Home Buyer Rescission Calculator
BC's Home Buyer Rescission Period gives buyers three business days to cancel an accepted residential offer. Enter your price and acceptance date to find your exact deadline and the mandatory 0.25% fee.
In BC, the Home Buyer Rescission Period (in effect since January 3, 2023) lets buyers cancel an accepted residential purchase within 3 business days — no reason required. If you rescind, you pay the seller a fee of 0.25% of the purchase price ($250 per $100,000). The right cannot be waived and applies even to subject-free offers, which is exactly its purpose.
Licensed REALTOR® · Sutton Group — 1st West Realty · Burnaby, BC
Rescission Rules Checklist
- • Period lasts exactly 3 business days starting the day after acceptance.
- • Business days exclude Saturdays, Sundays, and statutory provincial holidays.
- • The rescission fee is 0.25% of the purchase price, paid to the seller from the deposit or as a debt.
Timeline & Fees
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- 3 business days to rescind, starting the day after acceptance (the acceptance day is not counted).
- 0.25% of the purchase price fee — that is $250 per $100,000.
- The deadline is 11:59:59 p.m. Pacific on the third business day.
- Business days exclude Saturdays, Sundays, and statutory/Interpretation Act holidays.
- The right cannot be waived and applies even to subject-free offers, whether or not a licensee is involved.
- Key exemptions: leased land, leasehold interests, auction sales, and court-ordered/court-supervised sales (e.g. foreclosures).
What is the Home Buyer Rescission Period in BC?
The Home Buyer Rescission Period — often called the "cooling-off period" — is a provincial right that lets a buyer back out of an accepted residential purchase contract within three business days, for any reason or no reason at all. It came into force on January 3, 2023 under the Property Law Act and the Home Buyer Rescission Period Regulation (B.C. Reg. 175/2022).
It applies to most residential resale transactions across BC, including in Burnaby, regardless of whether a REALTOR is involved.
How long is the period? (And how the 3 days are counted)
The period is 3 business days. The clock starts the first business day after the seller and buyer have a fully accepted, signed offer — the day of acceptance itself does not count. The deadline falls at 11:59:59 p.m. Pacific time on the third business day.
A "business day" excludes Saturdays, Sundays, and holidays. Per BCFSA, holidays are those defined in the Interpretation Act, which overlaps with — but is not identical to — the everyday employment "statutory holiday" list.
Friday = Day 0 (not counted). Saturday and Sunday are excluded. Monday = Business Day 1, Tuesday = Business Day 2, Wednesday = Business Day 3 → deadline 11:59:59 p.m. Wednesday. A statutory holiday landing inside the window pushes the deadline out by an extra day.
How much is the rescission fee?
If a buyer exercises the right, they must promptly pay the seller 0.25% of the purchase price set out in the contract — equivalent to $250 for every $100,000. The fee is typically taken from the deposit; if no deposit was paid, the buyer pays the seller directly.
The fee is a flat 0.25% of the contract purchase price, regardless of why you rescind.
What property types does it apply to?
The HBRP covers most residential real property, including:
- Detached houses
- Semi-detached / duplex homes
- Townhomes and row homes
- Residential strata lots (condos / apartments)
- Cooperative interests that include a right to use or occupy a dwelling
What's exempt from the rescission period?
The right of rescission does not apply to:
- Residential real property located on leased land
- A leasehold interest in residential real property
- Residential real property sold at auction
- Residential real property sold under a court order or the supervision of a court (e.g. foreclosure sales)
Separately, pre-construction and new multi-unit developments marketed under REDMA are not covered by the HBRP because they already carry their own 7-day rescission right under that Act.
How it interacts with subject (condition) clauses
The rescission period is in addition to any subject/condition clauses you negotiate (financing, inspection, etc.) — it is a separate, stand-alone right and cannot be waived or contracted out of. Because subjects already let a buyer walk away if a condition is not met, the HBRP's real value is on subject-free offers: even when you have written a "clean" offer to win a competitive bid, you still get three business days to reconsider.
Backing out by failing to remove a subject generally costs nothing, but rescinding under the HBRP always triggers the 0.25% fee.
Practical implications for buyers and sellers
For buyers
The HBRP is a safety net for subject-free offers, giving a short window to complete due diligence (financing confirmation, a quick inspection, title review) after winning. Budget for the 0.25% fee as the cost of changing your mind, and deliver any rescission notice in writing well before the deadline.
For sellers
An accepted offer is not truly firm until the rescission window closes. Build that into your timeline before celebrating or making downstream commitments. If a buyer rescinds, you are entitled to the 0.25% fee, but the sale collapses and the property returns to market.
How to serve a rescission notice
Notice must be in writing and delivered in a manner allowed by the regulation and your contract — typically registered mail, fax, or email to the seller's contract address. A notice is deemed served when sent or transmitted, not when the seller actually reads it (so a "read receipt" is not required). Always confirm the exact method in your Contract of Purchase and Sale.
Inputs are the acceptance date and purchase price. Outputs are the rescission deadline and the 0.25% fee. The counting rule applied: the acceptance day is Day 0 (excluded); count forward 3 business days; the deadline is the end (11:59:59 p.m. Pacific) of the third business day.
Holiday nuance: BCFSA ties "holiday" to the Interpretation Act, which is not identical to the employment statutory-holiday list (it includes, for example, Easter Monday), and a holiday falling on a weekend does not add a "day in lieu." This calculator excludes Saturdays and Sundays but does not model statutory holidays — a holiday inside your window will push the real deadline out by a day.
This tool is general information only; it does not account for exempt property types or contract-specific terms. Always confirm your exact deadline and fee with your REALTOR and a BC real estate lawyer or notary.
Figures reviewed May 2026. Tax rates, thresholds, and market data change — always confirm current numbers with the linked primary sources or a licensed professional before acting.
Frequently asked questions
References
- 01Home Buyer Rescission Period — BC Financial Services Authority (BCFSA)
- 02Home Buyer Rescission Period — Frequently Asked Questions — BC Financial Services Authority (BCFSA)
- 03Home Buyer Rescission Period Consumer Guide — BC Financial Services Authority (BCFSA)
- 04Home Buyer Rescission Period Regulation, B.C. Reg. 175/2022 — BC Laws
- 05BC's Home Buyer Rescission Period: Your Questions Answered — BC Real Estate Association (BCREA)
- 06Statutory Holidays — Province of British Columbia
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A subject-free offer doesn't have to feel reckless.
In a competitive Burnaby bid, the rescission period is your safety net — but it's no substitute for doing the homework first. Let's structure an offer that wins without leaving you exposed.
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