TL;DR Private property owners no longer have to wait 15 months to buy a non-subsidised resale HDB flat. The rule was removed on 28 July 2026 as HDB resale prices have moderated and supply has increased, giving private homeowners more flexibility to downgrade. More flexibility: Private homeowners can now sell their property and buy an eligible resale HDB flat without the previous 15-month wait. Not every purchase qualifies: A 30-month wait still applies for BTO flats, resale flats bought with grants, ECs from developers and purchases using an HDB housing loan. Watch your timing: Removing the HDB wait does not remove SSD. Your property's acquisition date and outstanding SSD liability still matter when deciding when to sell. Don't rush: HDB resale supply is increasing, while private property prices are also moving at a more measured pace. The right timing depends on your finances, sale proceeds and next property. Bottom line: The 15-month wait is gone, but selling your private property and buying an HDB resale flat still requires careful planning around eligibility, SSD, cash flow and timing. If you own a private property and have been thinking about downsizing to a resale HDB flat, there is some good news: you no longer have to wait 15 months after selling your private property before buying a non-subsidised resale HDB flat.On 28 July 2026, the government announced the removal of the 15-month wait-out period, effective immediately. So, let's take a look at what changed, why the rule was introduced in the first place, and what private property owners should actually consider now. In this article, we will explore: What is the 15-month wait-out rule? Why was it introduced? Did it work? How is the HDB resale market today? Why remove the 15-month wait-out rule? So what happens now that the rule has been lifted? What should you do now? Final thoughtsWhat is the 15-month wait-out rule?Basically, this rule states that private property owners must wait 15 months after selling their property before they can buy a non-subsidised HDB resale flat. However, this rule doesn't apply to seniors aged 55 and above (and their spouses, of course) who are buying a 4-room or smaller flat, essentially to accommodate those who want to rightsize and retire.Why was it introduced?Obviously, the main reason is to cool the rising HDB resale prices.Prior to the rule, the number of private property owners buying HDB resale flats doubled within three years. Naturally, resale prices went up and had even climbed for the 10th consecutive quarter in Q3 2022, with many million-dollar flats transacted. Many of these buyers were likely those hoping for a quick profit and enticed by HDB's fixed interest rate to right-size to a HDB resale flat.But the bigger issue was that private homeowners were outbidding and making homes less affordable for other buyers, especially first-timers and upgraders. So the government had to do something to level the playing field and moderate the excessive demand, which they hoped could cool down the resale market.Did it work?Since the rule kicked in, HDB resale price growth has slowed. In fact, it only increased by 4.9% in 2023, which was the smallest increase since 2019. For comparison, the growth was 10.4% in 2022 and 12.7% in 2021. On top of that, transaction volumes had also fallen by 4.2%. About 26,735 resale flats were sold in 2023, down from 27,896 in 2022.Source: PropNex Research, HDB, Data.gov.sg (Q4 2023 till 30 Nov)The large Sale of Balance Flats exercise in February 2025 likely also played a role in easing the pressure since it offers more options to homebuyers. Regardless, the number of million-dollar flat transactions still went up, though not by too much. There were 470 such transactions in 2023, more than the 369 in the previous year.The 15-month wait-out rule also pushed many private property owners into renting out their units since they were more reluctant to sell. This, in turn, drove up demand and rents for larger HDB flats and mass-market condos. On top of that, many of those who chose to sell anyway had to rent a temporary home, pushing rental prices even higher.Overall, the market did cool down, but it's hard to say how much of that was due to the 15-month wait-out rule versus other factors like higher interest rates and tightened loan limits. Most likely, it was a combination of all those things. Enjoying our insights so far? Stay updated with the latest property trends, expert analysis, and market perspectives from PropNex. Join our mailing list How is the HDB resale market today?Fast forward to 2026, and the HDB resale market has gone a step further. Prices have not just slowed down. They have actually started falling.The HDB Resale Price Index declined 0.1% in Q1 2026 and another 0.3% in Q2 2026, marking two consecutive quarters of decline. This came after five quarters of slower or flat price growth from Q4 2024 through Q4 2025.Again, this isn't solely because of the 15-month wait-out rule. Another big factor on why HDB resale has slowed down in recent years is the big waves of supply. HDB is on track to launch around 19,600 BTO flats in 2026, spread across the February, June and October exercises. The June exercise alone offered 6,952 BTO flats, while another 7,970 flats are scheduled for the October exercise.There is also a sizeable amount of existing HDB flats reaching their Minimum Occupation Period (MOP). Around 13,480 flats are expected to reach MOP in 2026, almost double the 6,970 that did so in 2025. That means more resale stock is also coming onto the