Real Estate Development Marketing Act — Amendments to Policy Statements

By Bradley Cronquist

Changes to the Real Estate Development Marketing Act (“REDMA”) came into force on May 29, 2014.

The Superintendent of Real Estate has introduced amendments to policy statements under REDMA which are designed to complement the changes to REDMA.

Changes to the policy statements will require new forms of Disclosure Statements to reflect changes to REDMA, including clarification on construction commencement and completion dates and disclosure of permitted uses in the zoning of the development lands.

The amendments will also clarify the disclosure requirements when multiple building permits are issued for one development.

The amendments bring further certainty to the obligations of developers. It is anticipated that amended regulations will be introduced shortly, which will complete the Province’s updating of the disclosure requirements in real estate development.

The amended Policy Statements 1, 2, 3, 5, 8, 9, 10 and 11 will become effective on October 1, 2014, and are available on the Financial Institutions Commission’s website at: www.fic.gov.bc.ca/index.aspx.

Contact Brad Cronquist at cronquist@pushormitchell.com or (250)869-1150