A Consumer’s Guide to Understanding the Home Buyer Rescission Period

With the provincial government’s announcement on regulatory changes for the Home Buyer Rescission Period (HBRP) coming into effect January 3, 2023, BCREA has created a new video for REALTORS® to share with their clients to help them understand buyer’s rights during the Home Buyer Rescission Period.
The HBRP, commonly known as a "rescission period," gives buyers the right to withdraw from a purchase agreement within a specified period of time (three business days) after an offer is accepted. Without a rescission period, if a buyer wishes to terminate an unconditional contract, they would need to negotiate with the seller and would typically face significant financial penalties or legal ramifications. 
This video will provide an overview of the Home Buyer Rescission Period and go over in more detail how buyers would be able to rescind or cancel their offer to purchase residential real property during the three business days after an offer has been accepted.