INFORMATION ON Cooling Off Period in BC Canada

From the BC Financial Services Authority (BCFSA) regarding the upcoming implementation of British Columbia’s Home Buyer Recission Period (HBRP):

In January 2023, amendments to the Property Law Act will come into effect. These amendments establish the Home Buyer Rescission Period, also known as the “cooling-off period.” The HBRP enables a purchaser of residential real property to rescind (or cancel) a contract within three business days of entering the contract. 

BCFSA has published a variety of resources on our website to help real estate licensees understand the HBRP, including plain language information about the regulatory requirements, practice guidance, and a series of frequently asked questions. BCFSA has also published updated information for buyers and sellers.

These resources include:

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

Did you know that the Secure Strata KeyBox Housing Program is a VREB initiative? That we are aware, only one other real estate board in Canada offers a similar program.

There are currently 333 KeyBoxes installed on buildings throughout Greater Victoria. If you have a listing in a condo building that does not yet have a housing installed, let us know or have them contact the VREB about our free installation.