BC’s Homebuyer Protection Period: What’s Next for REALTORS®?

After the BC Government’s announcement introducing initial details of the upcoming Homebuyer Protection Period to take effect in real estate transactions in January 2023, you might be wondering, what’s next?

REALTORS® are at the front lines of real estate transactions in BC, so a change in the way transactions are conducted will have an impact on how you serve your clients.

As the voice of the province’s 25,000+ REALTORS®, BCREA will continue to review the details of the Homebuyer Protection Period and advocate for effective implementation that minimizes unintended consequences. We will also continue to urge the government to improve consultation and collaboration with the sector, make evidence-based policy decisions and empower the province’s real estate regulator to act independently.

While we don’t have all the details yet, the Homebuyer Protection Period is coming in 2023 so, alongside our advocacy efforts, BCREA has begun work to prepare for the changes to ensure that REALTORS® are as prepared as possible.

Here is what we’re working on:

Updating and Creating New Standard Forms

To ensure REALTORS® are equipped with the tools needed to serve clients seamlessly through these changes, we are reviewing our current standard forms to identify amendments and/or new forms needed.

Updating Professional Development Courses

Many of our professional development offerings refer to the current process of conducting a real estate transaction. We will be reviewing our courses to ensure they reference updated processes affected by the Homebuyer Protection Period.

REALTOR® Training, Education and Resources

As with all changes to the real estate transaction process, BCREA is committed to providing training and education to ensure your ability to serve clients is impacted as minimally as possible.

In the coming weeks and months, we will be sharing directly with you more information about the Homebuyer Protection Period – as it becomes available – along with resources, such as new and updated standard forms toolkits, to ensure you’re ready for the changes that take effect next year

While we work on these resources, we would love to hear your thoughts. If you have questions, comments or suggestions that you have not yet shared with BCREA regarding the Homebuyer Protection Period (or previously, the “cooling-off period”) you can email [email protected].

If you’re a Managing or Associate Broker, you can also attend the next Community of Practice session on August 17, 2022, during which we will be discussing the Homebuyer Protection Period. If you aren’t already registered for BCREA’s Managing Broker Community of Practice, click here to register.

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