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Public Consultation Begins on Real Estate Developer Consumer Disclosure Form
BCFSA has launched a public consultation requesting feedback from the real estate development community, industry stakeholders, real estate licensees, and the public on a proposed requirement under the Real Estate Development Marketing Act (“REDMA”). The consultation is open until May 17, 2024.
BCFSA is proposing that real estate developers include a Summary of Pre-sale Risks and Buyer Rights form (“summary form”) at the front of their initial disclosure statement filing for pre-sale developments. The summary form is intended to provide consumers with key risks and contractual rights that they should consider before signing a pre-sale contract.
How to Participate in the Consultation
Interested parties are invited to review the summary form and related materials on the consultation webpage and provide comments through an online Consultation Feedback Form. The Consultation Feedback Form aims to gather input on the structure and content of the summary form and proposed amendments to Policy Statement 14.
Responses and comments captured by the survey will form the basis of a consultation summary report. The report will inform BCFSA’s decision on whether to enact the changes.
BCFSA values the feedback it receives during consultations. Feedback submissions are treated as confidential records and BCFSA will not publish individual submissions or attribute content. However, please note that all submissions are subject to the Freedom of Information and Protection of Privacy Act.