Image: Supplied by D. Fairbairn / Chilliwack home inspector David Fairbairn says recent homebuyer protection measures introduced by the B.C. government will likely benefit consumers.

By Mike Vanden Bosch

Home inspections

Chilliwack home inspector says new homebuyer protection measures will likely benefit consumers in the long run

Aug 2, 2022 | 12:57 PM

CHILLIWACK — At the height of the real estate market boom in the past 12 months, homes throughout Canada were sometimes sold without so much as a home inspection as multiple bidders sought to differentiate themselves and limit the number of subjects on their purchase.

Even though the market has cooled significantly, the B.C. government recently announced homebuyer protection measures that institute a mandatory 3-day period during which mortgage financing or home inspections can be secured and arranged.

The homebuyer protection period is the first of its kind in Canada and goes into effect on January 1, 2023.

Chilliwack home inspector David Fairbairn figures the rationale behind the legislation has sound principles that will benefit consumers in the long run.

“As professional home inspectors, we definitely support consumers being able to have properties professionally evaluated prior to purchasing,” Fairbairn said. “During the end of 2021 and the beginning of 2022, many homebuyers simply did not have the option of a home inspection due to the large number of offers being made on each property, particularly detached homes.”

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When the market heated up to a point people were simply foregoing home inspections, it put prospective homebuyers in a difficult position.

“This puts homebuyers at risk and hurts our industry,” said Fairbairn. “A home inspection is an extremely important part of the due diligence process! Home inspections protect the buyer, the seller, and the agent, by discovering unexpected deficiencies and safety hazards. An inspection is also a great return on investment.”

And Fairbairn ought to know. He has been a professional home inspector for 10 years in the Lower Mainland and holds several tickets, including mold testing. He also conducts commercial property inspections and teaches at Ashton College.

Image: Supplied by D. Fairbairn / Chilliwack resident David Fairbairn has been a professional home inspector for 10 years in the Lower Mainland.

While the cost of a home inspection is relatively nominal, it pales in comparison to the staggering cost of a single-family home in British Columbia. In the end, peace of mind is priceless.

“For $400-$800, depending on the property, the buyer can save thousands of dollars by avoiding expensive surprise repairs after moving in,” Fairbairn said. “An inspector can discover something such as a roof leak, basement moisture, electrical safety issues, old and worn-out components such as water heaters, outdated plumbing, and more. These are all things that most people would not notice when viewing the property for sale, and may cause the client to reconsider the purchase, or renegotiate the price.”

At the same time, the measures might have arrived far too late in the game. Real estate transactions throughout the Fraser Valley and Chilliwack have dropped over 50 per cent year over year in the past couple months.

“However, within the last two months, the market has shifted significantly, and we are seeing that most sales have subjects attached, and many with inspection clauses,” Fairbairn said, acknowledging a shift more towards a buyer’s market. “So, my personal opinion is that the three-day period is ‘too little, too late’ and will not significantly affect the number of inspections.”