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Market Information • January 11, 2023

A Consumer’s Guide to Understanding the Home Buyer Rescission Period

by Jessica Sabenecio
The provincial government’s announcement on regulatory changes for the Home Buyer Rescission Period (HBRP) came into effect on January 3, 2023. This video explains the buyer’s rights during the Home Buyer Rescission Period. The HBRP, commonly known as a “rescission period,” gives buyers the right to withdraw from a purchase agreement within a specified period of time (three business days) after an offer is accepted. Without a rescission period, if a buyer wishes to terminate an unconditional contract, they would need to negotiate with the seller and would typically face significant financial penalties or legal ramifications.
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