Tsur Somerville, professor at UBC’s Sauder School of Business, was interviewed on CBC News.
B.C. home inspectors are calling for a seven-day waiting period after a home offer is accepted as a way to help cool the province’s hot real estate market. Somerville commented on the feasibility of this type of waiting period.
“I would say that recent history suggests that not everybody abides by anything when it comes to the B.C. real estate industry and I think what you might worry about is a situation where a buyer says, ‘You know what, I’m going to give you a $100,000 non-refundable deposit as part of their initial offer and then we’ll wait a week and see what happens,” he said. “That becomes less of a cooling off period and more like they’re already on the hook for $100,000.”
The segment starts at 21 minutes.
