The BC Financial Services Authority (BCFSA) released more details about the consultation process they'll follow as they work to develop proposed legislation for a cooling off period for all residential real estate sales in the province.

BCFSA plans to invite key real estate industry organizations and experts for consultations in the coming weeks. We’ll share more information with you as we receive it. This consultation period will complete in mid-February 2022 and BCFSA plans to send its recommendations to the Minister of Finance by early spring.

Until then, you can email your thoughts and opinions to BCFSA at coolingoff@bcfsa.ca. Please copy us on your email at coolingoff@rebgv.org. 

The terms of reference for BCFSA’s consultation work are posted on their website.

BCFSA’s goals in conducting this work are to:

1. Consider appropriate parameters and provide advice for implementing a cooling off period, including:

• the appropriate length of the period, and
• whether or not to include penalties for exercising the right to rescission.

2. Examine existing practices involved with selling a home such as:

• blind bidding, and
• other practices that may be identified as consumer protection risks.

3. Examine rules, requirements and other activities related to the process of buying a home including those related to condition waiving such as:

• home inspections,
• financing, and
• other conditions that may be identified.

4. Provide advice to government respecting any potential improvements, changes or prohibitions to the activities related to the process of buying and selling a home as outlined in number 2 and 3 above.

5. Engage the real estate industry to explore opportunities for collecting additional data to better understand current market practices.

6. Review practices in other jurisdictions.

Visit BCFSA’s website for more information.