Homebuyers in B.C. now have better protection in the real estate market as the homebuyer protection period took effect on Jan. 3, 2023.

Creating a mandatory three-business-day period to give homebuyers more time to secure financing or arrange home inspections is the first key action the Province is taking following the B.C. Financial Services Authority’s (BCFSA) report on improving consumer protection in the real estate market.

The extra time will help buyers fully consider whether a purchase is right for them under any market conditions, including in the face of rising interest rates and any high-pressure sales.