You’ve had your offer accepted, and now that little voice kicks in: did I just make a huge mistake? In BC, the law gives you a short window to change your mind, even on a firm deal. It’s not free, and the clock moves fast. Here’s exactly how it works.
What Is the Home Buyer Rescission Period in BC?
The home buyer rescission period (HBRP), often called the cooling-off period, gives buyers of most residential properties in BC three business days after their offer is accepted to cancel the contract for any reason.
To use it, you:
- give the seller written notice before the period ends, and
- pay the seller a rescission fee of 0.25% of the purchase price.
It’s been in place since January 3, 2023. Only buyers can use it, not sellers, and neither side can waive it.
How the 3 Business Days Are Counted
The three days are business days, which means weekends and BC statutory holidays don’t count. The clock starts the day after your offer is accepted, and you have until 11:59 p.m. on the third business day.
Here’s a real example from this fall:
| Day | Date | Counts? |
|---|---|---|
| Offer accepted | Friday, October 9, 2026 | Day 0 |
| Saturday and Sunday | October 10 to 11 | No |
| Thanksgiving | Monday, October 12 | No (stat holiday) |
| Business day 1 | Tuesday, October 13 | Yes |
| Business day 2 | Wednesday, October 14 | Yes |
| Business day 3 | Thursday, October 15 | Yes, deadline 11:59 p.m. |
So an offer accepted on a Friday before a long weekend gives you almost a full week. One accepted on a Monday gives you until Thursday night.
The 0.25% Rescission Fee: What You Would Pay
The fee is 0.25% of the purchase price, paid to the seller. It’s not negotiable.
| Purchase price | Rescission fee |
|---|---|
| $600,000 | $1,500 |
| $800,000 | $2,000 |
| $1,200,000 | $3,000 |
| $1,500,000 | $3,750 |
| $2,000,000 | $5,000 |
| $3,000,000 | $7,500 |
If your deposit is held in trust by a real estate brokerage, the brokerage can pay the fee to the seller from your deposit and return the rest to you. If you haven’t paid a deposit yet, you pay the fee directly. Our guide to deposits vs down payments in BC explains how deposits are held.
Which Properties Are Covered and Which Are Exempt
Covered:
- Detached and semi-detached houses
- Townhouses
- Residential strata lots, including condos
- Units in duplexes and other multi-unit buildings
- Manufactured homes on land
- Co-op interests that give you a right to live in a home
Exempt:
- Homes on leased land and leasehold interests
- Properties sold at auction
- Properties sold under a court order or court supervision, like some foreclosures
- Presales from a developer. These have their own seven-day rescission right under a different law (more on that below).
- Commercial and non-residential property
If you’re looking at a leasehold condo, the cooling-off period won’t protect you, so your subjects matter even more. Our guide on leasehold vs freehold in BC covers the other trade-offs.
How to Rescind an Accepted Offer, Step by Step
- Decide quickly. Talk to your agent or lawyer the moment you have doubts. Don’t wait until day three.
- Put it in writing. The notice should clearly say you’re rescinding the contract under the home buyer rescission period, with the property address and the date of the contract.
- Deliver it properly. Send it to the seller using the delivery method set out in your contract, usually through the seller’s agent. Keep proof of when it was sent.
- Pay the fee. It comes out of your deposit if a brokerage is holding it, or you pay it directly.
- Get confirmation. Your agent should confirm the seller received it and arrange the return of the rest of your deposit.
You don’t need to give a reason, and the seller can’t refuse.
Rescission Period vs Subject Clauses: How They Work Together
They’re different tools, and they run at the same time.
| Rescission period | Subject clauses | |
|---|---|---|
| Who sets it | The law | You and the seller, in the contract |
| Length | 3 business days | Whatever you negotiate, often 5 to 10 days |
| Reason needed? | No | Must relate to the subject (financing, inspection, strata docs) |
| Cost to walk away | 0.25% fee | Usually none, if the subject isn’t satisfied in good faith |
| Can be waived? | No | Yes, by making a subject-free offer |
Subjects are still your main protection. The rescission period is a short, paid safety net on top. If you’re not sure how subjects work, read what contract conditions mean when buying in BC.
A practical tip: if your subjects are still in place and something comes up, you can usually walk away without the 0.25% fee by not removing a subject, as long as you act in good faith. The rescission period matters most on subject-free offers, or when you’ve already removed subjects within the first three days.
Can a Buyer Waive the Rescission Period?
No. The right to rescind can’t be waived by the buyer, the seller or anyone else, even in a hot market with multiple offers. Any clause in a contract that tries to remove it has no effect.
What sellers can do is set a completion date and terms that reflect the risk, or accept backup offers in case the first buyer rescinds.
What the Rescission Period Means for Sellers
If you’re selling, the first three business days after acceptance are a little uncertain, even with a firm offer. A few things to keep in mind:
- Don’t treat a deal as final, or remove subjects on your next purchase, until the rescission period has passed.
- If a buyer rescinds, you receive the 0.25% fee. On a $1.5 million home, that’s $3,750.
- You can’t rescind. The cooling-off right belongs to buyers only.
- In a multiple-offer situation, it can be smart to accept a backup offer so you’re covered if the first buyer walks.
Our guide to how multiple offers work in BC explains backup offers and how buyers compete.
Rescission Period vs the 7-Day Presale Cooling-Off Period
Presales work differently. When you buy from a developer, the Real Estate Development Marketing Act gives you seven days to rescind after you receive the disclosure statement and sign the contract, with no fee.
| Resale rescission period | Presale rescission period | |
|---|---|---|
| Applies to | Most resale homes | New homes bought from a developer |
| Length | 3 business days | 7 days |
| Fee | 0.25% of price | None |
| Starts | Day after acceptance | After you receive the disclosure statement and sign |
Assignments of presale contracts can be a grey area, so get legal advice if you’re buying one.
Frequently Asked Questions About the BC Rescission Period
Do I lose my deposit if I rescind?
No. You only lose the 0.25% rescission fee. The rest of your deposit is returned to you.
Can I rescind a subject-free offer?
Yes. The rescission period applies whether or not your offer had subjects. That’s one of the main reasons it exists.
Does the rescission period apply in multiple-offer situations?
Yes. The winning buyer still has three business days to rescind, which is why sellers often accept a backup offer.
Can the seller accept a backup offer during the rescission period?
Yes. A backup offer moves into first position if the first buyer rescinds or the deal otherwise collapses.
Does the rescission period apply to private (FSBO) sales?
Yes, if the property is a covered residential property. It applies whether or not a real estate agent is involved.
Making an Offer? Get Advice Before You Sign
The rescission period is a safety net, not a plan. The best protection is a well-written offer: the right price, the right subjects and the right dates, based on real research before you sign.
If you’re buying on the North Shore, Navid Hakimi will help you review the home, the comparable sales and the strata documents before you commit, so you never need that three-day escape hatch. First-time buyer? See our first-time home buyer services, or contact Navid to talk about your next offer.
Current as of October 2026. This is general information, not legal advice. For the official rules, see BCFSA’s guide to the home buyer rescission period.
