Taming the housing market: Real estate industry at odds with BC government

“A ‘cooling off period’ is not the answer to alleviating the stresses consumers are currently facing in real estate transactions,” said BCREA CEO Darlene Hyde, citing analysis the group conducted of similar cooling off periods in other global jurisdictions. “While attractive at first blush, in a market characterized by low supply, such as ours, we believe that a cooling-off period will cause more problems than it solves.

It’s all part of a 57-page white paper with 30 recommendations that the industry has for addressing current hot housing market conditions, which it described as being “untenable” with its bidding wars, supply scarcity and soaring prices. On Monday, Robinson responded by saying the real estate association, as a commission driven industry, has a vested interest in the market being hot, but the government’s work is to make sure people are protected.

Alex Goseltine, executive officer of the B.C. Northern Real Estate Board, cautioned against “one-size-fits-all” answers and said the “cooling off period” answer appeared to be based on current market conditions only in specific parts of the province.

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Cooling-off period won't cool down B.C. housing market: reportThe 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. In November last year, the province introduced legislation that would allow buyers to back out of a property deal with no or diminishing legal consequences. It […] 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
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