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:
BCREA has also published HBRP resources on the BCREA Access site (login required). To reflect regulatory changes associated with the HBRP, BCREA Standard Forms has made changes to several forms and will launch one new form, Notice of Recission – Residential Real Property. A Standard Forms Pre-Launch Package is available for download now, this includes explanations of the changes and guidelines for use of the new form.