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:
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