For: First-time buyers and investors · Updated 2026-10-28

Can I get out of my presale contract in BC?

By Uzair Muhammad, REALTOR®, Real Broker BC

Quick answer

You can cancel within 7 days of signing (or of receiving the disclosure statement, whichever is later) for any reason. After that, you may have rights if you never received a required disclosure statement, if the developer made an undisclosed material change, or if the project misses its outside date. Otherwise, cancelling is a breach of contract.

The 7-day rescission period

Under REDMA, you can rescind within 7 days, counted from the later of signing the agreement or the developer receiving your acknowledgement of the disclosure statement. Use this week for a lawyer's review.

Rights after the first week

No disclosure statement: if you never received a required disclosure statement, BC's regulator says you may rescind at any time by written notice.

Material changes: if you didn't receive a required amendment to the disclosure statement and the change is material, you may be able to rescind, as long as no more than one year has passed since title transferred.

Delays: your contract sets an outside date. If the project isn't completed by then, you may be able to cancel and get your deposit back. Check the exact wording.

In August 2026, the BC Supreme Court let 39 Lumina Eclipse buyers void their contracts, including for disclosure failures after signing.

What doesn't count

A lower market value, a change in your finances or cold feet are not legal grounds to cancel. That's when you look at assignment, renegotiation or completing and holding.

Need a second opinion on your contract?

Book a 10-minute call. We'll go through your disclosure statement and amendments with you, and point you to a lawyer if needed.

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Buyer-side only · 450+ families helped · 2 defaults · 4.9★ from 36 Google reviews. Our fee is typically paid by the developer, so working with us usually costs you nothing. We confirm this on every project.

Frequently asked questions

How long do I have to cancel a presale in BC?

7 days from the later of signing or the developer receiving your acknowledgement of the disclosure statement.

My presale is delayed. Can I cancel?

Possibly, if the project misses the outside date in your contract. Read the delay and outside date clauses with a lawyer.

The developer changed my floor plan. Can I cancel?

If it's a material change that wasn't properly disclosed, you may have a right to rescind. Get legal advice quickly.

Sources

This is general information, not legal, tax or financial advice. Rules change; confirm with a lawyer, accountant or mortgage professional before you act.

About the author

Founder of Presale Properties Group. Spent 10 years at the City of Surrey in Planning and Bylaws before real estate. Represents buyers only on new construction across Metro Vancouver and the Fraser Valley.