Many members have called or written the FVREB expressing apprehensions with the BC Government’s recent announcement to introduce legislation mandating a cooling off period for residential property transactions. Earlier today, the BCREA issued a response to the Government, citing our sector’s concerns with the policy’s impact and its disappointment at the lack of consultation. The FVREB, along with the BCREA and our sister Boards, intend to ensure that the real estate profession’s voice is adequately considered moving forward in this process. See BCREA’s full statement below. REALTORS® are also encouraged to provide feedback directly to the BCFSA by emailing coolingoff@bcfsa.ca and Cc’ing gr@bcrea.bc.ca.
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Mandatory cooling off period
On November 4, the BC Government announced its intent to introduce legislation mandating rescission (“cooling off”) periods for buyers of all residential real estate transactions. Legislation will be introduced in spring 2022. BCREA is disappointed that this decision was made prior to consultation with sector stakeholders and experts.
The BC Financial Services Authority (BCFSA) will soon begin consultation on the appropriate length of a rescission period and whether to include penalties for exercising the right to recission. BCFSA will also be seeking input on additional policies such as restricting blind bidding, price baiting, unconditional offers, mandatory home inspections, waiving conditions and other practices that may be identified as consumer protection risks.
We will conduct our own consultation with REALTORS® through surveys and focus groups, along with additional economic analysis and research, which we will provide to BCFSA. BCREA has also met with BCFSA senior staff and is organizing meetings with Minister of Finance Selina Robinson, Attorney General and Minister Responsible for Housing David Eby, Minister of Municipal Affairs Josie Osborne and opposition MLAs.
We encourage all Realtors to provide feedback to BCFSA by emailing coolingoff@bcfsa.ca and CC’ing gr@bcrea.bc.ca.
Resources:
- BCREA Press Release – BCREA Responds to Government Announcement on Cooling Off Period
- BCREA blog post – What’s a Cooling Off Period? An Introduction for REALTORS®
- BCFSA – Cooling Off Periods and Consumer Protection FAQ
- BCFSA – Consultation webpage
On November 17, BCREA staff will be hosting a Managing Broker Community of Practice session, “Mandatory Cooling Off Period and Other Changes to Real Estate Transactions.” We encourage all interested Realtors to attend.