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December 7, 2021 – Today, BCFSA launched its consultation process to determine the parameters of a legislated cooling-off period for resale properties and newly built home sales, and to examine the merits of other potential new consumer protection measures.
BCFSA is undertaking consultations with a diverse cross-section of participants, including key real estate industry organizations and experts. The consultation process has been designed to ensure that regional views from across the province are included, as well as ensuring the interests of both buyers and sellers in the real estate market are taken into consideration.
Participants will be invited to provide targeted input through consultation meetings and workshops held early in 2022.
The consultation phase is expected to conclude by mid-February 2022. The feedback will then be presented in a report to the Minister of Finance by early Spring 2022. BCFSA looks forward to hearing a range of views and perspectives about the potential benefits and implications of such measures to inform the advice provided to the Minister. As outlined in the Terms of Reference for this consultation, BCFSA will also explore opportunities to collect additional data to better understand current market practices.Learn More