle, Minister of Housing and Municipal Affairs. “These new homes coming to Maple Ridge will provide many seniors with affordable, secure housing options that meet their needs. We are seeing real progress, and our government is committed to continue helping seniors age with dignity and stability in the community they call home.” The new development at 22534/22548/22556
connect-fm-gnfb-radiothon-raises-750k-for-punjab-flood-victims
BCSep 09, 2025

Connect FM, GNFB radiothon raises $750K for Punjab flood victims

Connect FM in association with Dukhniwaran Gurdwara Sahib, Guru Nanak Food Bank and Sanjha TV organized a radiothon for the flood victims of Punjab on Monday. During this, the sangat (people) from Surrey and surrounding areas as well as Calgary and Edmonton donated generously. The running total of the money raised at the radiothon on Monday was $750,000 (Cad). The money raised from the radiothon will be delivered to Padma Shri awardee Sant Sewa Singh at Khadoor Sahib in Punjab. The money will be used for the rehabilitation of flood victims. He said that the Sikh community stands firm in the fa
new-homes-underway-for-youth-mothers-in-new-westminster
BCSep 09, 2025

New homes underway for youth, mothers in New Westminster

Youth transitioning out of foster care, and young mothers in New Westminster are closer to having a safe, stable place to live as construction starts on a new 89-home development in the community. “Every young person deserves a safe place to call home, especially those transitioning out of foster care, and young mothers,” said Christine Boyle, Minister of Housing and Municipal Affairs. “By providing youth and mothers with stable housing, we’re helping them build a strong foundation for the future and empowering them to lead healthy, independent lives.” Located at 1923 and 1927 Marine

Related News