Buyer’s Remorse Laws in British Columbia

Have you ever bought something and then immediately regretted the purchase? That feeling is known as buyer’s remorse. It typically sets in after an impulse buy or major contract agreement, as even a brief reflection can spark some guilt.

I’ll admit—I’ve felt buyer’s remorse before, and I’m pretty sure I’m not the only one. Most of us have questioned a purchase at one time or another. So, in this short blog, I want to walk through the buyer’s remorse laws and the available options for BC residents having second thoughts.

British Columbia Consumer Law

The bad news first: in British Columbia, there is no legal remedy that allows an individual to return a product simply because they changed their minds. However, most reputable businesses offer a return policy.

Returns and refunds function on a store-by-store policy basis, not provincial law. British Columbia does have consumer protections in certain situations:

• Direct sales contracts: Supplier-to-consumer sales (e.g., door-to-door) often come with a 10-day cooling-off period. You can cancel any contract within that time frame without penalty.
• Funeral and cemetery contracts: These services typically allow 30 days from the date of signing to make changes or cancel the agreement.
• Future service contracts: Gym memberships, timeshares, and prepaid credit agreements are examples of contracts for future services that often include a 10-day cooling-off period.

Consumer Protection BC also offers consumers rights against defective products, or goods and services that were misrepresented. That includes any false or misleading information, false advertising, deceptive claims, or failure to disclose important details.

In such cases, you can seek compensation, claim a refund, request a replacement, or cancel the contract under the Business Practices and Consumer Protections Act of British Columbia.

To find your best option, you can refer to resources and guides from Consumer Protection BC, the provincial regulator. The federal consumer protection legislation in Canada and the Financial Consumer Agency of Canada also offer more information.

Credit Card Protections and Chargebacks

If you purchased an item with a credit card, there are instances where a chargeback is appropriate. For example, some issuers may reverse a charge if you never receive the product. Or, in instances of fraud and authorized charges. Chargebacks hurt merchant revenues, but they can give you financial peace of mind when mistakes happen.

Real Estate Transactions

In British Columbia, you can rescind an offer on a home, but eligibility depends on the process stage and your offer type.

• Withdrawing an unaccepted offer: If you’ve made an offer on a home but the seller did not accept, you can withdraw at any time. There’s no obligation until both parties agree.
• Conditional offer: If your offer includes conditions (such as financing or a home inspection), you may be able to withdraw before conditional fulfillment.
• Firm offer: If you made an offer with no conditions and the seller accepted, you’re legally obligated to complete the purchase. Backing out could result in the loss of your deposit and potential legal liability for damages.
• Pre-sale purchases: If you’ve purchased a pre-sale condo or townhouse, BC law provides a 7-day rescission period. During this time, you can cancel the contract for any reason, without penalty.

Possible consequences of backing out or receding any real estate deal include the loss of your deposit or legal action, should the seller be forced to sell the home at a lower price than agreed upon. There are other factors to consider as well, such as the presence of home buyer’s protection.

Protip: When in doubt, obtain legal advice about the possible consequences you might face for an unfulfilled contract.  

I Cannot Afford My Payments

If you feel buyer’s remorse because you cannot afford your monthly payments or any pending contracts, then reach out to a Licensed Insolvency Trustee. We will review your current financial situation and provide debt relief solutions. Contact Chase & Associates for a free Consultation.