HOME BUYER RESCISSION PERIOD INFORMATION

 

In January 2023 the B.C. government will implement changes to the Property Law Act to make the Home Buyer Rescission Period (“HBRP”) or ‘cooling-off period’ mandatory for residential real estate transactions.

What is the homebuyer rescission period(HBRP)?

“The HBRP will allow homebuyers to rescind a contract to purchase residential real estate within the set period, even if the contract does not include conditions. It will begin the next business day after the final acceptance of an offer. The rescission period will be in effect for three business days and cannot be waived by either the seller, buyer, or their representatives. During this period, homebuyers can still legally withdraw from the purchase without justification at the cost of a rescission fee equal to 0.25 per cent of the purchase price.” – BCFSA

When will it come into effect?

The Homebuyer Rescission Period (HBRP), is scheduled to come into effect in January 2023.

Where can you learn more about the rescission period? 

Below are some helpful resources BCFSA has released:

CMBA-BC needs your feedback:

We want to hear what questions and concerns you have on the introduction of the Home Buyers Rescission Period(HBRP). CMBA-BC is hosting a webinar with BCFSA on December 6th to address concerns on this new piece of governance and more… If you have any questions you’d like us to ask BCFSA, please enter them into this SurveyMonkey!

CMBA-BC is hosting a Q&A with BCFSA: 

CMBA-BC is hosting a free webinar for everyone with BCFSA on December 6th, regarding this and more! Registration will be available soon!