BC’s new Home Buyer Rescission Period (HBRP) for residential real estate property takes effect on January 3, 2023.
Rescission Period Length & Day it Begins
The rescission period will be 3 full days excluding weekends and holidays (as defined by Section 29 of the Interpretation Act), and will begin the day after the offer is accepted.
- 0.25% of the purchase price.
- For example, if the purchase price is $1,000,000, and the buyer wants to rescind their offer, the fee will be $2,500 to the seller(s)
Types of Properties which Apply to the BC Home Buyer Rescission Period
- detached house
- semi-detached house
- apartment in a duplex or other multi-unit dwelling
- residential strata lot, as defined in Section 1(1) of the Strata Property Act
- manufactured home that is affixed to land
- cooperative interest, as defined in Section 1 of the Real Estate Development Marketing Act, that includes a right of use or occupation of a dwelling
Properties Exempt from BC Home Buyer Rescission Period
- Sales subject to s. 21 of the Real Estate Development Marketing Act (e.g. applicable presales)
- Sales of residential real property located on leased land
- Sales of a leasehold interest in residential real estate
- Sales at auction Sales under a court order or supervision of a court
Video Explaining the Home Buyer Rescission Period
More Information on the BC Home Buyer Rescission Period
View Details of the BC Home Buyer Rescission Period
Contact us if you have any questions.