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Advisory
- Date
- 27 October 2022 — 9 January 2027
- Advisory Number
- 22-042
- Distribution
- Real Estate Professionals
Purpose
BC Financial Services Authority (“BCFSA”) is issuing this Advisory to formally notify trading services licensees about new regulatory requirements that will be coming into force in January 2023 related to the Home Buyer Rescission Period (“HBRP”). Related resources to support implementation are now available on BCFSA’s website.
Additional Information
In January 2023, amendments to the Property Law Act will come into effect. These amendments establish the Home Buyer Rescission Period, also known as the “cooling-off period.” The HBRP enables a purchaser of residential real property to rescind (or cancel) a contract within three business days of entering the contract.
The HBRP creates new disclosure requirements for trading services licensees. Licensees will need to understand when and how to make the new mandatory disclosures in order to comply with the new legislation. Licensees will also need to understand how the HBRP affects their clients in order to advise them effectively on residential real estate transactions as of January 2023.
BCFSA has published a variety of resources on our website to help licensees understand the HBRP, including plain language information about the regulatory requirements, guidance for licensees, and a series of frequently asked questions. BCFSA has also published updated information for buyers and sellers.
Resources for licensees are available in the Knowledge Base.
Resources for consumers are available here:
BCFSA has been working with the British Columbia Real Estate Association to coordinate communication and implementation activities, including a series of webinars for licensees this November and December that will be hosted by local real estate boards. If you have questions about the HBRP, speak to your managing broker or contact BCFSA’s Practice Standards Advisors at advisor@bcfsa.ca or 1-604-660-3555.