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A New Real Estate Law In BC Will Allow Home Buyers To Back Out & Use A 'Cooling Off' Period

The "cooling off period" is coming in spring.

Homebuyers in B.C. will soon be able to back out of their home purchase with either no, or very few, consequences under a new law being introduced.

A press release from the B.C. Financial Services Authority said that in spring 2022 it will introduce a cooling off period for home purchases across the province, similar to the seven-day cooling off option already in place for pre-construction sales of condos.

The Minister of Finance Selina Robinson said that the goal of this is "to ensure that British Columbians are protected when buying and selling homes – one of the most important financial transactions of their lives."

With heightened real estate market activity, buying a home in B.C. is incredibly expensive and a huge decision, so changing your mind might be a nice luxury to have.

The province also said that they will be speaking with real estate industry experts to finalize the specific details of what the cooling off period would mean for home buyers.