May 2022 Market Update



The regulator for British Columbia's real estate sector has recommended that the province adopt a so-called "cooling-off" period of three business days to protect people buying a home, through legislation tabled this spring.A report from the B.C. Financial Services Authority released Thursday advises that sellers be required to provide reasonable access for a property inspection during the three-day homebuyer protection period, which would start the day after an offer is accepted.The fee "strikes a balance between discouraging frivolous offers and recognizing the disruption in the selling process," the report said.Additional recommendations include a five-day "pre-offer" period after a property is listed, when a seller may not accept any offers, along with suggestions aimed at enhancing transparency in the transaction process.