Your 3-business-day right to cancel an accepted offer, what it costs (0.25%), and exactly when it applies
The short answer
The Home Buyer Rescission Period (HBRP) gives buyers of most residential property in BC a 3-business-day right to cancel an accepted offer for any reason. In force since January 3, 2023, the period begins the day after the offer is accepted and excludes weekends and statutory holidays. If you rescind, you pay the seller a fee of 0.25% of the purchase price (for example, $2,500 on a $1,000,000 home), but your deposit is returned in full.
BC is the first province in Canada to give home buyers a mandatory cooling-off period. Created by the Home Buyer Rescission Period Regulation under the Property Law Act, it gives buyers a short, guaranteed window to do due diligence — arrange financing, review strata documents, or simply reconsider — even on an offer with no subject conditions. It is a buyer right, not a tax, and it applies automatically to qualifying residential transactions.
The core rules of BC’s Home Buyer Rescission Period:
| Detail | The rule |
|---|---|
| Length | 3 clear business days (excludes Saturdays, Sundays, and statutory holidays) |
| When it starts | The day after the offer is accepted by both buyer and seller |
| Rescission fee | 0.25% of the purchase price ($250 per $100,000) |
| Reason required | None — you may rescind for any reason, or no reason |
| Your deposit | Returned to you in full |
| How to exercise | Deliver written, signed notice to the seller or their agent within the period |
The HBRP applies to most residential real property in BC — detached houses, semi-detached houses and duplexes, townhouses, apartments and other strata lots, manufactured homes affixed to land, and residential cooperative interests. It applies automatically; it is not a clause you add to the contract.
It is most valuable on a subject-free offer. In a competitive market, buyers often waive conditions to win a bidding war — the rescission period gives them a short, guaranteed window to confirm financing or review documents after the fact. It runs concurrently with any subject periods, not in addition to them.
If you exercise your right to rescind, you must pay the seller a fee of 0.25% of the purchase price — $250 for every $100,000, so $2,000 on an $800,000 home or $2,500 on a $1,000,000 home. The fee compensates the seller for taking the property off the market.
The fee is separate from your deposit, which must be returned to you in full. It is owed the moment you rescind and cannot be negotiated away afterward. Use the rescission calculator to work out the exact fee and your deadline for any price.
Rescission and subject removal are different tools. Subject conditions (financing, inspection, strata documents) let you walk away with no penalty if a condition is not met — but they make your offer weaker in a competitive situation. The rescission period is an unconditional right to cancel that costs 0.25%, and it applies even to subject-free offers.
One critical rule: once you remove subjects, your right to rescind is extinguished — even if the 3 business days have not run out. Removing subjects signals you are committed, so never remove them until you are certain.
To rescind, you (or your REALTOR® on your behalf) must deliver written, signed notice to the seller or the seller’s agent before the period expires — the regulation sets out how that notice may be served. Verbal notice is not enough.
Act early in the window if you can; serving notice on the final day leaves no room for delivery problems. Once valid notice is given, the contract is at an end, your deposit is returned, and the 0.25% fee becomes payable to the seller.
Several types of transaction are carved out of the Home Buyer Rescission Period:
What is the Home Buyer Rescission Period in BC?
It is a legal right, in force since January 3, 2023, that lets buyers of most residential property in BC cancel an accepted offer within 3 business days — for any reason. It applies automatically and is meant to give buyers a short window for due diligence, even on subject-free offers.
How long is the rescission period and when does it start?
Three clear business days. The count begins the day after the offer is accepted by both parties and excludes Saturdays, Sundays, and statutory holidays. Use the rescission calculator to find your exact expiry date.
How much does it cost to rescind?
The rescission fee is 0.25% of the purchase price — $250 per $100,000, so $2,000 on an $800,000 home or $2,500 on a $1,000,000 home. Your deposit is returned to you in full; the fee is separate and payable to the seller.
Can I cancel for any reason during the rescission period?
Yes. The right is unconditional — you do not have to give a reason. You deliver written, signed notice to the seller or their agent before the period expires, and pay the 0.25% fee.
Does the rescission period apply to presale (pre-construction) homes?
No. Presale units sold under the Real Estate Development Marketing Act (REDMA) carry their own separate 7-day rescission right instead of the Home Buyer Rescission Period. The HBRP covers resale and completed residential homes.
Can I still rescind after I remove subjects?
No. Removing your subject conditions extinguishes the rescission right immediately — even if the 3 business days have not yet expired. Never remove subjects until you are fully committed to completing the purchase.
This page is general information, not tax, legal, or financial advice, and figures are current as of June 2026 and subject to change. Tax rules have exemptions and conditions that depend on your situation — always confirm with the BC Government, the CRA, and a qualified tax professional or real estate lawyer before acting. Sebastian Czarkowski is a licensed REALTOR® (BCFSA), not a tax advisor.