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Policy Statement Amendments Under the Real Estate Development Marketing Act
Following 30-day public consultations, BC Financial Services Authority (“BCFSA”) has amended the Superintendent of Real Estate’s Policy Statements 5, 6, and 13 related to the marketing of development properties and real estate securities under the Real Estate Development Marketing Act (“REDMA”). The amended policy statements are effective as of March 8, 2023.
Amendments to Policy Statements 5 and 6
The amendments maintain strong consumer protections while providing more uniform standards for meeting early marketing requirements in all regions of B.C. They also may promote development units 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.
Amendments to Policy Statement 13
The amendments to Policy Statement 13 set out specific disclosure requirements for real estate securities offerings under REDMA and replace the real estate securities disclosure content previously contained in the BC Securities Commission’s (“BCSC”) Form 45-906F, which was repealed as of March 8, 2023. The amendments also remove references to BCSC Form 45-906F.
What We Heard During the Consultation
From September 20, 2022, to October 20, 2022, BCFSA held two concurrent 30-day consultations on amendments to Policy Statements 5, 6 and 13. Interested parties were invited to review the discussion papers and the proposed amendments then submit comments through online consultation feedback forms. BCFSA thanks all stakeholders who participated in the consultation.
BCFSA invited over 800 stakeholders to participate. The majority of the responses were supportive of the proposed amendments and their purpose, with no major issues identified. In addition to expressions of support, BCFSA received feedback suggesting extensions to the early marketing period and additional clarifications to wording in the policy statements. Changes to the early marketing period were outside of the scope of the consultations.
To review the redlined versions of amendments to Policy Statements 5, 6, and 13, please see the Consultation Page.
Find more information about the consultations and feedback in the Consultation Summary Reports: