As of January 3, 2023, in British Columbia, if you sign a contract to purchase a home, you have a three-day period in which you can change your mind and cancel the contract. This is called the "cooling-off period" or the "three-day rescission period." The right to rescission cannot be waived by either the buyer or seller.
The cooling-off period is designed to give you time to consider your decision and ensure you understand all the contract terms. The three-day period excludes weekends and holidays. It's important to use this time wisely, as once the period is over, you'll be legally bound to the contract and will be expected to follow through with the purchase.
There are some exceptions to the cooling-off period. For example, if you purchase a home at a public auction, the cooling-off period does not apply. Similarly, if you purchase a property on leased land or sold under a court order or the supervision of a court, the cooling-off period does not apply.
If you do decide to cancel the contract during the cooling-off period, you'll need to give written notice to the seller. It's a good idea to do this as soon as possible, as the clock starts ticking on the three-day period as soon as the offer is accepted. If you rescind your contract during the cooling-off period, you must pay the seller 0.25% of the accepted purchase price, or $250 for every $100,000.
In summary, the three-day rescission period in British Columbia gives you a short window of time to change your mind and cancel a contract to purchase a home. It's important to use this time wisely, as once the period is over, you'll be legally bound to the contract.