BCREA Responds to Government Announcement on Cooling Off Period
For Immediate Release
Vancouver, BC - November 5, 2021. As a result of market conditions over the past year, the British Columbia Real Estate Association (BCREA) is aware that many British Columbians have been unsuccessful and left frustrated when trying to purchase a home. We support making homeownership more achievable for people in BC, however, the provincial government's recent announcement outlining plans to implement a cooling off period for residential real estate transactions as a consumer protection measure is premature as consultation on the predetermined measure has yet to take place.
"BCREA supports thoughtfully designed, properly vetted and evidence-based policy that protects consumers and enhances professionalism and transparency within the real estate sector," says BCREA Chief Executive Officer Darlene Hyde. "Unfortunately, in the case of this announcement, without more details resulting from thorough consultation, it's not clear whether what has already been announced will improve homebuyer protection. Committing to this type of policy without the appropriate level of research and consultation first is presumptive at best."
Policies addressing market conditions should consider the interests of all parties in a transaction, changing market trends, regional nuances, potential unintended consequences and should also include a defined process to monitor efficacy of the measures introduced.
"It is our hope that the ensuing consultation process the regulator undertakes will explore the full complexity of the issues involved and consider the diversity of perspectives available," Hyde adds. "Along with the province's ten real estate boards and 23,000+ REALTORS®, we are keen to participate in this process."
BCREA will be conducting a consultation process with the province's real estate boards and Realtors to help the government understand the full scope and impact on real estate transactions resulting from the suggested consumer protection measures.
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