Since 3 January 2023, a buyer of residential property in BC has had three business days after an accepted offer to rescind it. The rule is short. Counting it is where people get into trouble, and so is assuming it applies when it does not.
This page covers the counting, the cost, the exemptions, and what a valid notice actually looks like.
When the clock starts and stops
The three business days begin the day after acceptance of an offer is signed. The day of acceptance is not day one.
Business days are Monday through Friday. Saturdays, Sundays and holidays do not count. If a holiday falls on a weekend it does not extend the period.
The period ends at 11:59:59 pm on the third business day. An offer accepted on a Monday, with no holiday in the way, runs out on Thursday night.
Work that through on a long weekend and the effect is obvious. An offer accepted on the Friday of a holiday weekend does not start counting until Monday, and Monday is a holiday, so day one is Tuesday and the period runs to Thursday night. The same three days can be anything from three to six calendar days depending on where in the week the offer lands.
What it costs
The fee is 0.25 percent of the purchase price, and the buyer must promptly pay it to the seller.
| Purchase price | Rescission fee |
|---|---|
| $700,000 | $1,750 |
| $900,000 | $2,250 |
| $1,200,000 | $3,000 |
| $1,800,000 | $4,500 |
| $2,500,000 | $6,250 |
Where a brokerage holds a deposit in trust, it pays the rescission fee to the seller and releases the remainder to the buyer, despite any contractual conditions to the contrary, and without needing a signed release from both parties. So the deposit is not forfeited. The fee comes out of it and the rest comes back.
The right cannot be waived, and no reason is required
The right to rescission cannot be waived by the buyer or the seller. It is not something a seller can exclude by writing it out of the contract, and it is not something a buyer can give up to make an offer more attractive.
That is worth sitting with in a competitive market. A subject free offer is not unconditional. It is an offer with no subject conditions that is still rescindable for three business days, by a buyer who does not have to explain why. A buyer may rescind at any point during the period for any reason, and the reason does not have to be given to the seller.
What it does not do is replace a proper subject to inspection or subject to financing clause. Three business days is not enough time to arrange an inspection, read a strata document package properly, and get a lender to a commitment. The rescission period is a backstop with a price on it, not a due diligence plan.
Which sales it covers
The right applies to a detached house, a semi detached house, a townhouse, an apartment in a duplex or other multi unit dwelling, a residential strata lot as defined in section 1(1) of the Strata Property Act, a manufactured home affixed to land, and a cooperative interest as defined in the Real Estate Development Marketing Act that includes a right of use or occupation of a dwelling.
Which sales it does not
Four exemptions, and one exclusion that catches people most often.
Residential property located on leased land is exempt. So is a leasehold interest in residential property. Between them those two cover a good deal of what trades on First Nations lease land and on other leasehold titles around the region, and a buyer who assumes the three days are there may find they are not.
Residential property sold at auction is exempt. So is residential property sold under a court order or the supervision of a court, which takes out foreclosure and court ordered sale situations.
And presales are excluded where section 21 of the Real Estate Development Marketing Act applies. Presale buyers are not left without protection, they have their own rescission right under that Act, but it is a different right with its own rules. Do not reason from one to the other.
What a valid notice looks like
This is the part that can turn a decision into a dispute.
Notice must be in writing and served on the seller at the address shown in the contract. It can be served by registered mail, by fax, or by email with a read receipt. A text message to the other agent is not service.
The notice needs the property address and the parcel identifier, the buyer's name and signature, the seller's name, and the date the rescission is being exercised.
Get the service method or the timing wrong and the question stops being whether the buyer wanted out and becomes whether the rescission was effective. That argument is expensive, and it is entirely avoidable.
What your agent has to tell you
A licensee has to give you a disclosure about this right, and there is a prescribed way to do it. The Disclosure of the Buyer's Right of Rescission must be provided when a licensee prepares an offer to purchase on behalf of a client, or when a licensee presents an offer to purchase to a client. The disclosure is made using either the BCFSA form or the standard BCREA Contract of Purchase and Sale, both of which are approved for the purpose.
If you are writing an offer and nobody has mentioned the rescission period to you, that is a question worth asking before you sign.
FAQ
When do the three business days start?
The day after acceptance of an offer is signed. The day of acceptance is not counted. Business days are Monday through Friday, excluding Saturdays, Sundays and holidays, and the period ends at 11:59:59 pm on the third business day. An offer accepted on a Monday with no holiday in the way runs out on Thursday night.
What does it cost to rescind?
0.25 percent of the purchase price, paid promptly to the seller. On a $900,000 purchase that is $2,250, and on a $1,200,000 purchase it is $3,000. Where a brokerage holds the deposit, it pays the fee to the seller and returns the remainder to the buyer, so the deposit itself is not forfeited.
Does it apply to a subject free offer?
Yes. The right cannot be waived by the buyer or the seller, so a subject free offer is still rescindable for three business days. That is not a reason to write one. Three business days is not enough time for an inspection, a strata document review and a financing commitment.
Do I have to tell the seller why?
No. A buyer may rescind at any point during the period for any reason, and the reason does not have to be given to the seller.
Which sales are exempt?
Residential property on leased land, a leasehold interest in residential property, property sold at auction, and property sold under a court order or the supervision of a court. Presales are separately excluded where section 21 of the Real Estate Development Marketing Act applies, and presale buyers have their own rescission right under that Act instead.
How do I give notice?
In writing, served on the seller at the address in the contract, by registered mail, fax, or email with a read receipt. The notice needs the property address and parcel identifier, the buyer's name and signature, the seller's name, and the date of rescission. A text message to the other agent is not service.
Sources
- Home Buyer Rescission Period, BC Financial Services Authority:
- Home Buyer Rescission Period information for licensees, BCFSA:
- Home Buyer Rescission Period frequently asked questions, BCFSA:
- Home Buyer Rescission Period guideline, BCFSA:
- Home Buyer Rescission Period required disclosures, BCFSA:
- Home Buyer Rescission Period consumer guide, BCFSA:
Rules, figures and dates verified against the above on 2 October 2026. This page is general information about how the rescission period works, not legal advice. If you are deciding whether to rescind, or whether a rescission you have received is valid, that is a conversation to have with your conveyancing lawyer the same day.
Three days is not a due diligence plan
The rescission period gives you an exit with a price on it. What it does not give you is time to find out what the property can actually become. The development potential assessment reads the zoning, the Bill 44 tier and the transit oriented area rules for any Greater Victoria address, so you can know that before you write, not after.
Check a property before you offer
