New Zealand consequences reports Citi New Zealand

B.C. to bring in ‘cooling off periods’ amid soaring real estate sales

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real estate market.The province is set to introduce legislation in 2022 requiring cooling-off periods for resale properties and newly built homes.This change will be similar to the cooling-off periods already in place for pre-construction sales.

Cooling off periods are limited periods of time where a buyer can change their mind and cancel the purchase with no, or diminished, legal consequences.

New Zealand looks to reform zoning in cities. Could a similar move help ease B.C.’s housing crisis? One of the practices under the microscope with the change is looking at alternatives to the blind bidding system, as well as waiving conditions in order to put in a more competitive offer.“People looking to buy a home need to know they are protected.

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