Is improved consumer protection in B.C.’s housing market on the horizon?

BC Treasury Secretary says she will seek better consumer protection when buying a home in the provincial future.

“That’s one of the things we look at. I also have concerns about people buying a home without doing any inspections and the due diligence that goes into making such a significant purchase, “BC Treasury Secretary Selina Robinson told Global News.

In an interview with Consumer Matters, Robinson says the province raises a number of issues with home buying and law changes. “That is blind bidding. These are house inspections and cool-down times. All of these things go into a good and informed decision that I think is reasonable and if we don’t have a hot market we have an opportunity to do all of these, ”said Robinson.

Questionable practices like non-topic bids and blind bidding have left many potential buyers feeling powerless.

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Recently, Blaine Thompson, a resident of Kamloops, experienced blind bidding while making an offer on a home – a practice that keeps homebuyers in the dark of other competing offers. “It’s like playing roulette with people’s lives,” Thompson said. “It’s completely disheartening because you are throwing a random amount of money that can often throw a whole year’s salary out there.”

Thompson says he would like more transparency.

“I would be very happy if you had a system in which the tender was still open. The bidders themselves were anonymous, but the prices are listed, ”said Thompson.

3:05Consumer Matters: Should BC have a “cool-off” period when buying a home?

Consumer Matters: Should BC have a “cool-off” period when buying a home? – May 12, 2021

Andy Yan, director of the City Program at Simon Fraser University, says he is concerned about the level of risk in practices like blind bidding, especially for young families.

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“I think what bothers me about this practice is that what may be the biggest purchase in most Canadians’ lives is more protection when you buy something on eBay than you do that type of purchase,” said Yan.

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As more and more topic-free offers are appearing on the hot real estate market of BC, experts are calling for a period to consider

Yan added that the public must demand a level of accountability from the government in order to provide better protection for consumers. “If the existing leaders do not have the political will, then it is a demand for new leadership or for leaders who have the political will,” he said.

Vancouver real estate agent Steve Saretsky says there is no easy solution to tackling practices like blind bidding. He says it might be an option to look at a mandatory system similar to Ontario that reveals the number of competing bids.

“It says Joe at Remax made a bid and Steve from Sutton made a bid and anyone can check to see if two bids have been registered. Now, you may not get the price or terms fair enough, but you can at least check to see if there are at least two offers on the property, ”Saretsky explained.

3:02Consumer Matters: The Risks of Free Listings in a Hot Real Estate Market

Consumer Matters: The Risks of Free Offers in a Hot Real Estate Market – May 11, 2021

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Consumer Matters: The Risks of Free Listings in a Hot Real Estate Market

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Consumer Matters asked Robinson if there was a timetable for more consumer protection.

“If we can go quickly, we will. Some things that may be stricter will take longer, ”she said. “We look at everything because at the end of the day we want the consumer to have the space, time and knowledge to make an informed decision and not get caught.”

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