The Home Buyer Rescission Period (“HBRP”) is in effect for residential real estate transactions in B.C.
The B.C. government introduced the HBRP as a consumer protection measure to give home buyers time to consider whether a purchase is right for them. HBRP gives buyers the right to rescind their offer up to three business days after the offer is accepted. If a buyer changes their mind within that period, they must pay a 0.25 per cent rescission fee to the seller.