Glossary · Offers, contracts and closing
Home Buyer Rescission Period
BC's Home Buyer Rescission Period lets a buyer cancel an accepted offer on most residential properties within three business days, by paying the seller 0.25% of the purchase price.
It has applied since January 3, 2023, and buyers can't waive it. On a $1.2 million purchase, rescinding costs $3,000. It doesn't apply to some sales, such as properties sold at auction or under a court order, and presale condos have their own seven-day right under separate rules.
Related terms
General information, not legal or tax advice. Rules change; confirm the current figures with the province or your notary or lawyer before relying on them.
