“New Democratic Premier John Horgan having called a snap election a number of weeks ago obtained a majority government in British Columbia.”
Armed with this new mandate it seems one of the Premier’s first major issues is the need to imposing a cooling-off period on home purchases. Recall Ronald Reagan’s “The most terrifying words in the English language are: I’m from the government and I’m here to help.”(LINK) Quote by Ronald Reagan: “The most terrifying words in the English langua…” (goodreads.com)
Those who have undergone the process of buying a property can think of the wide range of combinations and permutations of issues that could give rise to confusion in a real estate purchase and sale agreement.
Finance Minister Selena Robertson said this law would provide purchasers making a major decision time to decide whether or not they’re doing the right thing.
The essence of contract law is a willing buyer and a willing seller as mature citizens can act in their own best interests and agree upon a purchase price in the market. A Nanny state is not required. What will be the next restriction if this law proceeds?
Consultation? It appears not!
It has been reported that Scott Travelbea, a Mortgage Specialists, stated the cooling-off period has the potential to drive up home prices.
Interesting that the President of the Victoria Real Estate Board reportedly observed that they were not aware that there was such a problem. It seems the emerging threat was not discussed with the major stakeholders to confirm whether or not such a problem exists.
Surely there must be real issues for the Province’s directing minds that require their attention. Possibly the homeless just a few hundred meters away from the legislative seat of government might be a good place to start. This issue is destroying Victoria’s downtown core. Certainly legislation and assistance needed here; as well in other municipal jurisdictions throughout the province.
Whether or not this is good legislation— whether or not it is needed is not important as…. the political ideology of the directing minds of the BC government.
I think most of you are familiar with a hard shift to the left of the socialists in America and the detrimental impact it is having on the American economy.
The question becomes – do we need to expand the socialist grip of the Commanding Heights (LINK Commanding Heights: Home | on PBS ) in BC –do we need more regulation or less? When government interferes with the demand supply curves the outcomes are seldom good.
Is this incremental encroachment on our civil liberties a concern to you?
Background reading on the issues if you have the time and interest BC Government Regulations Cooling-Off Period Real Estate – Bing News
