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Advisory

Advisory

Home Buyer Rescission Period Reporting
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Date
15 August 2024
Advisory Number
24-034
Distribution
Real Estate Professionals

Purpose

BC Financial Services Authority is issuing this Advisory to notify managing brokers, associate brokers, and brokerages of changes to how rescissions under the Home Buyer Rescission Period (“HBRP”) are reported to BCFSA.

Background Information

In January 2023, the Government of B.C. implemented amendments to the Property Law Act that establish the HBRP. The HBRP provides purchasers of residential real property an opportunity to rescind a contract of purchase and sale within three business days after offer acceptance. BCFSA is responsible for supporting the implementation of the HBRP as well as monitoring its use.

To support policy and program evaluation, brokerages are required to report on rescission notices prepared or received by their brokerages. To date, this information has been collected through the annual brokerage activity report, which brokerages are required to submit to BCFSA within 120 days of the end of their fiscal year. This approach has resulted in significant delays in BCFSA receiving information about rescissions. BCFSA has also noted data quality issues in the filings received to date.

Changes to HBRP Reporting

Effective immediately, brokerages are instructed to cease reporting rescission information as part of their annual brokerage filings. The ability to file rescission information has been turned off in IRIS, BCFSA’s online portal for applications and filings.

BCFSA will be modifying its approach to HBRP reporting to support more timely collection of information and improved accuracy. Additional information will be provided in the coming months with specific details outlining the reporting process and requirements.

In anticipation of future reporting, brokerages should continue to track information about rescission notices. A copy of the current HBRP reporting template is available on BCFSA’s website.

Additional Information

The Real Estate Brokerage Data Call and HBRP Reporting: 2024 Summary Report provides additional information on the HBRP data collected to date.

Managing brokers with questions about the HBRP reporting process are encouraged to reach out to BCFSA’s Practice Standards Advisors: