The B.C. government’s changes to the Property Law Act ” implementing the mandatory Home Buyer Rescission Period (HBRP) or ‘cooling-off period’ took effect as of January 3, 2023.

What is the homebuyer rescission period (HBRP)?

The mandatory HBRP gives a person who makes an offer to purchase residential real estate the right to, without having to provide any reason whatsoever, rescind the offer. This is so whether or not the offer contains a clause providing or attempting to limit such a right. The parties cannot contract out of the HBRP or otherwise waive it.

The three-day HBRP starts on the day following the buyer and seller agreeing to the purchase and sale contract. It will cost a buyer.25 per cent of the agreed upon purchase price to exercise the HBRP.

Recorded Webinar on the HBRP with BCFSA: 

CMBA-BC partnered with BCFSA to host a webinar on December 6th, 2022 to assist you by hearing BCFSA’s perspectives; extracting from BCFSA information the Association felt mortgage brokers would find helpful; offering attendees the opportunity to provide their comments, raise their concerns, and have their questions answered; and more. This webinar is now available for your viewing. 

Where can you learn more about the rescission period? 

Below are some helpful resources BCFSA has released:

• Regulatory information
• Practice guidelines
• Frequently Asked Questions
• Buyer Guide
• Seller Guide

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).  If you have any feedback or comments regarding the HBRP implementation, please let us know by emailing us at feedback@cmbabc.ca.