Thank you, Mr. Speaker. “Buyer beware” seems to be the prevailing mantra for home buyers in the NWT. I find that disturbing, given that a home is the largest and most important purchase most families will ever make.
There is very little emphasis on protecting NWT home buyers from hidden defects of the property they purchase. As usual, we are behind other jurisdictions on both protective measures and basic public education.
NWT home buyers have little protection beyond the common law and that is minimal at best, because if the law is ignored by the seller, the remedy for the buyer is often more hassle, more expensive and more risky than it is worth.
Yes, an experienced realtor and diligent realtor can help protect a home buyer by encouraging sellers to be upfront on the condition of their property, but remember, the realtors work primarily for the seller and we know it’s always a delicate dance. Yes, we have a few good professional home inspectors who are generally hired by potential buyers to make sure you get what you pay for.
Government can, and in some places does, help improve the transparency and safety of purchasing a home. Mandatory disclosure of problems with a
home for sale is common in the United States and it seems to work fairly well for all parties. Here in Canada, voluntary disclosure is encouraged in numerous provinces. Manitoba, for example, has a form that sellers can fill out and is widely used, and many realtors now have voluntary extra insurance, such as error and omission insurance, that is gaining popularity and more specific to the industry.
Public education is another area that could be much improved in the Northwest Territories, and our government should take a look at best practices in other provinces. Training for home inspectors is yet another initiative we could look at. But I want government to do more than just take a look. I am asking for reform, where we can, and should, do a lot better than “buyer beware” for our northern families who want to purchase a home. Thank you, Mr. Speaker.