Cooling-Off Period and Real Estate Consumer Protection

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On November 4, 2021, B.C.’s Minister of Finance announced the Government’s intention to introduce a cooling-off period during real estate transactions in B.C. to strengthen protection for homebuyers. The Minister tasked BCFSA to consult key stakeholders and experts and to report back with advice on the parameters of a cooling-off period, also referred to as a homebuyer protection period.

Additional consumer protection measures to address the risk associated with unconditional offers were also considered along with potential enhancements and alternatives to blind bidding.

In delivering on this important mandate from Government, BCFSA consulted with over 140 participants, through virtual sessions and written submissions. Participants included representatives from real estate industry organizations, legal experts, and those from a broader public interest perspective such as academics, economists, and public sector organizations. The consultation period formally closed on February 24, 2022. We thank all the consultation participants for taking the time to contribute valuable input to inform BCFSA’s advice to Government.

On May 26, 2022 BCFSA delivered its report, Enhancing Consumer Protection in B.C.’s Real Estate Market, to the Government of British Columbia.