Cooling Off Periods and Other Interventions: Will They Work?

Earlier this month, the BC Government announced its intention to introduce a "cooling off" period for residential real estate transactions in BC next spring as well as consultation on several other practices that potentially pose a risk to consumers, including "blind bidding." On this special episode of Open House by BCREA, we welcome three guests to the show to help REALTORS® get a better understanding of the announcement: Dr. Paul Harrison shares his research into the effectiveness cooling off periods; BCREA Chief Economist Brendon Ogmundson shares his initial analysis of the impact of a cooling off period on BC's housing market, and Mike Moffat talks about whether there is evidence that supports the idea that banning blind bidding will slow real estate price growth.

This episode was recorded on November 23, 2021.

Related Links:

Mentioned on this show:

• REALTORS® Invited to 2021 Standard Forms Post-Launch Q&A Webinar
• Cooling-off periods for consumers don’t work: study
• Banning Blind Bidding: Would it Slow the Growth in Canadian Real Estate Prices?

BCREA Resources on Cooling Off Period and Blind Bidding:

• BCREA Responds to Government Announcement on Cooling Off Period
• What is a Cooling Off Period? An Introduction for REALTORS®
• What is "Blind Bidding?" An Introduction for REALTORS®
• Community of Practice: Mandatory Cooling Off Period and Other Real Estate Transparency Measures (REALTOR Link® login required)