BC introduces Home Buyer Protection, Ontario it's your turn

Well done, BC, for protecting home buyers rather than allowing them to put offers in with no financing nor no home inspection conditions.  I’ve been on the mandatory home inspection bandwagon for years!  Based on the last couple of years, there’s a reason why good contractors are really busy right now.  Especially first time home buyers, they are relying on either my experience on what I can see in a home or combining that with a pre-inspection prior to an offer date. And combine purchasing with no conditions based on a 15-minute showing? It was a disaster waiting to happen.  Will what BC introduce be the perfect solution?  Most likely not.  There’s probably more information coming out to clarify the entire program. The homebuyer protection period comes into effect on January 1, 2023. I fail to understand how the buyer paying a fee (eg. $250 for every $100,000) for walking away will stop them from putting offers on multiple homes at the same time. There’s always someone who will find a loophole. Hopefully what BC puts in place will give Ontario food for thought. We need to do something to protect buyers. At least I am starting to see listing agents and sellers put 1 hour showings in place.  If my clients are looking at a detached home for $3mil, I want them to have at least an hour to view a home and check out the house, top to bottom.  Ontario, now it’s your turn!
Photo by Amol Tyagi on Unsplash