Three-day cooling-off period for homebuyers coming in January

The program, which applies to both resale and new homes, will be the first in Canada.

A new three-day cooling off period for homebuyers to allow time for inspections and related due diligence after an accepted offer is coming into effect in January.

“Too many people have been faced with giving up an ­inspection in order to buy a home,” Robinson said. Andy Yan, urban planner and director of the city program at Simon Fraser University, called the homeowner protection period “something that is a long [time] coming and much needed as a modernization package for how homes are purchased in B.C. and for the stability, accountability and transparency of the entire market.”

Koot urged the province to hand the ability to make decisions regulating real estate over to the Financial Services Authority. “Failing that, there will be no real positive change in B.C.’s housing sector and consumers will continually be left behind.”

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