Enhance Consumer Protection in Real Estate Transactions
- Introduce a mandatory “pre-offer period” of a minimum of five business days from the time of listing instead of a “cooling off period.” During this pre-offer period, offers cannot be presented, allowing prospective buyers time to view the property, review critical documents, arrange for a home inspection, understand any insurance issues or vulnerabilities to climate change risks like wildfires and flooding, and ensure their financing is in place.
- Ensure prospective buyers have immediate access to relevant information by making property disclosure statements mandatory and available upon listing. For stratas, this includes bylaws, depreciation reports, council correspondence and more.
- Apply these consumer protections to all residential real estate sold in BC, not only MLS® properties.
Address Housing Supply Issues
- Implement supply-side measures and calls to action made by the Development Approvals Process Review and The Expert Panel on Housing Supply and Affordability to shorten development times and encourage gentle densification.
- Establish a permanent National Housing Roundtable in coordination with the federal government to bring together all housing market stakeholders to help address its challenges with an inclusive, holistic and innovative approach.
- Make infrastructure investments to local governments conditional on Official Community Plans, Housing Needs Reports, zoning bylaws and other local policies to allow for increased density and a mix of housing types.
Evolve the Real Estate Sector & Create a World-Leading Regulatory Structure
- Raise entry qualification standards for new licensees and provide more targeted re-licensing education for managing brokers.
- Implement a Professional Standing Committee within the BCFSA, modelled after the BC Teachers’ Council, to ensure the BCFSA benefits from the on-the-ground professional perspective of experienced Realtors when making practice changes.
- Commit to fulsome consultation with real estate professionals and the public prior to future announcements of potential public policy.
- Require the BC Financial Services Authority to conduct periodic independent assessments of its effectiveness in exercising its mandate and making the results of these assessments publicly available.
We want you to be equipped with the knowledge and resources you need to be able to make informed decisions in the real estate market. Here are some of our latest resources for consumers:
BCREA’s Consumer Protection Recommendations Attract National Media Attention
Summary of Recommendations from A Better Way Home for BC REALTORS®
A Better Way Home: BCREA, Boards Publish Sweeping Recommendations for Government to Address Challenges in BC’s Housing Market
BCREA to Make Sweeping Recommendations Addressing Challenges in BC’s Housing Market
What is “Blind Bidding?” An Introduction for REALTORS®
What is a Cooling Off Period? An Introduction for REALTORS®