A Home Buyers’ Bill of Rights
A re-elected Liberal government will:
- Create a national Home Buyers’ Bill of Rights so that the process of buying a home is fair, open, and transparent.
- Convene federal and provincial regulators to develop a national action plan to increase consumer protection and transparency in real estate transactions.
The Home Buyers’ Bill of Rights will:
- Ban blind bidding, which prevents bidders from knowing the bids of other prospective buyers, and ultimately drives up home prices.
- Establish a legal right to a home inspection to make sure that buyers have the peace of mind that their investment is sound.
- Ensure total transparency on the history of recent house sale prices on title searches.
- Require real estate agents to disclose when they are involved in both sides of a potential sale to all participants in a transaction.
- Move forward with a publicly accessible beneficial ownership registry.
- Ensure banks and lenders offer mortgage deferrals for up to 6 months in the event of job loss or other major life event.
- Require mortgage lenders act in your best interest so that you are fully informed of the full range of choices at your disposal, including the First Time-Home Buyers’ Incentive.