Real Estate Investment
What is New Home Buyer Rescission Period (HBRP)?
On January 3, 2023, the B.C. government implemented a new Home Buyer Rescission Period (also known as the HBRP). With this measure, home buyers in B.C. now have a “cooling off period” that lets them take back (or “rescind”) any offers on most residential properties up to three days after the offer has been accepted, not including Saturdays, Sundays or holidays.
T. Jones Group drastically transformed this Palm Springs-inspired Villa while upholding its architectural integrity to bring this home into the modern day.
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"Jeffs Residences, on Charles Street just off Commercial Drive] was a large old
house that was built in the 1900's, it happened to be sitting on a large site that was
quite under utilized relative to what you could build on the site ... Under the zoning
on the site you could have demolished everything and built 10 duplexes. But /
looked at it and I thought that first, there was this grand old house that had been
kind of butchered but still retained the essential fabric and form of the original
house, and there was an opportunity here with this under utilized site. I thought
maybe there was an opportunity to add some different forms of housing through a
Heritage Revitalization Agreement which was a policy tool the City had to
encourage Heritage Retention"
On January 3, 2023, the B.C. government implemented a new Home Buyer Rescission Period (also known as the HBRP). With this measure, home buyers in B.C. now have a “cooling off period” that lets them take back (or “rescind”) any offers on most residential properties up to three days after the offer has been accepted, not including Saturdays, Sundays or holidays.
For buyers, this change means they can take a little extra time to be sure they’ve made the right decision when purchasing a property. But for sellers, the measure introduces a new element of uncertainty in what can already be a complicated and stressful process.
To find out if the HBRP applies to your property – or calculate when the three-day cooling-off period will end for any real estate transaction – watch this short video from the British Columbia Real Estate Association (BCREA) or try out their new online HBRP Calculator.