market.Why remove the 15-month wait-out rule?Minister for National Development, Chee Hong Tat, had previously said that the rule was meant to be temporary in the first place, to address concerns surrounding high resale flat prices. So since resale prices have moderated, the Government is now comfortable removing the 15-month wait-out period. In its announcement, the Ministry of National Development said the measure had met its purpose and that market conditions had improved.So what happens now that the rule has been lifted?For one thing, there would likely be a rise in demand for resale HDB flats, especially from private property owners who have been holding off on downgrading due to the 15-month rule. However, it won't necessarily put upward pressure on HDB resale prices, since there's been an influx of new supply.That being said, "better" homes such as larger units with good attributes (high floors, good views, proximity to MRT stations) in more central locations may still see sharper price increases. Some may even cross the million-dollar threshold. Subsequently, there is a potential surge of million-dollar flats as well.At the same time, as more private homeowners sell their condos to make the switch, we may see an increase in condo listings on the resale market. That could lead to softer condo prices in the short term.However, the private market itself is not exactly weak. Private residential prices rose 0.5% in Q2 2026, although this was slower than the 0.9% increase in Q1. Although, we should also note that non-landed private property prices actually fell 0.1% in Q2.So if you are selling a condo to buy an HDB flat, you should not assume that you will automatically be selling into a strong market and buying into a weak one. Both markets are moving at different speeds, and prices will depend on the specific properties.As for rental demand, the removal of the wait could also reduce the number of private property owners who need temporary accommodation after selling. That could take some pressure off rental demand at the margin, although rental markets are influenced by many other factors too. Private residential rents still increased 0.7% in Q2 2026.In any case, lifting the 15-month rule won't imply speculative property investment since it mainly benefits private downgraders, especially those who are cash-tight and in need of a replacement home asap.Plus, housing policies will continue to evolve to keep the market stable. If HDB resale demand surges again, the rule could be reinstated in some form, or be replaced with a different measure, depending on how things unfold in the future.What should you do now?Now that the 15-month wait is over, private owners who want to downgrade have some things to consider:1. Check whether you can actually use the new ruleFirst, make sure your purchase falls within the scope of the policy change. If you are buying a non-subsidised resale HDB flat without an HDB housing loan, the 15-month wait is no longer applicable.But if you want to buy a BTO, a resale flat with housing grants, or an EC from a developer, there is a 30-month wait-out period. The same 30-month wait applies if you intend to take HDB's housing loan.So before making plans around the "no wait" rule, get your HDB Flat Eligibility (HFE) position checked and work out exactly which route you qualify for.2. Watch out for the SSD trapThere is another timing issue that private property owners need to watch: Seller's Stamp Duty (SSD).The removal of the HDB wait-out period does not remove SSD on your private property. Check your property's acquisition date and potential SSD liability before deciding when to sell. You can also use our calculator to help you weigh your options.3. Figure out your sequencingSelling first gives you greater certainty over your available cash and CPF proceeds, but you also need to make sure you have somewhere to stay between the two transactions. Buying first may give you more certainty over your next home, but you will need to make sure you can comfortably finance the purchase before your private property is sold.There is no one-size-fits-all answer here. Your cash position, CPF funds, outstanding mortgage, expected sale proceeds and the price of the HDB flat you want all need to be considered together.4. Don't assume you have to rushThe removal of the 15-month rule may make it easier to downgrade, but that does not mean every private property owner should sell immediately.The HDB resale market now has more supply coming through, while private residential prices are also growing at a more measured pace. If your current home is still working well for you, there may be little reason to make a rushed move simply because the policy has changed.On the other hand, if you have already decided that a smaller, lower-cost home makes more sense for your next stage of life, the removal of the wait-out period removes one major obstacle. You can now plan the move based on your finances and housing needs.Final thoughtsThe removal of the 15-month wait-out period may make things easier for private property owners looking to downgrade, but that doesn't mean you should rush to sell.So if you're thinking of making the switch, ask yourself whether now is the right time, what you can realistically afford, and how you want to proceed. Take a good look at your finances, your current property and the type of HDB flat you want before making your move.The 15-month wait may be gone, but there are still plenty of other factors to consider. 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