BC Rescission Period
Calculator
Find the last day you can cancel an accepted offer on a BC home, and the 0.25% fee you'd pay the seller to do it. Based on the Property Law Act and the Home Buyer Rescission Period Regulation.
The day the final acceptance was signed, after any counter-offers. Subjects don't change this date.
Offer Accepted
Oct 2, 2026
Business Days
3 business days
Rescission Fee (0.25%)
$0
Purchase Price
$0
Rescission Deadline
Wednesday, October 7, 2026
by 11:59 p.m. Pacific Time
Based on section 42 of the Property Law Act and the Home Buyer Rescission Period Regulation. Business days exclude Saturdays, Sundays and holidays as defined in section 29 of the Interpretation Act, which includes Easter Monday and December 26. It doesn't know about one-off holidays the government may proclaim, so confirm your deadline with your realtor or a lawyer before relying on it.
What Is the BC Home Buyer Rescission Period?
Since January 3, 2023, buyers of most residential property in British Columbia have 3 business days after their offer is accepted to cancel the purchase, for any reason. Cancelling (rescinding) costs a fee of 0.25% of the purchase price, paid to the seller.
The right comes from section 42 of the Property Law Act and the Home Buyer Rescission Period Regulation. It applies whether or not a realtor is involved, only the buyer has it, and neither side can waive it, even in writing.
It applies to offers with subjects too. A common misunderstanding is that rescission only matters on subject-free offers. It applies to every accepted offer on a qualifying home, with or without subjects. If your offer has subjects, they run at the same time as the rescission period, which starts the day after acceptance is signed. It does not start after subject removal.
Rescission vs Subjects
Both can get you out of a deal, but they work differently.
| Feature | Rescission period | Subjects |
|---|---|---|
| Where it comes from | The law (Property Law Act, s. 42) | Your contract |
| When it starts | The day after acceptance is signed | Whatever the contract says |
| How long it lasts | 3 business days, to 11:59 p.m. | Whatever deadline you negotiate |
| Reason needed | None | The subject has to be pursued in good faith for what it says |
| Cost to walk away | 0.25% of the purchase price, paid to the seller | Typically none if a genuine subject isn't satisfied |
| Can it be waived | No | Yes, subjects are optional |
In practice, the rescission period matters most on a subject-free offer, where it's the only way to walk away without putting your deposit at risk. On an offer with subjects you have both, and the 3 business days usually end well before your subject removal date.
How to Rescind an Accepted Offer
The steps, as set out in the regulation:
Work out your deadline
The 3 business days start the day after the acceptance is signed. The acceptance date itself doesn't count. The period ends at 11:59 p.m. Pacific Time on the third business day. Use the calculator above, and confirm the date with your realtor.
Write the notice of rescission
It must include the property's address, parcel identifier (PID) or a description; the name and signature (or electronic signature) of the buyer who is rescinding; the name of every seller on the contract; and the date you're exercising the right. You don't have to give a reason, and any one buyer on the contract can rescind it.
Serve it the way the regulation allows
Send it by registered mail to the seller's address in the contract, by fax to the seller's fax number in the contract, or by email with a requested read receipt to the seller's email in the contract. It counts as served when it's sent, and it can be sent on any day, including a weekend. Your realtor can send it for you with your written instructions. Often the contract lists the seller's agent's email for this.
Pay the 0.25% fee
The fee must be paid to the seller promptly. If you paid a deposit, the fee comes out of the deposit and the rest is returned to you, without anyone having to sign a release. If there was no deposit, you pay the seller directly. The amount is fixed by regulation and can't be negotiated.
Rescission Fee at Different Price Points
The rescission fee is always 0.25% of the purchase price in the contract. If a counter-offer changes the price, the fee changes with it. Examples at common Surrey price points:
| Purchase Price | Rescission Fee (0.25%) |
|---|---|
| $500,000 | $1,250 |
| $750,000 | $1,875 |
| $1,000,000 | $2,500 |
| $1,500,000 | $3,750 |
| $2,000,000 | $5,000 |
| $3,000,000 | $7,500 |
The fee goes to the seller only if the buyer rescinds. If you go ahead with the purchase, you don't pay it.
What Counts as a Business Day?
The regulation defines a business day as any day other than a Saturday or a holiday, and “holiday” comes from section 29 of the Interpretation Act, which includes every Sunday. That list is not the same as the statutory holidays used for employment: it also includes Easter Monday and December 26.
If a holiday falls on a weekend, there's no extra day in lieu. An offer accepted on a Friday has until 11:59 p.m. the following Wednesday, or later if there's a holiday that week.
