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New rules to strengthen homebuyer protection

The B.C. government is introducing a protection period so homebuyers don’t feel pressured into making a purchase they may regret.

The new rules will see a three-day period given to homebuyers to take important steps like securing financing or getting a home inspection done.

Provincial officials say buyers won’t have to be afraid of having a house bought out from under them while they do their due diligence.

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“Too many people have been faced with giving up an inspection in order to buy a home,” said Selina Robinson, Minister of Finance.

“This is a major step toward providing homebuyers with the peace of mind they deserve while protecting the interests of people selling their homes – for today’s market and in the future.”

There will also be a new cancellation fee introduced.

If a buyer backs out of a deal, they will have to pay the owner 0.25 per cent of the purchase price.

So if you back out of the purchase of a $1 million home, you will have to pay the seller $2,500.

The new rules will come into effect on Jan. 1, 2023.

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