Changes to REDMA Policy Statements – Extension of Early Marketing Period
The Office of the Superintendent of Real Estate announced the release of Policy Statement 17, which temporarily amends Policy Statement 5 and Policy Statement 6 in relation to the nine month early marketing period. Policy Statement 17 allows for:
- A three month extension to the nine month early marketing deadlines in both Policy Statement 5 and Policy Statement 6.
- There is no change to the right of a purchaser to cancel the Purchase Agreement if a Building Permit and satisfactory financing are not obtained within 12 months of filing the Disclosure Statement.
- For a Disclosure Statement filed between June 17, 2019 and April 16, 2020, an amendment to the Disclosure Statement must be filed with the Office of the Superintendent of Real Estate to note the extension of the early marketing timelines.
- For a Disclosure Statement filed between April 17, 2020 and July 17, 2020, the information about the extended dates must be included in the Disclosure Statement.
- There is no change to the procedures for distributing an Amendment to the Disclosure Statement.
These changes will give some relief to the developers who have had a challenge getting their presales because of COVID-19 and the social distancing requirements.
For more information on the changes included in Policy Statement 17, see the Information Bulletin: REDMA 20-01.