The BC government introduced legislation on March 28, 2022, known as Bill 12 - 2022, to allow for the creation of a cooling off period that will allow buyers to back out of a purchase after signing a Contract of Purchase and Sale.
This cooling off period is expected to be implemented in the summer but a date hasn't been finalized. There's lots of speculation but still very little information available.
The cooling off period may have unintended consequences for sellers, buyers and home prices. For example, buyers may submit bad faith offers which tie up a property and delay sellers from moving or purchasing their new home. Or it may increase prices as buyers are left with less tools to strengthen their offer, which could result in the price becoming even more important.
There are lots of questions and few answers at this point.
If you have any questions, please let us know. Thanks.
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