Yes. Since January 2023, buyers of most resale homes in BC have 3 business days after their offer is accepted to cancel the deal for any reason. The catch is a fee: you pay the seller 0.25% of the purchase price, which works out to $2,250 on a $900,000 home. Presales are different; they have their own 7-day rescission period with no fee.
Did you know that in BC you have three days to change your mind and back out of a real estate deal on a resale home? Sounds good, right? But there's a catch. There's always a catch.
I'd guess most of the buyers I work with have never heard of this rule, so here's how it actually works.
What is the home buyer rescission period?
In January 2023, the provincial government brought in the home buyer rescission period, a built-in cooling-off period for people buying a home. After your offer is accepted, you get three business days, not counting weekends and statutory holidays, to cancel the deal for any reason at all. You don't need an excuse, and you don't need to hope a loophole shows up in the contract.
What does it cost to back out?
If you do back out, you're required to pay the seller a fee equal to a quarter of one percent (0.25%) of the purchase price.
| Purchase price | Rescission fee (0.25%) |
|---|---|
| $600,000 | $1,500 |
| $900,000 | $2,250 |
| $1,200,000 | $3,000 |
So it's a safety net, not a free option.
Why does it exist?
To be honest, I'm not sure it gets used much. According to the government, it's there to protect buyers in a fast-moving market, especially anyone who felt pressured into a deal without enough time to think it through and make a clear decision. In practice, it's rarely invoked, but every buyer should know it's there.
What doesn't it apply to?
- Presales. If you're buying from a developer, you usually have a separate 7-day rescission period after you receive the disclosure statement, with no fee.
- Some other sales, including leasehold properties, which matters in West Kelowna where many homes are on Westbank First Nation leasehold land, as well as auctions and court-ordered sales like foreclosures.
What it means for sellers
If you're selling, an accepted offer isn't really secure until the rescission period has passed and the buyer has removed their subjects. If a buyer does walk away during the rescission period, you receive the 0.25% fee.
Want the full step-by-step of buying in BC, including what to do before you ever write an offer? Grab my free Buyer's Guide, or book a buyer consultation.
General information only, not legal advice. Rules and exemptions can change; confirm how they apply to your purchase with your lawyer or notary.