The short answer
For covered residential transactions, BC’s Home Buyer Rescission Period gives buyers three business days to rescind after acceptance. Exercising the right carries a fee of 0.25% of the purchase price. Exceptions and notice requirements matter.
BC Financial Services Authority: home buyer rescission periodBusiness days
The period excludes weekends and applicable holidays.
Rescission fee
Calculated from the accepted purchase price.
Offer conditions
Do not treat this period as a substitute for financing or inspection conditions.
The basics
The cooling-off period in everyday words
Since January 3, 2023, most BC home buyers can cancel an accepted offer within three business days. The official name is the Home Buyer Rescission Period. To rescind means to cancel the contract as if it never bound you. Only the buyer has this right. The seller cannot use it.
A business day is any day except a Saturday, Sunday or holiday. The count starts the day after acceptance. If an offer is accepted on a Monday with no holiday that week, the period ends at 11:59 p.m. on Thursday. An offer accepted on a Saturday ends at 11:59 p.m. on Wednesday.
The right applies whether or not a real estate real estate agent is involved. It cannot be waived by the buyer or the seller.
Why it matters
Why it does not replace your subjects
BC’s real estate regulator says the rescission period runs at the same time as any subject clauses. Subjects are conditions in the contract, such as financing or inspection. They give you a way out for a stated reason. Rescission lets you leave for any reason, but you pay a fee.
BC’s real estate regulator also notes that relying on rescission alone does not guarantee the seller will let an inspector in. If an inspection matters, put it in the contract.
How it works
How to use the rescission right correctly
Check the property type
Covered homes include detached and semi-detached houses, townhouses, strata lots, apartments in multi-unit buildings, affixed manufactured homes and some co-op interests.
Rule out the exclusions
Homes on leased land, leasehold interests, auction sales and court-ordered sales are excluded. See the leasehold guide for that case.
Write down the deadline
Count three business days from the day after acceptance. Skip weekends and holidays. Ask your agent to put the exact date and time in writing.
Recheck the fee after counteroffers
The fee is 0.25% of the accepted price. If counteroffers changed the price, the fee changes with it.
Give written notice in time
To rescind, notify the seller in writing before the period ends. You do not have to give a reason.
Confirm what happens to the deposit
If a brokerage holds your deposit, the fee goes to the seller and the rest returns to you. No mutual release is needed.
Avoid these
Cooling-off mistakes to avoid
Writing a subject-free offer because of it
Rescission costs a fee and lasts only three business days. Subjects such as financing and inspection still protect you without that fee.
Counting calendar days
Weekends and holidays do not count. A Friday acceptance with no holiday the next week runs to Wednesday night, not Monday.
Assuming every sale is covered
Auction, court-ordered and leasehold sales are excluded. Confirm coverage before you rely on the right.
Rescinding by phone or text
The rule calls for written notice to the seller before the deadline. Get help from your agent or lawyer so the notice is delivered properly.
Example
Three acceptance days, three deadlines
Illustration only. These assume no statutory holiday falls inside the period. A holiday pushes the deadline back one business day.
| Accepted Monday | Counts Tuesday, Wednesday, Thursday. Ends Thursday at 11:59 p.m. |
|---|---|
| Accepted Friday | Counts Monday, Tuesday, Wednesday. Ends Wednesday at 11:59 p.m. |
| Accepted Saturday | Counts Monday, Tuesday, Wednesday. Ends Wednesday at 11:59 p.m. |
| Accepted Friday, holiday on Monday | Counts Tuesday, Wednesday, Thursday. Ends Thursday at 11:59 p.m. |
The Monday and Saturday rows match BC’s real estate regulator’s own examples. Always have your representative confirm the actual date for your contract.
Questions to ask
Questions to ask before you sign
Your real estate agent
- Is this property covered by the rescission period?
- What exact date and time does my period end?
- What is the fee at the final accepted price?
- Who is holding my deposit?
Your lawyer or notary
- How should I deliver a notice of rescission?
- How do my subject dates line up with the rescission period?
- If this is a presale, which cancellation rules apply instead?
Yourself
- Have I kept the conditions I need in the contract?
- Could I pay the fee if I changed my mind?
- Have I read the offer guide before writing?
FAQ
Common questions
Can the buyer or seller waive the cooling-off period?
No. BC’s real estate regulator says the right of rescission cannot be waived by either party. If the property is covered, the buyer has the right even if the contract tries to remove it.
Does a non-refundable deposit clause stop me from getting my deposit back?
Not for a covered rescission where a brokerage holds the deposit. BC’s real estate regulator says the brokerage must pay the 0.25% fee to the seller and release the rest to the buyer, whatever the contract says.
Is this the same as cancelling a presale?
No. Presale contracts can fall under a separate law with its own cancellation rules. Ask your lawyer which rules apply. Our presale deposits page explains disclosure basics.
Do I need a reason to rescind?
No. BC’s real estate regulator says buyers do not need to give sellers a reason. You must give written notice before the period ends and pay the fee.
Who tells me about the right?
Real estate agents must give general rescission information to all consumers through a disclosure form. They must also disclose the buyer’s right to their own clients when an offer is prepared or presented.
