Printed . This content is updated regularly, please refer back to https://bcfsa.ca to ensure that you are relying on the most up-to-date resources.
REDMA Early Marketing Period – Pilot Program for Large Developments
Select the section you’d like to navigate to.
Accordion items
BCFSA launched a pilot program on February 25, 2025 to better understand how the Real Estate Development Marketing Act’s (“REDMA”) early marketing period affects developers’ ability to secure financing and acquire building permits. This program allows eligible developers with projects of 100 or more development units to extend their early marketing period from 12 months to 18 months, providing them with an additional six months of early marketing during this critical phase of a development.
In 2024, the development industry faced challenges as the pre-sale market slowed with rising interest rates, economic uncertainty, and inflation. To assess the impact of the early marketing period on developers in light of these challenges, BCFSA implemented a pilot program to collect key metrics. This initiative will evaluate the early marketing period’s impact on real estate development in B.C., balancing the need to support development while maintaining robust consumer protections.
To inform the pilot’s parameters, BCFSA consulted with leaders from the B.C. real estate development community, represented by the Urban Development Institute, who provided feedback on the proposed pilot.
Background
Under REDMA, developers must satisfy certain preliminary requirements before they begin marketing a development unit. The main requirements are that developers receive the required local government development approvals (e.g., a building permit) and a satisfactory financing commitment to complete construction of the development.
However, the Superintendent of Real Estate (the “Superintendent”) can permit marketing during an “early marketing period” prior to satisfying the preliminary REDMA marketing requirements if specific criteria, outlined in Policy Statements 5 and 6, are met. If a developer is not able to satisfy the preliminary REDMA marketing requirements within the early marketing period, the developer is required to cease marketing the development until those requirements are satisfied or file a new disclosure statement to provide for another early marketing period with a rescission right.
Eligibility
- Residential developments with 100 or more development units are eligible to participate.
- Projects that have already commenced marketing and contain 100 or more development units are eligible to participate. See FAQ for details.
- A project that meets the program’s eligibility criteria of 100 or more development units can generally expect approval for participation in the pilot program, unless there is or has been any significant non-compliance with REDMA by the developer.
Program Requirements
Participating developers must agree to provide data related to the development project to BCFSA at regular intervals in respect of the 18-month period. See Data Sharing Requirements below.
Data Sharing Requirements
The REDMA pilot program requires the following data submissions:
One-time submission when filing first quarterly data report
- Contact Name for Data Submission
- Contact Email for Data Submission
- Name of Development
- Name of Developer
- Name of parent group of Developer (if applicable)
- Municipality the Development is located in
- Postal Code (if available)
- Type of Construction (wood frame, concrete)
- Total Number of development units in the Development
- Date the Disclosure Statement was Filed with BCFSA
- BCFSA File Number
- Date Marketing Commenced for this Development
- Does the development contain any below-market development units? If so, how many?
- Does the Development contain any rental units (market rate and non-market)? If so, how many?
- Has the Development been the recipient of government grants or financing programs for the Development?
- Has the Developer entered into a deposit protection insurance contract?
- Is this project built on leasehold land?
Every calendar-year quarter up to and including the quarter that is 18 months from the date the Developer’s disclosure statement is filed
- Unit Number or Unique Identifier
- Date of Sale
- Unit Type (Apartment, Townhouse, Detached, Other)
- Bedroom Number (0, 1, 2, 3, 4+ Bedroom)
- Square Footage of Unit
- Number of Parking Spots Purchased (0, 1, 2, 3+)
- Was this unit sold at a below market rate as part of municipal affordability requirements?
- Purchase Price (as listed in the purchase agreement)
- Date the Unit was Released to the Market for Sale
- Was any incentive provided as part of this sale? If yes, please describe each type of incentive (eg. decorating allowance, parking spot, agent bonus, or other incentives of monetary value) and the estimated monetary value of each incentive
- Was commission paid or is a commission owing to a licensed real estate professional?
- Has the Developer received a financing commitment for the Development that is conditional on sales volume? If yes, please describe the conditions
- Did the Developer receive a satisfactory financing commitment for the Development in this quarter? If yes, please provide the date of receipt
- Did the Developer receive required building permits or required development approval for the Development in this quarter? If yes, please provide the date of receipt
- Number of assignments refused during the quarter
- Were there any sales where customers executed their seven-day rescission right under section 21 of REDMA? If yes, how many
Developers can submit data on BCFSA’s IRIS platform starting July 2025.
Data on individual developments will be kept confidential and only reported in aggregate for the purposes of public reporting on the pilot. BCFSA is governed by the Freedom of Information and Protection of Privacy Act, which sets limitations and requirements related to BCFSA’s collection, disclosure, and use of personal information. For additional information on how BCFSA complies with these requirements, please visit BCFSA’s Privacy Policy.
How to Apply to Participate in the Pilot Program
BCFSA will use section 20 of REDMA to grant developers an exemption for individual development projects, allowing them to engage in early marketing for 18 months. Separate projects will require a separate exemption application. Developers accepted into the pilot will be required to pay the $13,500 fee for filing an application for an exemption, in addition to the $13,500 fee for a disclosure statement filing.
To apply, a developer should submit their Superintendent exemption application by email to realestatedevelopment@bcfsa.ca. The developer will be required to include a completed application form and provide proof of payment of the $13,500 exemption application fee.
How to Submit Data
Starting July 2025, participating developers can submit data on BCFSA’s IRIS portal.
The data submission has four required parts:
| Information Requested | Format | Submission Frequency |
|---|---|---|
| Survey — General Development Information | Webform Survey | One time data submission at the beginning |
| Quarterly Unit Sales | Excel Workbook | Every quarter |
| Survey – Quarterly Trend Commentary | Webform Survey | Every quarter |
| Survey – General Survey Feedback | Webform Survey | One time at the end of pilot participation |
In the Survey — General Development Information, under Contact Name and Contact Email for Data Submission, please provide the name and email of the person who will submit the data each quarter. Future email reminders to submit the quarterly data will be sent to this email address.
Please see the How-To Guide for a walkthrough and tips on how to complete the data submission. For questions not addressed by the How-To Guide, please reach out to us at REDMApilot@bcfsa.ca.
For general IRIS troubleshooting, see IRIS Frequently Asked Questions | BCFSA
To learn more about the pilot, see:
- REDMA Early Marketing Period Pilot Program Application Form
- REDMA Pilot Program Form of Exemption (PDF, DOC)
- REDMA Early Marketing Period Pilot Program Frequently Asked Questions
- Advisory: New Consumer Disclosure Requirement for Pre-sales and Launch of Early Marketing Extension Pilot Program for Large Developments
- Real Estate Development Fees
- Real Estate Development Marketing
- Real Estate Development Marketing Act
- Policy Statement 5 and Policy Statement 6