The B.C. government’s proposed “cooling-off period” would do little to protect homebuyers and cool the heated real estate market, says a new B.C. Real Estate Association report released Monday.
It also wants the province to find a way to balance privacy protection with transparency for buyers to ensure the latter have all the information they need. “Our economics team estimates that a 10 per cent increase in bids would increase list prices by two to three per cent in our market.” The B.C. government is committed to protecting its citizens when they make one of the biggest purchases of their lives, said Finance Minister Selina Robinson.
FYI, there's been no legislation introduced on this yet. It was not introduced in November, as the article suggests - that was when the finance minister first mentioned legislation would be coming