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Superintendent of Real Estate Extends Early Marketing Period for Developments
To support consumers interested in acquiring homes and the development community in completing developments, the Superintendent of Real Estate is extending the early marketing period from 9 to 12 months for development property marketed before building permits and financing commitments are obtained. The amendments to Policy Statements 5 and 6 take effect on May 1, 2021. This does not impact the rights of purchasers to cancel their purchases under specified conditions after 12 months, which remain in effect and are unchanged.
The Superintendent supports responsible real estate development marketing in British Columbia, under the Real Estate Development Marketing Act. Extending the early marketing period recognizes that as developments and approval requirements become more complex, it may take longer to obtain building permits. It may also take longer to qualify for development financing as lenders are now requiring more substantial numbers of pre-sale purchase agreements before providing financing commitments.
All of the other provisions in Policy Statements 5 and 6 remain in effect and are unchanged. The amendments to Policy Statements 5 and 6 continue the relief granted by Policy Statement 17 (PDF), which expires on May 1, 2021.
For more information about amended Policy Statements 5 and 6, please see:
- Full Text of Amended Policy Statement 5 (PDF)
- Full Text of Amended Policy Statement 6 (PDF)
- Information Bulletin: Extension of Early Marketing Period for Developments Marketed Prior to Obtaining Building Permits and Financing Commitments (PDF)
About OSRE
The Office of the Superintendent of Real Estate (OSRE) is a regulatory agency of the B.C. government that carries out the regulatory, oversight, and enforcement duties of the Superintendent. It receives its authority from the Real Estate Services Act, Real Estate Development Marketing Act, and the Strata Property Act.
For more information
Warren Mirko, Media Relations Advisor
Real Estate Council of British Columbia (on behalf of OSRE)
T: 778-783-4057 Toll-Free: 1-877-683-9664
Email: wmirko@recbc.ca
