Home Buyer Recession Period

As of January 3rd, 2023, Home Buyers get 3 days to reconsider an accepted offer to purchase.  
It applies if the property is:

• a Detached House 
• a semi detached house
• a townhouse
• an apartment in a duplex or other multi-unit dwelling
• a residential strata lot as defined in section 1(1) of the Strata Property Act,
• a manufactured home affixed to land, or
• a cooperative interest, as defined in section 1 of the Real Estate Development Marketing Act, which includes the right of use or occupation of the dwelling.

The Home Buyer Rescission Period does not apply to exempt properties as follows: 

• residential real estate property that is located on leased land,
• leasehold interest in residential real estate property,
• residential real estate property that is sold at auction, and
• residential real estate property that is sold under a court order or the supervision of a court.

Where the Home Buyer Rescission Period applies, the rescission amount is 0.25% of the purchase price for the residential real property that is set out in the contract.  If there are counter offers between the parties that changes the price, then the rescission amount will need to be recalculated and amended.