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The Home Buyer Rescission Period (“HBRP”) or cooling-off period will now come into effect on January 3, 2023 instead of the previously announced date of January 1. The B.C. government adjusted the date through an Order-in-Council published on November 14, 2022.
BCFSA continues to prepare real estate licensees and the public for this new change to certain residential real estate transactions by:
- Engaging with licensees and sector stakeholders to provide them with the details they need to navigate the change;
- Updating regulatory information and practice standards; and
- Publishing consumer resources including our buyer and seller guides to help consumers how HBRP will impact home sales.