Home Buyers Rescission Period

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:

1. Regulatory information
2. Practice guidelines
3. Frequently Asked Questions
4. Buyer Guide
5. Seller Guide