Duplex 101 / 05
The BC Home Buyer Rescission Period, Explained
By Sonia Felix, REALTOR® | byfelix.
Oakwyn Realty Downtown
The morning after
The bidding got hot. Another buyer came in higher, and you pushed your number one more time. You got the call. You won it.
Then the adrenaline wears off. And a different feeling shows up.
Why the rule exists
BC introduced the Home Buyer Rescission Period on January 3, 2023, for exactly this situation. Buyers were getting caught in the emotion of bidding wars, writing subject free offers, and waking up wondering what they had done. Before the change, a signed deal was a signed deal.
Now you have three business days after final acceptance to walk away. No reason is required. The right cannot be waived by the buyer, even in a competitive situation.
The cost is intentional
Rescinding is not free. You owe the seller 0.25% of the purchase price. The fee is set to sting enough that buyers cannot use the period as a free option to tie up homes they never meant to close on.
On a $2,000,000 duplex, that is $5,000. It is real money. It is not the whole deal.
When it applies
The rescission period covers most residential sales in BC, including houses, duplexes and strata units. It does not apply to some sales, including homes sold at auction or under a court order, and certain leasehold and presale situations. Your REALTOR® or lawyer can confirm whether it applies to a specific contract.
What to do if you are inside the window
Talk to whoever represented you on the purchase right away. The notice has to be delivered in writing, correctly and on time. The three days go quickly.
Better still is never needing it. A firm maximum, set before the pressure starts, keeps most buyers out of this situation entirely.
Buy without the regret
My approach is built around keeping clients out of situations like this, not cleaning them up afterwards. Talk to me before your next offer.
Common questions
- How many days is the rescission period in BC?
Three business days after final acceptance of the offer. Weekends and statutory holidays do not count.
- How much does it cost to rescind an offer in BC?
0.25% of the purchase price, paid to the seller. On a $1,500,000 home it is $3,750. On $2,000,000 it is $5,000.
- Can a buyer waive the rescission period?
No. The buyer cannot waive it, even in a multiple offer situation.