B.C. home inspectors call for post-bid cooldown period

by Ephraim Vecina08 Jul 2016
A home inspectors’ group in British Columbia petitioned the provincial government to institute a compulsory “cooling off period” after bidding to allow buyers to perform inspections on their potential purchases.
 
In a statement, the Home Inspectors Association of B.C. stated that more and more buyers in Vancouver are sidestepping inspections altogether so that they can win in their respective bids, as reported by Angela Sterritt of CBC News.
 
“We're trying to push the seven-day cooling off period, where a person has seven days to get a home inspection done, and if he decides that he can't afford the repairs, they can walk away,” the organization’s president Vince Burnett explained.
 
The Vancouver market has proven to be so hot, even realtors have taken on the role of warning consumers whenever a property needs further work, with the caveat that scheduling an inspection might make buyers miss out on the bidding.
 
“There is just not the comfort anymore to have home inspections. We don't have the luxury with the demands of such competitive offers,” Sean Holden of RE/MAX Real Estate Services said, adding that as much as 22 prospective buyers could be engaged in a bidding war over a single Vancouver property.
 
“The market is so hot, if you put that subject in, you're not going to get a house,” Burnett agreed. “The market has changed substantially over the last six months. People are scrambling to purchase homes because there's a shortage of them.”
 
The association president, who noted that only 1 in 10 homes in Vancouver now are inspected prior to purchase, said that the group has petitioned Housing Minister Rich Coleman for immediate and decisive action.
 
Burnett said that the average number of home inspections conducted by the association members has dwindled more than 75 per cent from a high of 350 per annum.

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