There’s a new call to protect consumers in BC’s hot real estate market.
Home inspectors say high competition means buyers don’t have the time to protect themselves.
The Home Inspectors Association says just 10% of homes are able to have a home inspection these days, compared to 75% last year.
LISTEN: HIA president speaks with Simi Sara.
President Vince Burnett says that means some home buyers are finding some very bad news after the fact.
“People are taking possession and they’re finding that they have at least $30,000 sometimes, in repairs, to get the house up to where it should be so they could even live in it”
The association wants government to bring in a 7 day cooling off period after purchase, to give buyers some added protection.
“The government implemented seven day cooling off periods for pre-purchase, if they put that in place for all real estate transactions in British Columbia, people have seven days in which they can get their home inspection done and find out if they are going to be hit.”
In the last year, 30,000 homes were sold without a home inspection.