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On January 1, 2023 the government introduced a cooling off period for buyers, a home buyer protection period, that allows home buyers three business days to back out of an accepted offer.

Key Points about the home buyer rescission period:

  • The period will be effective January 1, 2023.
  • Buyers will have three business days following the accepted offer date to back out of a residential purchase agreement.
  • The period is mandatory and can’t be waived by the parties to the contract.
  • Buyers who back out of a contract within this three-day period will have to pay a rescission fee of 0.25% of the purchase price ($250 per $100,000)
  • The rescission fee is paid to the seller.

The home buyer rescission period applies to following property types:

  • Detached homes
  • Semi-detached homes
  • Townhouses
  • Apartments in a duplex or other multi-unit dwelling
  • Strata lots
  • Manufactured homes affixed to land
  • Co-operative interest that include right of use or occupation of dwelling.

There are a few types of properties...

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