A friendly reminder that the new Home Buyer Rescission Period (HBRP) regulation comes into effect today, January 3, 2023.

A friendly reminder that the new Home Buyer Rescission Period (HBRP) regulation comes into effect today, January 3, 2023.
  1. So, what’s changed?

The new legislation provides buyers an opportunity to rescind a contract to purchase residential real property up to 3 business days after an offer is accepted.

If a buyer decides to rescind their offer during the HBRP, they must pay the seller 0.25% of the purchase price.

  1. What type of properties are subject to the HBRP?
  • A detached house
  • A semi-detached house
  • A townhouse
  • An apartment in a duplex or other multi-unit dwelling
  • A residential strata lot
  • A manufactured home that is affixed to land, and
  • A cooperative interest that includes the right of use or occupation of a dwelling
  1. What type of properties are excluded from the HBRP?
  • Residential real property that is located on leased land
  • A leasehold interest in residential real property
  • Residential real property that is sold at auction
  • Residential real property that is sold under a court order or the supervision of a court, and
  • Any purchase and sale of property under the Real Estate Development and Marketing Act where Section 21 of that Act applies
  1. What are your disclosure requirements?

Trading services licensees are required to make two disclosures regarding the HBRP:

  1. For more in-depth information regarding the HBRP, please see the following BCFSA links:

Disclaimer: The information provided is for general purposes only. It is not intended to provide legal advice or opinions of any kind. No one should act, or refrain from acting, based solely upon the materials provided, any hypertext links or other general information without first seeking appropriate legal or other professional advice.

Next week we’ll look at alterations within strata units, as reported on the Form B. If you have any suggestions for other topics you’d like us to cover, please let us know at [email protected].

A little about us:

  1. We are a fully licensed brokerage under the BCFSA, and carry Errors and Omissions (E&O) insurance.
  2. We’ve been in business since 2017 and have completed over 1,800 strata reviews to date province wide.
  3. Our Review Advisors have firsthand knowledge and experience. They’ve all been practicing strata managers.

A little about our services:

FAQs: How do Condo Clear’s services work?
Pricing: How much do Condo Clear’s services cost?

Here is a Sample Buyer’s Review that you can look through. If you have some time, we would love to setup a quick chat, to talk more about our review process and go over any specific needs you might have.


Ryan Stenquist & Magurel Mic

Condo Clear Services Inc.