BC Home Buyer Rescission Period Calculator
Enter the date your offer was accepted. This gives you the exact hour your three business days end, with weekends and every BC holiday taken out.
Three business days, to the hour
BC holidays includedHow the rescission period actually works
Three business days, starting the next business day
Under the Home Buyer Rescission Period, a buyer of residential real property in British Columbia may rescind the contract within three business days. The period begins on the next full business day after the offer is accepted and ends at 11:59 pm on the third business day. An offer accepted on a Monday afternoon therefore expires at 11:59 pm on the Thursday.
A business day is any day other than a Saturday or a holiday — and under the Interpretation Act, Sunday counts as a holiday, as do New Year’s Day, Family Day, Good Friday, Easter Monday, Victoria Day, Canada Day, BC Day, Labour Day, the National Day for Truth and Reconciliation, Thanksgiving, Remembrance Day, Christmas Day and Boxing Day. This calculator removes all of them, and it shows you each day it skipped and why.
The right cannot be waived and you do not have to give a reason. It applies whether or not your offer had subjects. To exercise it you must give written notice to the seller inside the period — thinking about it is not rescinding.
What it costs to walk away
If you rescind you must promptly pay the seller 0.25% of the purchase price. On a $1,450,000 purchase that is $3,625. It is the price of changing your mind, and it is considerably cheaper than the alternative if something serious turns up in the strata documents or the title search.
What the period does not cover
It does not apply to a sale on leased land, a leasehold interest, a sale by auction, or a sale under court order or court supervision. Pre-sales marketed under the Real Estate Development Marketing Act carry their own separate seven-day right instead, which starts at a different point and works differently — do not assume the three-day rule applies to a pre-sale.
Questions people actually ask
How long is the cooling-off period in BC?
Three business days. The period begins on the next full business day after your offer is accepted and ends at 11:59 pm on the third business day.
What counts as a business day?
Any day other than a Saturday or a holiday. Under the Interpretation Act, Sunday counts as a holiday, as do New Year’s Day, Family Day, Good Friday, Easter Monday, Victoria Day, Canada Day, BC Day, Labour Day, the National Day for Truth and Reconciliation, Thanksgiving, Remembrance Day, Christmas Day and Boxing Day.
What does it cost to back out?
0.25% of the purchase price, payable promptly to the seller. On a $1,450,000 purchase that is $3,625.
Does the rescission period apply to pre-sales?
No. Pre-sales marketed under the Real Estate Development Marketing Act carry their own separate seven-day right, which starts at a different point and works differently. Do not assume the three-day rule applies to a pre-sale.
Can the rescission period be waived?
No. The right cannot be waived and you do not need to give a reason. It applies whether or not your offer had subjects. To use it you must give written notice to the seller inside the period.
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This calculator is an estimate for planning only and is not legal advice. Holiday dates are computed from the Interpretation Act definition of a holiday. Confirm your exact deadline and the required method of giving notice with your lawyer, notary or REALTOR® before relying on it — the consequence of missing it by an hour is that you remain bound to the contract. Tom Jahed, REALTOR®, Personal Real Estate Corporation, Vanak Realty.