Cooling Off Period

Only 35 Per Cent of British Columbians Support Government’s Cooling-Off Period According to Recent Polling

On behalf of the province’s eight real estate boards and 24,000 REALTORS(R), the BC Real Estate Association (BCREA) supports the Government of British Columbia’s intent to introduce a “Homebuyer Protection Period.” However, the BC Government’s cooling-off period fails to meet the needs of British Columbians. A recent independent survey of 1,157 British Columbians shows that only 35

BCREA Addresses Minister Robinson’s Announcement

Yesterday, Minister of Finance Selina Robinson announced plans to amend the Property Law Act to pave the way for the introduction of a “Homebuyer Protection Period” in real estate transactions. While the Government’s announcement lacked detail, the Homebuyer Protection Period will give buyers the right to rescind offers in real estate transactions. While governmental language

Pre-offer vs Cooling Off: Communicating with Clients

In February, BCREA has published more than 30 recommendations to the BC Government and the province’s real estate regulator, the BC Financial Services Authority, to help guide their decision making to better protect consumers in the real estate transaction process.   A key recommendation we made is for government to mandate a “pre-offer period” instead

BCREA’s Consumer Protection Recommendations Attract National Media Attention

BCREA’s white paper A Better Way Home: Strengthening Consumer Protection in Real Estate Transactions has attracted significant media attention nationwide. BCREA launched the white paper at a press conference in downtown Vancouver on Monday, February 28 with all of BC’s major news outlets in attendance, including Global, CBC, and CTV. More than 500 viewers, including

Summary of Recommendations from A Better Way Home for BC REALTORS®

On February 28, BCREA released a comprehensive white paper titled A Better Way Home: Strengthening Consumer Protection in Real Estate, which includes a set of recommendations for the BC Government on better-protecting consumers in real estate transactions and addressing the root causes of BC’s lack of housing affordability.  The white paper was developed in response

A Better Way Home: BCREA, Boards Publish Sweeping Recommendations for Government to Address Challenges in BC’s Housing Market

The British Columbia Real Estate Association (BCREA), with support from the province’s real estate boards, has published a white paper and series of sweeping recommendations for the BC Government aimed at addressing current concerns with the province’s housing market, the real estate transaction process and consumer protection. The white paper, called A Better Way Home:

“Cooling Off Period” With No Details Creates Uncertainty and Concern in Real Estate Sector

In November, the BC Government announced it will be introducing a “cooling off period” for real estate transactions involving residential resale properties and newly built homes in BC beginning next spring. BC Minister of Finance Selina Robinson announced the policy without any details or advanced consultation with the public or real estate sector, resulting in

What is “Blind Bidding?” An Introduction for REALTORS®

As a result of competitive market conditions and escalating housing prices, BC’s real estate regulator, the BC Financial Services Authority (BCFSA), is developing a consultation on “blind bidding” to understand whether regulatory changes to real estate transaction could improve protection for homebuyers. This announcement was paired with news in early-November that the BC Government intends

What is a Cooling Off Period? An Introduction for REALTORS®

The BC Government has announced its intent to introduce legislation in spring 2022 to mandate a cooling off period for buyers of all residential real estate. But what is a “cooling off period” and how might it impact you? A cooling off period, also known as a “rescission period,” gives buyers the right to withdraw from a

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