B.C. announces consumer protection policy for homebuyers in competitive market

VICTORIA — British Columbia's incoming three-day cooling-off period aimed at protecting potential homebuyers will not make a big difference in a market that is shifting from frenzied to balanced, the head of the B.C. Real Estate Association says.

"If we end up in a market that we just saw, then this would be an effective period to do due diligence. We're not arguing that," he said in reaction to a plan that will go into effect next Jan. 1. Finance Minister Selina Robinson said the consumer protection policy would provide people making unconditional offers with peace of mind by reducing the likelihood that they would later pay thousands of dollars in repairs because they didn't hire a home inspector.

"This change means that people will be better protected now and through any future market volatility."However, Koot said consumers need protection through "standard" real estate times that the province is now entering, when unconditional and multiple offers may not be as common.

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