The new era of housing protection is the government’s attempt to address concerns that in a highly competitive housing market, buyers are bidding unconditionally. Legislative changes, once passed, will give people who buy a home more time to consider their bids, secure funding, and receive a home inspection. Regulations will be enacted later this year to really set the specific time that home buyers will have to exercise this right, as well as the financial cost of withdrawing an offer. 2:01 BC The government is moving for better protection of home buyers in the overheated real estate market BC. Government moves to better protect home buyers in the overheated real estate market – November 4, 2021 “People need protection as they make one of the biggest financial decisions of their lives,” said Finance Minister Selina Robinson. The story goes on under the ad “In our overheated housing market, we have seen buyers feel pressured to give up terms that just need to be considered, and new homeowners discovering costly problems only after a deal is reached.” Trending Stories
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The county says the decision on the timetable will be determined after consultation with inspectors, appraisers, brokers, academics and representatives from the legal and financial services sectors. Industry representatives estimate that more than 70 percent of bids in BC’s most competitive markets over the past year may have been made unconditionally, which could lead to significant repair and renovation costs or a loss of down payment if funding of the buyer is terminated. 23:13 Focus BC: The 2022 budget is demolished and the problem of inaccessibility BC Focus BC: The 2022 budget collapses and the problem of inaccessibility – February 25, 2022 The regulations will also address concerns that a period of setbacks could lead to a rise in prices. There are concerns from those in the industry, including the BC Real Estate Association, that buyers will reject many approved bids and then leave at the last minute. These decisions could lead to challenges for the seller who can use the sale money to buy another home. The story goes on under the ad The goal is for the new regulations to take effect by the summer.
Read more: The BC Real Estate Association criticizes the relaxation period for housing
“Introducing a short, indefinite withdrawal period or a separate, longer period to secure adequate funding will eliminate the uncertainty of buying and selling homes and possibly save significant costs for both buyers and sellers over time. Said Mortgage Professionals Canada. said CEO Paul Taylor. The BC would be the first province to apply a period of protection from home buyers to resale real estate and newly built homes. Seven-day withdrawal periods for sales prior to the construction of multi-unit development properties, such as condominiums, have already entered into force under the Real Estate Development and Marketing Act. © 2022 Global News, part of Corus Entertainment Inc.
