B.C. finance minister to introduce 'cooling off' period for homebuyers – CTV News VI

British Columbia’s finance minister is expected to announce changes to legislation Monday that will create a cooling-off period for homebuyers to back out of a deal with few or no legal consequences.

Finance Minister Selina Robinson will discuss changes to the Property Law Act at the B.C. legislature in Victoria.

CTV News Vancouver Island will stream the announcement LIVE @ 3:15 p.m.

A homebuyer protection period has been proposed as a way to reduce risk in B.C.’s hot real-estate market.

Last month, the British Columbia Real Estate Association criticized the planned changes, saying an analysis of similar cooling-off periods in other jurisdictions showed the policy to be “ineffectual at best.”

The association, which represents 24,000 realtors in B.C., said the plan would cause more problems than it would solve in a market characterized by low supply.

“We are concerned that not enough attention was paid to the possible unintended consequences, such as the uncertainty for sellers who may be involved in another transaction, worsening affordability, an increase in frivolous offers and numerous other factors,” said the association’s chief executive, Darlene Hyde.

Robinson responded by saying the association has a stake in keeping the market hot.

This is a developing story. Check back for updates.

With files from The Canadian Press

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