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B.C. moving to ‘cooling-off period’ to stabilize hot real estate market – Parksville Qualicum Beach News

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House construction in Summerland B.C. (Summerland Review)

B.C. moving to ‘cooling-off period’ to stabilize hot real estate market

‘Blind bidding’ adding to soaring home prices, finance minister says




High-pressure sales, multiple offers and bidding on homes without an inspection are pushing B.C.’s urban real estate market out of reach, and the province’s real estate regulator is considering a “cooling-off period” to give buyers more information and time before closing a real estate deal.

Finance Minister Selina Robinson says legislation will be coming next spring to protect buyers from making decisions without knowing enough about what they are buying, and what other offers they might be facing. B.C. already has a seven-day cooling-off period for pre-build condominium…

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