B.C.’s Cooling-Off Period

January 13, 2023

B.C.’s Cooling-Off Period

In recent weeks, you may have heard about BC’s new Home Buyer Rescission Period, also known as the “cooling-off period,” allowing home buyers to back out of a residential purchase within a set period after signing a contract. The BC government introduced this change to real estate contract law to ‘cool off’ the market and the speed of decision making.  The new regulation took effect on January 1, 2023, and regulates all residential real estate, with few exceptions, regardless of whether a licensed real estate representative is involved in the transaction.

Home Buyer Rescission Period

The Home Buyer Rescission Period allows homebuyers to rescind a contract within three business days after the final acceptance of a firm and binding offer. The rescission period applies to all contracts, regardless of subjects, and cannot be waived by either the seller, buyer, or their representatives. During this period, homebuyers can legally withdraw from the firm and binding offer in exchange for a fee of 0.25% of the purchase price. 

If you have any questions about the new regulations, we encourage you to contact Whistler Real Estate; one of our qualified agents would be happy to walk you through the new regulation and its implications for buyers and sellers.

Canada’s Foreign Buyer Ban

As of December 21, 2022, we now have clarity that Whistler and Pemberton are excluded from this foreign buyer ban. Both Whistler and Pemberton fall outside the Prohibition on the Purchase of Residential Property by Non-Canadians Act definition of “Residential Property” – which states that the prohibition applies to ‘residential property located in a census metropolitan area or a census agglomeration’. We are happy to share that our real estate markets in Whistler and Pemberton will remain open to investment, despite the ban.

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