A Prince George realtor doesn’t believe the new 3-day cooling-off period to further assist BC homebuyers will be well-used.
The homebuyer protection plan went into effect on Tuesday and will help buyers get more time to secure financing or arrange home inspections.
Bob Quinlan, with RE/MAX Core Realty, told MyPGNow.com the cancellation period won’t be utilized much because there have not been too many competing offers for homes.
“If I am a buyer, and I have an $800,000 offer on a property that I am about to walk away from, I am probably not going to give somebody $2000 (the seller). I am going to be looking at my subjects for financing, inspection, and title, things we would normally use on things like insurance.”
“If you do choose that option and walk away from it, it’s going to cost you 0.25% of the purchase price. So, in other words, if you have a $400,000 offer and you walk away from it, it will cost you $1000 to the seller.”
“I don’t think it’s going to be used but it is there if all of a sudden, someone gets into the position or if our market gets back to where we do have those competing offer situations,” added Quinlan.
BC is the first province to implement a homebuyer protection period for resale property and newly constructed homes.
Similar provisions exist in some international jurisdictions, such as Australia and France.
The protection period mainly focuses on single-family homes as well as townhouses and semi-detached units.
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