Bill 12 was passed by B.C., the bill aims to protect homebuyers by allowing a period of time where they can back out of their home purchase with no or diminished legal consequences. This most likely brought on due to the high sales/offers throughout the pandemic with little to no conditions(B.C.’s finance minister saying 70-80% of home offers.)
The details are still to come on which geographical areas, the date this will come into effect, and how long of a period they have for backing out. It will be interesting to see how this plays out over the long run and what it fully entails!