BC Rescission Calculator – How Much?
Rescission Calculator
The rescission period lasts for three business days, not including Saturdays, Sundays, or official public holidays. This period begins the day after the agreement between the buyer and seller is finalized. If the buyer chooses to revoke their acceptance, they must pay the seller a cancellation fee equal to 0.25%.
Calculate Your Rescission Fee Instantly
Under British Columbia’s Home Buyer Rescission Period (HBRP), buyers of residential real estate have the right to cancel their offer within three business days. However, a rescission fee applies that is payable to the seller.
Use our BC Home Buyer Rescission Calculator above to determine the exact amount you’ll owe if you rescind your contract.
How to Use This BC Rescission Calculator
- Enter your purchase price.
- Our tool will automatically calculate 0.25% of the total price, as required by BC law.
- View your rescission fee total instantly.
If you decide to cancel your offer, this non-refundable fee will be paid to the seller.
What is the BC Home Buyer Rescission Period?
The BC Home Buyer Rescission Period is a three-business-day cooling-off period that allows buyers to cancel a subject-free purchase agreement after it has been accepted.
This legal protection applies to most residential property purchases in British Columbia.
If a buyer exercises their rescission right, they must pay a non-refundable fee of 0.25% of the purchase price to the seller.
According to the government, this protects buyers by allowing time for due diligence, financing, and legal review before finalizing their purchase. This interpretation is not widely shared in the real estate industry.
For more detail, please see our in depth page on BC The Home Buyer Rescission Period.
What Properties does the Home Buyer Rescission Period Apply to?
The 3-day cooling-off period applies to most residential properties, including:
- Detached houses
- Condos and townhomes
- Semi-detached properties
However, it does not apply to pre-sale condos (presales have similar protections provided by REDMA), auctions, or foreclosures.
Exceptions to the Rescission Period:
- Pre-sale condo purchases (covered under the Real Estate Development Marketing Act (REDMA))
- Residential properties bought at auction or court-ordered sales
- Commercial real estate transactions
This right exists to protect buyers by allowing time for legal review and financing confirmation.
FAQs: BC Home Buyer Rescission Period
1. What is the BC Home Buyer Rescission Period?
The rescission period gives home buyers in BC the right to cancel their purchase agreement within three business days, excluding weekends and holidays, of an accepted offer, subject to a 0.25% penalty fee.
2. How is the rescission fee calculated?
The fee is 0.25% of the purchase price. For example using this rescission period calculator, you would get the following results:
- A $1,000,000 home will have a $2,500 rescission fee.
- A $750,000 home will have a $1,875 rescission fee.
3. Does the rescission period apply to all home purchases?
No. The rescission period does not apply to:
- Pre-sale condos (which have their own 7-day cancellation period under REDMA)
- Foreclosures, court-ordered sales, and auctions
- Commercial real estate
4. How do I officially rescind my offer?
You must notify the seller in writing before the 3-day period expires. Work with your real estate agent or a lawyer to ensure proper documentation.
5. How is the rescission fee paid?
The fee is deducted from your deposit or paid directly to the seller if no deposit was made.
6. How is the rescission deadline calculated?
The 3 business days start the day after your offer is accepted. Weekends and statutory holidays are excluded. Our calculator provides an automatic estimate.
7. What happens if my rescission deadline falls on a holiday?
If the final day of your rescission period is a statutory holiday or weekend, the deadline is extended to the next business day.
8. Does the rescission period apply to private sales?
Yes, as long as the transaction involves qualifying residential properties and is not exempt under auction, court-ordered sales, or other exclusions.
9. Does this Home Buyer Rescission Period Calculator Cover Presales?
No, this home buyer rescission calculator is only for existing properties.
Disclaimer
This calculator is for informational purposes only and should not be considered legal advice. Consult with a licensed real estate professional or lawyer for specific guidance on your transaction.
Have questions? Contact Mike Stewart for expert advice on BC real estate transactions.