The B.C. government is introducing the Property Law Act, which will create a new home buyer protection period.
Provincial officials said there have been increased concerns that buyers are being forced to make offers without basic conditions due to the competitive housing market.
This includes home inspections not being completed for fear that the house will be sold before there’s a chance for it to happen.
According to the province, the amendment will give people buying a home more time to consider their offers, ensure financing and obtain a home inspection, instead of feeling like they need to waive these conditions.
“People need to have protection as they make one of the biggest financial decisions of their lives,” said Selina Robinson, Minister of Finance.
“In our overheated housing market, we have seen buyers feeling pressure to waive conditions just to be considered, and new homeowners discovering costly problems only after a deal has closed. We want to make sure people buying a home have time to get the information they need to make a sound decision within limits that still give sellers the certainty they need to close sales.”
Later this year, more information will be given on the specific time potential buyers will have to exercise this right.