Buying a home in BC: what to know from offer to completion

After your offer is accepted: the 3-business-day rescission period

BC's Home Buyer Rescission Period has applied since January 3, 2023: once a contract to buy a home is formed, the buyer can cancel it within 3 business days without giving a reason. The clock starts on the first full business day after acceptance: if the seller accepts your offer on a Monday afternoon and there is no holiday in between, your rescission period ends at 11:59 p.m. on Thursday.

To rescind, you pay the seller 0.25% of the price, which is $2,500 on a $1 million home. Neither the buyer nor the seller can waive the right, and it applies whether or not a REALTOR® is involved.

It does not apply to homes on leased land, leasehold interests, auctions, court-ordered sales, or presales that come with a disclosure statement, which have their own 7 days; see my presales and assignments page.

The rescission period is a fallback, not a substitute for conditions: I still write the inspection, the financing and the strata documents into the offer as conditions.

Your deposit, and who represents you

Your deposit is usually held in a real estate brokerage's trust account, with the brokerage acting as stakeholder. On completion it goes toward the price. If the deal does not complete, the brokerage needs both the buyer's and the seller's signatures to release it; if either will not agree, the dispute may have to go to court.

Before providing any trading services, a REALTOR® must give you a Disclosure of Representation in Trading Services, which tells you whether you are a client and what duties you are owed. Since June 15, 2018, a REALTOR® in BC generally may not represent both the buyer and the seller (dual agency), except in remote, under-served areas where separate representation is impracticable. I represent only you.

Checking the home: inspection, defects and strata documents

No BC law requires the seller to fill in a Property Disclosure Statement; many do, but it is not mandatory. What the seller must disclose are known material latent defects: defects a reasonable inspection would not reveal that make the home dangerous, unfit to live in, or unfit for the purpose you are buying it for.

That is why you get an inspection. Home inspectors in BC must be licensed by Consumer Protection BC, and you can check a licence before you hire.

For a condo or townhouse in a strata, you review the strata corporation's Form B Information Certificate: strata fees, special levies, the contingency reserve fund and any lawsuits, with the bylaws, budget and depreciation report attached. The strata must provide it within 7 days of a request, for no more than $35 plus up to 25 cents a page for copies, and since 2023 it must also summarize the insurance and electrical planning reports. With the owner's written authorization, you can also see the minutes and other records.

Since July 1, 2024, stratas with five or more lots must get a depreciation report every five years and can no longer vote to defer it. Since November 24, 2022, stratas cannot restrict owners from renting (short-term rental bylaws are still allowed), and age bylaws can only limit occupants to 55 and over.

Taxes at completion: property transfer tax and the first-time buyer exemption

The buyer pays property transfer tax on fair market value at registration: 1% on the first $200,000, 2% up to $2 million, 3% above that, plus a further 2% on residential value over $3 million.

First-time buyers registering on or after April 1, 2024, on land of 0.5 hectares or less, can be exempt: in full up to $500,000; $8,000 from $500,000 to $835,000; reduced proportionally up to $860,000; nothing above that.

The conditions include: being a Canadian citizen or permanent resident; having lived in BC for at least a year before registration, or filed two BC income tax returns in the last six years; never having owned a principal residence anywhere in the world; never having used the exemption before; and moving in within 92 days and living there for the first year.

Newly built homes, including presales, have their own transfer tax exemption and GST rebate; see my presales and assignments page.

Completion day

On the completion date the price is paid and ownership transfers to you; the possession date, when you get the keys, is not necessarily the same day. The transfer documents are normally prepared by a lawyer or notary you hire.

Every buyer files a transparency declaration with the Land Owner Transparency Registry at registration. A corporation, trustee or partnership buying also files a transparency report naming the beneficial owners.

After you buy: yearly vacancy tax declarations

Most of Greater Vancouver — Vancouver, Burnaby, Richmond, Surrey, Coquitlam, Delta, New Westminster, North and West Vancouver, Langley and more — is inside BC's speculation and vacancy tax area, and so are the municipalities of the Capital Regional District (Greater Victoria) and cities such as Kelowna, Nanaimo, Kamloops, Abbotsford and Chilliwack. Owners who receive a declaration letter must declare by March 31 every year, even if exempt, and each person on title declares separately. A newly bought home is exempt in the year you buy it, and a principal residence can be exempt after that.

If no exemption applies, the rate for Canadian citizens and permanent residents is 1% from 2026; for foreign owners and untaxed worldwide earners it is 3% for 2026 and 4% from 2027.

In the City of Vancouver there is also the city's Empty Homes Tax: owners declare every year, and a home empty in the 2025 reference year is taxed at 3% of its assessed value.

Who can buy right now

The federal ban on non-Canadians buying residential property currently runs to January 1, 2027, and foreign buyers in Metro Vancouver and the Capital, Fraser Valley, Central Okanagan and Nanaimo regional districts also pay BC's 20% additional property transfer tax. If you are not a citizen or permanent resident, have a lawyer confirm your position before you pay a deposit. Financing for newcomers is on my new to Canada page.

How I work on a purchase

Before you offer: recent sales in the area; for a condo, the Form B, depreciation report and minutes first; and a mortgage pre-approval in place (details on my purchase mortgage page).

Writing the offer: conditions, deposit and completion date lined up with your cash and your financing. Before removing conditions: the inspection report, the strata documents and the final mortgage approval in hand.

If I act on both the property and the financing, I tell you in writing, before you sign anything, which role I am in and how I am paid in each. More on the REALTOR® service page.

Common questions

How long is the home buyer rescission period in BC?

Three business days. It starts on the first full business day after acceptance and ends at 11:59 p.m. on the third business day, and rescinding costs 0.25% of the price, paid to the seller. It does not apply to presales with a disclosure statement, auctions or court-ordered sales.

Who holds the deposit when you buy a home in BC?

Usually a real estate brokerage, in its trust account, as stakeholder. If the deal does not complete, both buyer and seller must sign to release it; if they cannot agree, it may go to court.

Does the seller have to give me a property disclosure statement?

No. BC has no mandatory disclosure form; many sellers fill one in, but it is not required. The seller must disclose known material latent defects, which is why you still get an inspection.

How much property transfer tax does a first-time buyer save in BC?

For registrations from April 1, 2024: the full tax on a home up to $500,000, $8,000 from $500,000 to $835,000, phasing out by $860,000. You must be a citizen or permanent resident, have a year in BC or two BC tax returns, never have owned a principal residence, and move in within 92 days for at least a year.

Do I need a lawyer or notary to buy a home in BC?

It is normal practice. The buyer's lawyer or notary prepares the transfer: paying the price, registering title, filing the property transfer tax return and the transparency declaration.

What is a strata Form B?

The strata corporation's information certificate: fees, special levies, the contingency reserve fund and any lawsuits, with the bylaws, budget and depreciation report attached. It must be provided within 7 days, for up to $35 plus up to 25 cents a page for copies.