British Columbia has become the first province to require a three-day cooling-off period for buyers after they’ve signed an agreement to purchase a home.
The new homebuyer protection period is designed to give purchasers more time to arrange financing or home inspections after a deal has been accepted, details that the provincial government has said were neglected in past sizzling housing markets.
The government said in a statement that the extra days would also give buyers more time to consider if the purchase is right for them amid high-pressure sales or as interest rates climb.
Tsur Somerville, a professor at the University of British Columbia’s Sauder School of Business, said the change, which took effect on Tuesday, is targeting a concern that isn’t a problem in the current cooler market….