The Cooling-Off Period in BC Real Estate has officially been announced and will come into effect on January 1, 2023. Buyers will have 3 days after their subject-free offer is accepted to decide if they should continue with the purchase or back out with a small penalty.

Denny and Monica discuss how effective this new policy will be for homebuyers and share who will actually benefit from this change.

This episode will cover why this policy could actually increase the number of buyers bidding on a home, how this change may favour the more wealthy individuals trying to purchase a home, the significance of a cancellation fee of 0.25% of the purchase price, the loopholes in the policy that sophisticated buyers and experienced Realtors will know how to navigate, and the negative repercussions that sellers, young families, and new Realtors may face.

Podcast Videos can be found on the Garbutt + Dumas Real Estate Team YouTube channel – https://www.youtube.com/channel/UCHK2L-KswYO93195yndFAmA

Email us at garbuttdumaspodcast@gmail.com

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Garbutt + Dumas Real Estate Instagram: https://www.instagram.com/garbuttdumas Facebook: https://www.facebook.com/GarbuttDumas Website: http://www.garbuttdumas.ca