BC Home Buyer Rescission Period Explained

Short answer: In BC, a buyer of most residential properties can cancel an accepted offer within three business days by giving the seller written notice and paying a rescission fee of 0.25% of the purchase price. It’s been in place since January 3, 2023, it applies whether or not the offer has subjects, and it can’t be waived by either the buyer or the seller.

The Home Buyer Rescission Period (HBRP) is often called the “cooling-off period.” It’s a genuine safety net, but it’s not free and the clock is short. Here’s how it works in practice, based on guidance from the BC Financial Services Authority as of 2026.

What is the home buyer rescission period?

It’s a legal right under BC’s Property Law Act that lets a buyer walk away from a binding contract to buy residential property within three business days of the offer being accepted. You don’t need a reason. You just need to give proper written notice in time and pay the rescission amount.

Only buyers have this right. Sellers can’t use it to back out of a deal.

How long is the rescission period in BC?

Three business days, not counting weekends or statutory holidays. The count starts the day after final acceptance, and the period ends at 11:59 p.m. on the third business day.

BCFSA’s example: if an offer is accepted on a Monday afternoon, the rescission period ends Thursday at 11:59 p.m. Accept on a Friday, and the weekend doesn’t count, so it runs to 11:59 p.m. on Wednesday (or later if there’s a holiday Monday). BCREA has an HBRP calculator that REALTORS use to pin down the exact deadline, and your agent should write it down for you on the day your offer is accepted.

How much does it cost to rescind?

The rescission amount is 0.25% of the purchase price. Some examples:

$500,000 purchase: $1,250
$700,000 purchase: $1,750
$1,000,000 purchase: $2,500

If your deposit is being held by a brokerage, the brokerage pays the 0.25% to the seller out of the deposit and returns the rest to you. If you haven’t paid a deposit, you still owe the seller the 0.25% directly. You can read more about how deposits fit in with this in how much deposit you need when buying a home in BC.

Which properties does it apply to?

The HBRP covers residential real estate in BC, including:

Detached houses and semi-detached homes
Townhouses and residential strata lots (condos)
Apartments in a duplex or multi-unit building
Manufactured homes affixed to land
Cooperative interests with the right to live in the unit

It does not apply to:

Residential property on leased land, or leasehold interests
Property sold at auction
Property sold under a court order or court supervision

Pre-sales from a developer are handled differently. They’re generally covered by the Real Estate Development Marketing Act, which has its own seven-day rescission right tied to the disclosure statement. If you’re buying vacant land, a mixed-use property or anything unusual, confirm with your lawyer whether the HBRP applies.

How do I rescind an offer?

You must give the seller written notice before the deadline. According to BCFSA, notice can be delivered:

By registered mail to the seller’s address in the contract
By fax to the seller’s fax number in the contract
By email, with a read receipt requested, to the seller’s email address in the contract

Those addresses come from the contract itself, which is why your agent should make sure the seller’s contact details are filled in properly. In practice, if you’re thinking of rescinding, call me (or your agent) and your lawyer immediately so the notice goes out correctly and on time. Don’t wait until 11:30 p.m. on day three.

Does the rescission period replace subjects?

No, and this is the most common misunderstanding I hear. The rescission period runs at the same time as your subject period. It doesn’t start after subjects are removed, and removing subjects doesn’t end it early.

Subjects (financing, inspection, strata documents and so on) are free exits if a condition isn’t satisfied and you act in good faith. The rescission period costs 0.25% but needs no reason. They work together. For the full picture on conditions, see subjects and subject removal in BC.

Should I write a subject-free offer and rely on the rescission period?

In a competitive situation, some buyers consider it: write a clean offer, then try to complete an inspection and firm up financing within three business days, knowing they can walk away for 0.25% if something goes wrong.

It can work, but it’s tight. Three business days is not much time to book a licensed inspector, get the report, have your lender approve the specific property and, for a strata, review the documents. If you go this route, line everything up before you write the offer. And talk to your mortgage broker first, because a rescission period is no substitute for a firm approval. My pre-approval page is a good start.

What does it mean for sellers in Vernon?

If you’re selling, understand that an accepted offer isn’t completely secure for three business days, even if it’s subject-free. Sellers can keep backup offers in mind, but it’s not a reason to be anxious; most buyers don’t rescind. If a buyer does, you receive the 0.25%.

It matters most when you’re buying and selling at the same time. If your buyer can still rescind, you probably don’t want to firm up your purchase yet. I cover that timing in buying and selling at the same time in Vernon and on my Selling Your Home page.

This is general information. For advice about a specific contract or whether to rescind, please talk to a real estate lawyer or notary before the deadline passes.

Frequently asked questions

Can a seller ask me to waive the rescission period?

No. BCFSA is clear that the right to rescind can’t be waived by the buyer or the seller.

Do weekends count in the 3-day rescission period?

No. Saturdays, Sundays and statutory holidays are excluded, and the period ends at 11:59 p.m. on the third business day after acceptance.

What if I rescind and I didn’t pay a deposit?

You still owe the seller 0.25% of the purchase price. It can be paid directly or through the real estate brokerage.

Does the rescission period apply to presale condos?

Presales from a developer are usually governed by the Real Estate Development Marketing Act, which gives buyers a separate seven-day rescission right linked to the disclosure statement.

More Vernon guides

Questions about buying or selling in Vernon?

I’m Sean Phillips, a REALTOR® with Coldwell Banker Executives Realty in Vernon, BC. I live in Okanagan Landing, and I help buyers and sellers across Vernon, Coldstream, SilverStar and the North Okanagan.

Text or call Sean: 778-363-0542
Call or text Sarah, my 24/7 info line: 604-227-4810

This article is general information as of fall 2026, not legal, tax or financial advice. Rules, fees and conditions change, so confirm details with the appropriate professional or authority before making a decision.

Featured photo by Scott Graham on Unsplash.

BC’s 3-Day Home Buyer Rescission Period Explained