How the Three Days Are Counted
- The period starts the day after the seller accepts your offer.
- Business days exclude Saturdays, Sundays and BC statutory holidays.
- It ends at 11:59 PM on the third business day.
An offer accepted on a Monday can be rescinded until 11:59 PM on Thursday. One accepted on a Saturday runs until 11:59 PM on Wednesday. A holiday in between adds a day.
What It Costs to Rescind
The buyer pays the seller 0.25% of the purchase price: $1,500 on a $600,000 home, $2,500 on $1,000,000. If a deposit is already in trust, the brokerage pays the fee to the seller from it and returns the rest to the buyer. No reason is required, and neither party can contract out of the right.
Which Properties Are Covered
The right applies to residential real property: detached and semi-detached houses, townhouses, residential strata lots, apartments in duplexes and multi-unit buildings, manufactured homes fixed to land and certain cooperative interests.
It doesn't apply to:
- Residential property on leased land or leasehold interests
- Property sold at auction
- Property sold under a court order or court supervision
- Pre-construction sales covered by the Real Estate Development and Marketing Act, which have their own seven-day right
How a Buyer Gives Notice
Notice must be in writing within the period and must include the property's address, parcel identifier or legal description, the buyer's name and signature, each seller's name and the date. It's deemed served when sent by registered mail or fax to the seller's address in the contract, or by email with a read receipt requested. BCFSA provides an optional form.
What It Means on Bōde
- Buyers: the period runs at the same time as any conditions, including on a subject-free offer. Use it as a safety net, not a substitute for conditions; the fee is real money.
- Sellers: a BC deal isn't final until the period has passed. Keep showing your home until then, and plan on the possibility of relisting. If the buyer rescinds, the 0.25% is yours.
- Closing Steps shows your acceptance date so both sides can count the days.
Read our guide for sellers to the Home Buyer Rescission Period
Does It Apply in Other Provinces?
No. Alberta, Ontario and Saskatchewan have no cooling-off period on resale homes; an accepted offer binds you subject only to its conditions. Ontario buyers of new condominium units have a separate ten-day rescission right under the Condominium Act.
Ask Bōdie: Can you explain the BC Home Buyer Rescission Period for my offer?