Two new regulations affecting BC’s real estate market went into effect with the start of the new year earlier this week. Here’s the key information you need to know. BC home buyer rescission period – HBRP As of January 1, 2023, BC home buyers now have a 3 day period in which they…
The Home Buyer Rescission Period (HBPP), previously known as “Homebuyer Protection Period” and “cooling-off period,” is expected to be implemented province-wide on January 3, 2023. What is the Home Buyer Rescission Period (HBRP)? The HBRP, commonly known as a “rescission period,” gives buyers the right to withdraw from a purchase agreement…
BC’s provincial government recently introduced a home buyer protection period, the details of which are outlined in a new regulation that allows home buyers to back out of a residential purchase up to three business days after signing a contract. The government will begin to enforce this regulation starting January 1, 2023. The province claims…
