The 'cooling-off period' is being used by buyers to put offers on multiple properties and places sellers at a disadvantage
Some would-be home buyers are abusing B.C.'s "cooling off" period for real estate transactions, which is causing issues in an already low inventory market, according to Royal LePage.
The province's Rescission Period also called the "cooling-off period," came into effect at the beginning of January. It allows buyers a window of three days to renege on their offer. "They are now having to wait until the rescission period is over before they're able to make a move on a house that they might want to make a bid on, and in a low inventory market, that's going to create some challenges for sellers," she said.
In the release, Randy Ryalls, general manager for Royal LePage Sterling Realty, said that Greater Vancouver continues to sustain low inventory and high competition among buyers.
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