Tri-Cities Real Estate

Rescission Calculator

Home Buyer Rescission Amount Calculator

Where the Home Buyer Rescission Period applies, the rescission amount is 0.25% of the purchase price for the residential real property that is set out in the contract. If there are counter offers between the parties that changes the price, then the rescission amount will need to be recalculated and amended.

Does the Home Buyer Rescission Period Regulation apply to the transaction?

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Home Buyer Rescission Period Expiration Calculator

Where the Home Buyer Rescission Period applies, the rescission period is three business days not including Saturdays, Sundays, and holidays. The three business days begin the date after final acceptance by a seller and buyer.

*Section 29 of the Interpretation Act defines holidays to include:

  1. Sunday, Christmas Day, Good Friday, and Easter Monday;
  2. Canada Day, Victoria Day, British Columbia Day, Labour Day, National Day for Truth and Reconciliation, Remembrance Day, Family Day, and New Year's Day;
  3. December 26, and
  4. a day set by the Parliament of Canada or by the Legislature or appointed by proclamation of the Governor General or the Lieutenant Governor, to be observed as a day of general prayer or mourning, a day of public rejoicing or thanksgiving, a day for celebrating the birthday of the reigning Sovereign, or as a public holiday.

Does the Home Buyer Rescission Period Regulation apply to the transaction?

Does the Home Buyer Rescission Period apply?

Before using the calculators, you will want to determine if the Home Buyer Rescission Period Regulation applies to your transaction.

It applies if the property is:

  • a detached house,
  • a semi-detached house,
  • a townhouse,
  • an apartment in a duplex or other multi-unit dwelling,
  • a residential strata lot as defined in Section 1(1) of the Strata Property Act,
  • a manufactured home affixed to land, or
  • a cooperative interest, as defined in Section 1 of the Real Estate Development Marketing Act, which includes the right of use or occupation of the dwelling.

The Home Buyer Rescission Period does not apply to exempt properties as follows:

  • residential real estate property that is located on leased land,
  • leasehold interest in residential real estate property,
  • residential real estate property that is sold at auction, and
  • residential real estate property that is sold under a court order or the supervision of a court.

Frequently Asked Questions About Rescission in BC

What happens if I rescind? Do I lose my deposit?

No — your deposit must be returned to you in full within 14 days. Rescission voids the contract entirely. However, you will owe the seller the rescission fee (0.25% of the purchase price), which is separate from your deposit and non-refundable.

Can the seller keep the 0.25%?

Yes. The 0.25% rescission fee is compensation to the seller for taking the property off the market and is owed the moment you exercise your right to rescind. It cannot be waived or negotiated away after the fact. Your full deposit must still be returned.

Does rescission affect my credit?

No. Exercising your right to rescind under the Home Buyer Rescission Period Regulation is a legal contract cancellation, not a financial default. It does not appear on your credit report and has no impact on your credit score.

What's the difference between rescission and subject removal?

Rescission is your unconditional right to cancel within 3 business days of acceptance — no reason required, but the 0.25% fee applies. Subject removal is when you formally waive your conditions (financing, inspection, etc.) and commit to completing the purchase. These two periods run concurrently, not back to back.

Can I still rescind if I've already removed subjects?

No. Once you remove subjects, you have committed to the purchase and your right to rescind is extinguished — even if the 3-business-day window has not yet closed. Backing out after subject removal constitutes a breach of contract, which can expose you to significant legal and financial consequences beyond the 0.25% fee.

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BUYING OR SELLING IN THE TRI-CITIES?

Have Questions About Rescission or Your Purchase?

The 3-business-day rescission period is one of many protections BC home buyers have — but navigating offers, conditions, and timelines can still be stressful. As a local REALTOR® in Port Moody, Coquitlam, and Port Coquitlam, I'm here to help you buy or sell with confidence.

CONTACT SEBASTIAN
The results produced by these calculators are estimates only and may not reflect actual rescission amounts or dates. Sebastian Czarkowski assumes no responsibility for any financial decisions made based on the figures displayed. Always confirm rescission details directly with your REALTOR® and legal counsel before proceeding with any transaction.