Survey: ‘reflection’ period
Castanet staff – May 26, 2022 / 19:30 | History: 370096
Photo: Jonathan Hayward
The British Columbia real estate regulator has recommended that the province adopt a three-day “reflection” period to protect people buying a home, through legislation introduced this spring.
A BC Financial Services Authority report says buyers should not be able to waive the period in which they would be allowed to withdraw from a purchase agreement, with exceptions such as sales or court auctions.
The report released Thursday reports that sellers must provide reasonable access for a property inspection during the three-day homebuyer protection period, which would begin the day after an offer is accepted.
Other recommendations include a “pre-bid” period of five days after listing a property, when a seller cannot accept any bid, as well as a “modest” completion rate of 0.1 to 0.5 per one hundred percent of the price of a home to be paid by buyers who withdraw from a deal.
The BC government introduced amendments to property law in March, and Finance Minister Selina Robinson commissioned the independent regulator to consult with real estate stakeholders on the parameters of a reflection period and other potential measures.
Robinson says the province is reviewing the report and that its goal is to move forward “relatively quickly” with the bill, which passed third reading last month, but the real estate sector also needs time to adjust and adapt. if the changes.
Blair Morrison, CEO of the BC Financial Services Authority, said at a news conference that there would be “adjustments” to the current real estate transaction process to enforce the buyer’s protection period.
Do you have an opinion? Send it to [email protected]
May 25, 2022 – 4818 votes should Ottawa join a legal challenge to Quebec’s religious symbols law?
Yes: 2656 No: 1694 Unsafe: 468
May 24, 2022 – 6800 votes Should Canada host Iran in a football friendly in Vancouver next month?
Yes: 2042 No: 4256 Insecure: 502
May 19, 2022 – 11340 votes Have you been to the Royal BC Museum in Victoria?
Yes: 4895 No: 6345 Insecure: 100
May 18, 2022 – 11725 votes Should Canada leave the queen and become a republic?
Yes: 6612 No: 4420 Insecure: 693
May 17, 2022 – 11264 votes Should Electric Vehicle Owners Charge a Traffic Tax Similar to Gasoline Taxes?
Yes: 8239 No: 2625 Insecure: 400