The BC Financial Services Authority (BCFSA) has launched two concurrent consultations related to the marketing of development properties and real estate securities under the Real Estate Development Marketing Act (REDMA). The Authority is seeking feedback on proposed amendments to the Superintendent of Real Estate Policy Statements 5, 6, and 13. Feedback may be submitted until October 20, 2022.
The amendments to draft Policy Statements 5 and 6 are intended to maintain strong consumer protections while providing more uniform standards for meeting early marketing requirements in all regions of BC. The amendments may promote developments coming to market earlier and enable developers to obtain financing at an earlier date where financing is contingent on achieving minimum numbers of pre-sales.
While the proposed changes are not expected to have significant implications for local governments, members may wish to review them for any potential unintended consequences. The BCFSA has issued a discussion paper on the proposed changes, and questions or requests for further information may be made to the BCFSA.
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