The most important seven days in a presale purchase
BC gives presale buyers a seven-day window to cancel for any reason and get the deposit back. Use it to do real diligence, not as a formality.
The single most useful right a presale buyer has is also the easiest to waste: the seven-day rescission period.
Under BC’s Real Estate Development Marketing Act, you can cancel a presale contract within seven days for any reason, or no reason at all, and get your deposit back in full. The clock starts on the later of signing or receiving the disclosure statement, and it runs on calendar days, so weekends count.
Treat that window as a deadline for real diligence: read the disclosure statement, have a lawyer review the contract and addendums, and confirm your financing. After the seven days, walking away usually means losing your deposit.
Before you sign anything, read The 7-Day Rescission Period in BC and The Complete Guide to Buying a Presale in BC.
General information, not legal advice. Confirm with a BC real estate lawyer.
