BC Government amending the Property Law Act to add a cooling off period

As a result of the hot real estate market and to give buyers more time to consider a purchase, the BC Government, in March 2022, announced it will be amending the Property Law Act under Bill 12-2022. 

See Bill 12: https://bit.ly/BILL12

Part of the amendment states “A purchaser of residential property may rescind the contract of purchase and sale for the property by serving written notice of the rescission on the seller within the prescribed number of days after the date that the acceptance of the offer was signed.”

The Home Buyer Rescission Period (HBRP) or 'cooling-off period' will come into effect January 2023. 

The BC Financial Services Authority (BCFSA) is the provincial regulator that provides real estate licensees with the details they need to understand HBRP and navigate this new process with clients.  Updated regulatory information and resources will be made available on BCFSA's website to help licensees and the general public be mure informed during a sale.

See Guidelines: https://bit.ly/HBRPGuidelines

These changes could potentially put sellers at a greater disadvantage by giving buyers the ability to make extremely high offers without having to commit to following through with the purchase, while also allowing them to tie up the property for a period of time.

If you want more information on this or any of your real estate investment needs, please contact me.

Best regards,

Sheldon Coxford

Real Estate Agent at TRG Realty 

C: 778 835 5621 | W: www.sheldonhomes.ca

E: [email protected] | Linked In | Facebook | Instagram