The 7-Day Cooling-Off Period on BC Presales
Every presale purchase in BC comes with a legally-guaranteed escape hatch: seven days to change your mind, for any reason, with your full deposit back. Here's exactly how it works.
Reviewed July 28, 2026 · Facts cited to CRA, BC government and BCFSA sources below
What is the 7-day rescission period?
Under section 21 of BC's Real Estate Development Marketing Act (REDMA), anyone who buys a presale home has 7 days to cancel the purchase for any reason — with the entire deposit returned and no fee. It applies automatically to every REDMA-covered presale in the province, can't be waived, and doesn't require the developer's agreement. It exists so buyers can sign at a busy sales launch and still do their real diligence — financing, the disclosure statement, legal review — with a genuine way out.
When does the clock start?
The 7 days run from the later of: the date you entered the purchase agreement, or the date the developer obtained your written statement acknowledging you received and read the disclosure statement— the REDMA-required document describing the project's units, completion timeline, deposit terms and legal structure. A developer who hands over the disclosure statement late starts your window late.
How the 7 days play out
- 1
Clock starts
The later of signing the agreement or acknowledging in writing that you received and read the disclosure statement.
- 2
Days 1–7: your unconditional out
Serve written notice and the full deposit comes back — no fee, no reason needed.
- 3
After day 7
The contract firms up (subject to its other conditions) and the deposit is now on the line.
How do I cancel within the window?
Serve written notice of rescissionon the developer within the 7 days, using the delivery method the agreement or REDMA allows. Keep proof of delivery and the date. Once served, the developer must return the deposit promptly — there is no 0.25% fee, no negotiation, and no need to give a reason. Use the week well: read the disclosure statement, confirm financing at today's rates, and understand the deposit schedule you're committing to.
Is this the same as BC's 3-day cooling-off period?
No — they're different laws for different homes. The Home Buyer Rescission Period gives buyers of resale homes 3 business days to cancel, but using it costs 0.25% of the purchase price. Presales covered by REDMA are exempt from that regime because they carry the stronger protection: 7 full days, zero cost. If you're cross-shopping presale and resale, that difference is worth knowing.
Common questions
Do I get my full deposit back if I cancel within 7 days?⌄
Yes. Rescinding a BC presale purchase within the 7-day period under REDMA returns your entire deposit with no penalty and no fee — unlike the 3-day cooling-off period on resale homes, which costs 0.25% of the price to use.
Do I need a reason to cancel during the rescission period?⌄
No. The 7-day right of rescission under section 21 of REDMA is unconditional — you can cancel for any reason, or no reason, by delivering written notice to the developer within the window.
Can a developer refuse or shorten the 7-day rescission period?⌄
No. The right of rescission is set by the Real Estate Development Marketing Act and cannot be waived or shortened by contract. Any term claiming to remove it is unenforceable.
When does the 7-day clock actually start?⌄
The 7 days run from the later of two events: the date you signed the purchase agreement, or the date the developer obtained your written acknowledgement that you received and read the disclosure statement. If you got the disclosure statement late, your window starts late too.
What happens after the 7 days pass?⌄
The contract becomes firm (subject to any other conditions in it), and your deposit is at risk if you later walk away. Cancelling after rescission generally means forfeiting the deposit unless the developer breaches the agreement or REDMA.
Sources
This guide is general information, not tax or legal advice. Rules change and individual situations differ — confirm your own eligibility with the Canada Revenue Agency, the Province of BC, or a professional advisor before relying on any figure here.
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