Proposed real estate cooling period leaves more questions than answers

KAMLOOPS — Recently, the B.C. government introduced legislation that proposes to help cool down the red hot real estate market in our province. Currently more often than not, new homeowners are being priced out of the market by buyers coming in with all cash offers above listing price with no conditions attached.

The hope is by creating a cooling off period for a set amount of time before offers can be accepted, that buyer will will be able to secure financing, consider their offers and obtain inspections. That hope doesn’t translate to the local agents, who aren’t sure anybody will benefit in the end.

“I think they actually have it backwards,” said Kamloops real estate agent Tracy Moffett. “I really do firmly believe that something does have to happen to protect both the buyers and the sellers but this cooling off period is definitely not going to help the sellers.”

The government is entering into consultation with stakeholders around the province on the proposed legislation. As it currently sits, Moffett doesn’t believe it will end up helping the consumers, and waits to see if her list of questions will be answered.