BC’s Financial Services Authority is recommending the government carry through with a proposal to require a three-day “cooling off” period for home purchases.
The real estate regulator stated that would give home buyers more protection in the current overheated market allowing them to place an immediate bid, but still have time to do their “due diligence,” such as home inspections.
It also recommends a small financial penalty if an offer is withdrawn, to discourage frivolous bids.
The agency is also recommending the provincial government consider other options, such as live auctions, and the anonymous disclosure of all bids on a property.
Any changes could be implemented through legislation that was introduced earlier this spring.
– with files from Vista Radio newswire