British Columbia’s incoming three-day cooling-off period aimed at protecting potential homebuyers will not make a big difference in a market that is shifting from frenzied to balanced, the head of the B.C. Real Estate Association says.
“It’s not enough,” Trevor Koot said Thursday after the finance minister announced a mandatory three-day period that would give buyers time to hire a home inspector and take other important steps like arranging financing.
“This policy is going to have zero impact in 2023, with interest rates going up in the fall,” Koot said.
“If we end up in a market that we just saw, then this would be an effective period to do due diligence. We’re not arguing that,” he said in reaction to a plan that will go into effect next Jan. 1….