Home Buyer Rescission Period Calculators
BCREA has created two Home Buyer Rescission Period Calculators to support REALTORS® when calculating the rescission amount and time period during which a buyer must exercise their right of rescission. The calculators should only be used in respect of transactions where the buyer has a right to rescind under Section 42 of the Property Law Act and the Home Buyer Rescission Period Regulations. The information used to make the calculations is accurate as of November 1, 2022.
DISCLAIMER: These calculators are made available to REALTORS® for general guidance purposes and should not be relied upon for legal purposes. You should always double-check the calculations against the provisions in the Property Law Act and the Home Buyer Rescission Period Regulations and/or consult with a legal professional to ensure that you calculate the correct rescission amount and time period for exercise of the buyer’s right of rescission. This calculator should not be considered a substitute for professional accounting or legal advice.
Does the Home Buyer Rescission Period apply?
Before using the calculators, you will want to determine if the Home Buyer Rescission Period Regulation applies to your transaction.
It applies if the property is:
- 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, or
- a cooperative interest, as defined in section 1 of the Real Estate Development Marketing Act, which includes the right of use or occupation of the dwelling.
The Home Buyer Rescission Period does not apply to exempt properties as follows: :
- residential real estate property that is located on leased land,
- leasehold interest in residential real estate property,
- residential real estate property that is sold at auction, and
- residential real estate property that is sold under a court order or the supervision of a court.
Home Buyer Rescission Amount Calculator
Where the Home Buyer Rescission Period applies, the rescission amount is 0.25% of the purchase price for the residential real property that is set out in the contract. If there are counter offers between the parties that changes the price, then the rescission amount will need to be recalculated and amended.
The Recission Amount is only to be inserted into the Contract of Purchase and Sale Residential on transactions that apply to the Home Buyer Protection Period Regulation.
Home Buyer Rescission Period Expiration Calculator
Where the Home Buyer Rescission Period applies, the rescission period is three business days not including Saturdays, Sundays and holidays. The three business days begin the date after final acceptance by a seller and buyer.
*Section 29 of the Interpretation Act defines holidays to include:
(a) Sunday, Christmas Day, Good Friday and Easter Monday,
(b) Canada Day, Victoria Day, British Columbia Day, Labour Day, Remembrance Day, Family Day and New Year’s Day,
(d) a day set by the Parliament of Canada or by the Legislature, or appointed by proclamation of the Governor General or the Lieutenant Governor, to be observed as a day of general prayer or mourning, a day of public rejoicing or thanksgiving, a day for celebrating the birthday of the reigning Sovereign, or as a public holiday.
Does the Home Buyer Rescission Period Regulation apply to the transaction?
The expiration of the Home Buyer Recission period is only to be inserted into the Contract of Purchase and Sale Residential on transactions that apply to the Home Buyer Protection Period Regulation.
If a holiday falls on a weekend, you do not count a day in lieu when calculating the rescission period. Please refer to the Q&A provided by the BC Financial Services Authority.