What is BC's home buyer rescission period?

Direct answer

The Home Buyer Rescission Period (HBRP), introduced by BCFSA on January 3, 2023, gives a residential property buyer a statutory three-business-day cooling-off period AFTER unconditional contract acceptance. The buyer may rescind for ANY reason or no reason within three business days by delivering a written notice of rescission to the seller. The cost of using the right is a rescission fee of 0.25% of the contract price, payable to the seller (e.g., a $1.5M Surrey home = $3,750 rescission fee). The HBRP applies to detached homes, semi-detached, townhouses, residential strata, and manufactured homes on a parcel. It does NOT apply to leasehold interests on First Nations land, sales by court order, foreclosure sales, or auction sales. Critically, the HBRP is NOT a substitute for traditional subject conditions (financing, inspection, etc.) — it is a much shorter, fee-bearing right of last resort. Most BC realtors still write subject conditions for a longer period (typically 7–10 business days for full diligence) and rely on the HBRP only as a final safety net. Three business days excludes Saturdays, Sundays, and statutory holidays.