Rolling out on January 1, 2023, "the HBRP provides buyers an opportunity to rescind their contract to purchase certain residential properties up to three business days after an offer is accepted with a financial penalty. This rescission period applies to residential real property transactions regardless of whether a real estate licensee is involved in the transaction and cannot be waived by the buyer or the seller."
There is a lot of nuance to this new regulation, so the BC Financial Services Authority has put together a Consumer Guide, as well as a FAQ. If you're planning on buying or selling real estate in 2023 and beyond, it is important to educate yourself on these big changes.
Home Buyer Rescission Period Consumer Guide: Click Here
HBRP Frequently Asked Questions: Click Here