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B.C. prepares to strengthen protections for homebuyers

Amendments to the Property Law Act introduced on Monday, March 28, 2022, will enable the creation of a new Homebuyer Protection Period to protect people buying a home in a challenging real estate market.

The Homebuyer Protection Period, sometimes called a “right of recission,” responds to concerns that in the highly competitive housing market, buyers are reporting pressure to submit offers without basic conditions intended to protect their interests.

The amendments would enable the creation of a period to give people buying a home more time to consider their offers, ensure financing and obtain a home inspection, instead of feeling like they need to waive these conditions. Regulations will be introduced this year to define the specific time homebuyers will have to exercise this right as well as the financial costs of retracting an offer. The legislation also allows for regional variation within the province, recognizing the housing market varies between regions.

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For more information regarding BCFSA’s consultation, visit: https://www.bcfsa.ca/media/2693/download


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