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B.C. 3 Day Cooling Off Period for Homebuyers

Author: 
Reilly Beesley
Publication date:
January 23, 2023
Article Summary: 

British Columbia has implemented a 3-day cooling off period for homebuyers effective January 1st, 2023. This period allows buyers to back out of their purchase within 3 business days if needed, providing them with more time to secure finances and conduct inspections. The aim is to offer protection to buyers and discourage disingenuous offers, with penalties imposed for backing out during this period. While some experts are skeptical of its impact in the current market conditions, others believe it will be more beneficial during periods of high demand. This policy marks a significant step in enhancing consumer protection in the real estate market in Canada.

Keywords: 

British Columbia, cooling off period, homebuyers, real estate market, consumer protection, financial transaction, penalties, market conditions, B.C. Real Estate Association, interest rates, property purchase, regulations

Source Citation: 
Reilly Beesley
B.C. 3 Day Cooling Off Period for Homebuyers
January 23, 2023
https://www.condodork.com/en/news/posts/b-c-3-day-cooling-off-period-for-homebuyers
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