BC Government To Add Cooling Off Period For Buyers

Cooling Off - Home buyers


The BC government introduced legislation on March 28, 2022, known as Bill 12 – 2022, to allow for the creation of a cooling off period that will allow buyers to back out of a purchase after signing a Contract of Purchase and Sale.

In the official announcement, Minister of Finance Selina Robinson said the government will put the regulation in place for the “Home Buyer Protection Period” by summer. 

What we know so far

Robinson provided few details on the new period, saying that the BC Financial Services Authority (BCFSA) will be releasing a report with recommendations in the coming weeks. 
The report will inform the development of the regulations, and will include details on: 

  • The length of the period, 
  • Financial penalties for buyers who rescind an offer, and 
  • Regional variations in the legislation to address the differences between local housing markets.

During the media Q&A period after her announcement, the Minister implied that the regional variation provision could be used to provide flexibility if the market changes.

The REALTOR® response 

A cooling off period could have unintended consequences. Buyers may make bad faith offers that could tie up sellers, causing undue hardship and potentially preventing sellers from purchasing their next home. 

Your Board, along with the BC Real Estate Association (BCREA), has been recommending a pre-offer period where offers can’t be presented to a seller on new listings until the listings have been posted for five business days. 

“It would be easier for everyone to get in, do their due diligence, and then just take the offers after,” said Daniel John, REBGV Chair in an interview with CityNews

Share This Article

Picture of Jacob & Jacky
Jacob & Jacky
Our Vancouver real estate team has earned the trust of our clients by consistently putting their best interests first. We understand that selling your home is a major investment and we approach every transaction with the utmost care and attention. With us as your Vancouver REALTORS®, you can rest assured that you are in good hands. We know that trust is the key to client satisfaction and we strive to offer the best customer service possible, which includes empathy, active listening and a friendly, positive attitude. Our goal is to get the job done right, while ensuring you have an exceptional home selling experience throughout the process.

Let's Connect

We always available to discuss Vancouver real estate. Contact us to book in-person or virtual introductory meeting.

Let's Chat!

We're here to make real estate simple.