RSS

New Home Buyer Rescission Period

Effective January 3, 2023 a Home Buyer Rescission Period starts in B.C. This new regulation gives homebuyers a "cooling off period" with the right to rescind an accepted offer within 3 clear business days. This right, if exercised by a home buyer, comes with a fee of 0.25% of the contract purchase price. For example, the fee to cancel a contract works out to $250 for every $100,000 of the purchase price.

After a frenzied period of market activity in early 2022, this new measure is intended to give buyers adequate time to conduct their due diligence. This is not a bad thing considering home purchases are typically the largest single transaction a person or family will ever make in their lifetime. Taking time for careful review and reflection will aid consumers in making an informed and thoughtful major financial decision.

Please see the video below for an overview of this consumer protection regulatory change. The video is geared towards the general public, including buyers and sellers of residential real estate.

Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.