BC Real Estate Law · Buyers and Sellers
In effect since January 3, 2023. BC buyers can cancel a signed real estate contract within three business days for a fee of 0.25% of the purchase price.
What is the Home Buyer Rescission Period in BC?
The Home Buyer Rescission Period is a BC law introduced by the British Columbia Financial Services Authority (BCFSA) that came into effect on January 3, 2023. It gives residential property buyers three clear business days after an accepted offer to cancel the contract for a rescission fee of 0.25% of the purchase price paid to the seller. The right cannot be waived by either party. It applies to most residential property types in BC including detached homes, townhouses, strata units, and mobile homes affixed to land.
01 How It Works
The HBRP was introduced to address a specific problem in BC’s overheated market: buyers were regularly submitting unconditional offers above list price, forgoing inspections, financing reviews, and other due diligence to compete. The rescission period creates a minimum window for buyers to reconsider without permanently losing the ability to walk away.
The legislation has not been amended since it came into force on January 3, 2023. The rules below reflect the law as it currently stands.
How long is the period?
Three clear business days from the date of the accepted offer. Business days exclude Saturdays, Sundays, and statutory holidays.
What does it cost to rescind?
0.25% of the purchase price, paid to the seller. On a $1,000,000 property that is $2,500. On a $1,500,000 property that is $3,750.
How does the buyer rescind?
In writing, delivered to the seller or the seller’s representative. The notice must comply with strict formal requirements set out in the legislation.
Can the right be waived?
No. The HBRP cannot be waived even by mutual agreement between buyer and seller. Any clause attempting to waive it is unenforceable.
02 Does This Apply to Me?
The HBRP applies to most BC residential real estate transactions but not all. Check your property type and transaction type below.
Applies: standard residential sales
Detached homes, semi-detached homes, townhouses, apartments, residential strata lots, and mobile homes affixed to land. Applies whether or not the buyer is working with an agent. Applies to private sales and FSBO properties.
Applies: pre-sale and new construction
Pre-sale contracts and new construction residential properties are included. Buyers of pre-sale units have the same three-day rescission window.
Does not apply: auctions
Properties sold at auction are exempt from the HBRP. Auction sales are considered final at the fall of the hammer.
Does not apply: court-ordered sales
Court-ordered sales, including foreclosure sales directed by a court, are exempt from the rescission period.
Does not apply: leased land
Sales of residential property situated on leased land are exempt. This includes some strata and manufactured home communities where the land is not part of the sale.
03 For Sellers
As a seller, an accepted offer is not firm for the first three business days. A buyer can cancel during this window and owe you 0.25% of the purchase price. That fee does not make you whole if you had already accepted the offer, turned away other buyers, and incurred costs in preparation for closing.
The HBRP applies to FSBO and private sales. Selling without an agent does not exempt your transaction. If you are selling on Bōde, the three-day window applies to every accepted offer on your property.
Understand the purchase agreement fully before accepting any offer. Knowing what you are committing to before the rescission period begins puts you in a stronger position. Learn how to read a purchase agreement before you accept an offer.
04 Timeline
The three-day count matters. Getting it wrong affects whether a rescission notice is valid.
When does the period start?
The day the offer is accepted and signed by both parties. Day one is the first full business day after acceptance.
What counts as a business day?
Monday to Friday, excluding BC statutory holidays. Saturdays and Sundays do not count. A holiday in the middle of the count extends the window by one day.
Example: offer accepted Monday
Day 1: Tuesday. Day 2: Wednesday. Day 3: Thursday. The rescission right expires at end of Thursday. No holidays assumed.
Example: offer accepted Friday
Day 1: Monday. Day 2: Tuesday. Day 3: Wednesday. Saturday and Sunday are skipped entirely.
Common Questions
The HBRP came into effect on January 3, 2023, introduced by the British Columbia Financial Services Authority. The legislation has not been amended since that date. The rules described in this guide reflect the law as currently in force.
No. The HBRP cannot be waived even by mutual written agreement. Any clause in a purchase contract that purports to waive the rescission right is unenforceable. Every qualifying BC residential transaction is subject to the three-day window regardless of what the parties agree.
Yes. The HBRP applies to all qualifying residential transactions in BC regardless of whether the seller is using an agent. Private sales and FSBO sales are fully subject to the three-day rescission window.
No. If a buyer exercises their rescission right within the three-day window, the deposit is returned to the buyer in full. The seller receives the rescission fee of 0.25% of the purchase price. The deposit is not forfeited.
No. The HBRP is a short cancellation window, not a substitute for subject conditions. A buyer who needs time for financing approval, a home inspection, or document review should still include those conditions in the offer. Three business days is not enough time to complete due diligence on most properties.
No. The Home Buyer Rescission Period is BC-specific legislation. Alberta and Ontario do not have an equivalent mandatory cooling-off period for resale residential properties as of 2026. Ontario has a 10-day cooling-off period for pre-construction condominium purchases under the Condominium Act, but this is separate legislation and does not apply to resale properties.
This guide provides general information about BC’s Home Buyer Rescission Period as introduced January 3, 2023. It does not constitute legal advice. Individual transactions may involve additional considerations. Consult a licensed BC real estate lawyer for advice specific to your situation.
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