Holidays That Don't Count
- New Year's Day (January 1)
- Family Day (third Monday in February)
- Good Friday
- Easter Monday
- Victoria Day (Monday from May 18 to 24)
- Canada Day (July 1)
- British Columbia Day (first Monday in August)
- Labour Day (first Monday in September)
- National Day for Truth and Reconciliation (September 30)
- Thanksgiving (second Monday in October)
- Remembrance Day (November 11)
- Christmas Day (December 25)
- December 26 (Boxing Day)
Example — Friday Acceptance
Which Properties Does It Apply To?
The regulation lists exactly which homes are covered, and which sales are exempt:
Covered
- Detached houses
- Semi-detached houses
- Townhouses
- Apartments in a duplex or other multi-unit building
- Residential strata lots, including condos
- Manufactured homes affixed to land
- Co-op interests that include the right to live in a home
Not Covered
- Homes on leased land, and leasehold interests (including manufactured homes on leased pads and float homes)
- Homes sold at auction
- Homes sold under a court order or court supervision, such as foreclosures
- Presales where the developer must give you a disclosure statement (these have their own 7-day rescission right under the Real Estate Development Marketing Act)
- Assignments of a contract
- Commercial property
- Vacant lots with no structure, in most cases
Mixed-use properties, such as a farm with a house or a live/work unit, and strata hotel units may or may not be covered depending on the structures involved. If you're not sure, get legal advice before you rely on the rescission period.
Have Questions About Rescission?
Three business days goes quickly. If you're weighing whether to rescind, or want to know how the rescission period fits with your subjects, I can walk you through it.
Frequently Asked Questions
What is the home buyer rescission period in BC?
Since January 3, 2023, a buyer of most residential property in BC can cancel (rescind) an accepted offer within 3 business days, for any reason, by serving written notice on the seller and paying the seller 0.25% of the purchase price. It comes from section 42 of the Property Law Act and the Home Buyer Rescission Period Regulation, and it applies whether or not a realtor is involved.
Does the rescission period apply if my offer has subjects?
Yes. It applies to every accepted offer on qualifying residential property, with or without subjects. If your offer has subjects such as financing or inspection, they run at the same time as the rescission period. The rescission period starts the day after acceptance is signed, not after subject removal.
When does the rescission period start and end?
It starts the day after the acceptance is signed and lasts 3 business days, ending at 11:59 p.m. on the third business day. If an offer is accepted on a Monday with no holidays that week, the period ends at 11:59 p.m. on Thursday. If it is accepted on a Friday, it ends at 11:59 p.m. on the following Wednesday.
What counts as a business day?
Any day that isn't a Saturday, a Sunday or a holiday under section 29 of the Interpretation Act. That list is different from the statutory holidays used for employment: it also includes Easter Monday and December 26. If a holiday falls on a weekend, there is no extra day in lieu.
How do I give notice of rescission?
The notice must be in writing and include the property's address, parcel identifier or description; the name and signature (or electronic signature) of the buyer rescinding; the name of every seller on the contract; and the date you are exercising the right. It is served by registered mail to the seller's address in the contract, by fax to the seller's fax number in the contract, or by email with a requested read receipt to the seller's email in the contract. It counts as served when it is sent, and it can be sent on any day.
How is the 0.25% fee paid?
If a deposit was paid, the 0.25% fee is paid to the seller out of the deposit and the rest is returned to you promptly. No signed release is needed. If there was no deposit, you pay the seller directly. The amount is set by regulation, so the buyer and seller can't agree to a higher or lower fee.
Can the rescission period be waived?
No. Neither the buyer nor the seller can waive it, and it applies even if it isn't mentioned in the contract.
Does the rescission period apply to presales and assignments?
No. It doesn't apply to a presale where the developer must give you a disclosure statement under the Real Estate Development Marketing Act; those purchases have their own 7-day rescission right under that Act instead. It also doesn't apply when you buy an assignment of a contract.
Do sellers have a rescission right?
No. Only buyers can rescind. Any one buyer named on the contract can rescind it, even if the other buyers want to go ahead.
Does it apply to a back-up offer?
Yes. For a back-up offer, the rescission period starts when the back-up offer is accepted, not when the first contract collapses.
Sources
- Property Law Act, section 42 (BC Laws)
- Home Buyer Rescission Period Regulation, B.C. Reg. 175/2022 (BC Laws)
- Interpretation Act, section 29: definition of “holiday” (BC Laws)
- Home Buyer Rescission Period Consumer Guide (BCFSA)
- Home Buyer Rescission Period FAQ (BCFSA)
Last checked against these sources in October 2026. This page is general information, not legal advice.
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