Pre-offer period, strata documents, more transparency among suggestions to address B.C.'s real estate challenges
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A B.C. association is calling for what it says are sweeping changes to address challenges in the province's real estate market.
A B.C. association is calling for what it says are sweeping changes to address challenges in the province's real estate market.
On Monday, the B.C. Real Estate Association released 30 recommendations it says will help the overall housing market and supply issues as well as the transaction process and consumer protection.
"BCREA shares consumer and government concerns that current housing market conditions are untenable," said CEO Darlene Hyde in a news release.
"Our recommendations include long-term measures to create more housing options for British Columbians, as well as immediate steps to give consumers in the market today more peace of mind."
Some of those recommendations include introducing a "pre-offer period," requiring at least five days from when a property is first listed to give buyers time to research a property. During that time, offers won't be permitted.
The BCREA also recommends requiring that strata documents like bylaws, depreciation reports and contingency funds be made available in the property's listing. It also recommends property disclosure statements be made available when a property is listed.
The association said it's concerned by the province's plan to bring in a "cooling off period" in real estate transactions this year, which gives buyers a limited amount of time to change their minds and cancel the purchase with no or diminished legal consequences.
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