The 7-Day Rescission Period on a BC Presale (2026): Your Free Exit — and How to Use It

If you sign a presale contract in British Columbia, you have 7 calendar days to cancel it, get 100% of your deposit back , and pay zero fee . It is the single strongest protection a BC buyer has — and the clock starts on the later of the day you signed the contract or the day the developer got your signed receipt for the disclosure statement. That right comes from section 21 of the Real Estate Development Marketing Act REDMA , and it is deliberately more generous than what a resale buyer gets. Most people at a presentation centre are told it exists in one sentence, sign the receipt, and then spend the week doing nothing with it. That week is the most valuable seven days of the entire purchase. How the 7-day clock actually works Two dates matter, and the clock starts on the later of them: the date the purchase agreement was made usually the day you signed at the presentation centre , and the date the developer obtained a receipt from you for the disclosure statement. They are calendar days — weekends and holidays count. If you sign on a Friday and hand over the disclosure-statement receipt the same day, your window closes at the end of the following Friday. To rescind, you must serve written notice on the developer inside the window. Not a phone call, not "I told the sales rep." A written notice of rescission, delivered to the developer as the contract requires. The deposit must then be returned in full — and the developer has 15 days from receiving your notice to do it. Presale rescission vs. the resale "cooling-off" period These are two different laws and buyers mix them up constantly. The resale Home Buyer Rescission Period costs money to use. The presale one does not.   Presale REDMA s.21 Resale Home Buyer Rescission Period Length 7 calendar days 3 business days Clock starts Later of contract date or disclosure-statement receipt Day after the offer is accepted Cost to walk $0 0.25% of the price Deposit Returned in full, within 15 days Returned less the rescission fee Applies to Development units marketed under REDMA Most resale homes — presales under s.21 are exempt Worked example — a $650,000 Surrey presale. You…

This article is part of the PresaleProperties.com BC real estate guide library. It is intended for buyers comparing presale condos, townhomes, assignments, deposits, completion timelines, neighbourhoods and developer incentives across Metro Vancouver and the Fraser Valley.

Because presale information changes quickly, readers should verify current project pricing, floor plans, incentives and availability before signing contracts or submitting deposits. For direct help, call 672 258-1100 or request VIP access on the relevant project page.