B.C. financial regulator recommends new pre-offer period to temper hot real estate market

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The five\u002Dday pre\u002Doffer period would require a listing remain on the market for a minimum of five days before offers are accepted. Sellers would also be required to share property disclosure forms and key strata documents up front as part of the listing process.

On Thursday, the B.C. Financial Services Authority — which oversees credit unions, mortgage brokers, and insurance brokers in addition to real estate — made recommendations for a pre-offer period and a cooling-off period in B.C. real estate transactions, in addition to other changes.

The three-day cooling-off period, referred to as the homebuyer protection period, would allow a buyer three business days following an accepted offer to conduct due diligence such as inspections, seeking legal advice and to confirm financing.Article content

 

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Interest rates did it first

Too late.

good effort, but a bit late.

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