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Policy Statements
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Common types of multi-unit development properties are subject to the Real Estate Development Marketing Act. Before a real estate developer can offer, sell or lease a development unit in British Columbia, they must:
- Meet preliminary approval requirements;
- Adequately assure title, utilities and services;
- File and provide a disclosure statement; and
- Appropriately handle deposits, if any.
The Superintendent of Real Estate may grant individual exemptions to these requirements. Failure to comply with the requirements may result in regulatory action by BCFSA.
Approvals
Learn about the preliminary approval requirements:
Arrangements
Learn how to adequately assure title, utilities and services:
- Policy Statement 4 — Adequate Arrangements — Title (PDF, DOC)
- Policy Statement 6 — Adequate Arrangements — Utilities & Services (PDF, DOCX)
Disclosure statements
Developers provide disclosure statements to describe what they are building for consumers. Disclosure statements should plainly and accurately represent all material facts about the development.
The Superintendent of Real Estate can issue orders and levies against a developer if a disclosure statement is found to be inadequate.
The following guidance is intended to clarify disclosure requirements for developers, enabling them to provide clearer, simpler disclosure for purchasers.
The required form and content of disclosure statements, by development type:
- Policy Statement 1 — Strata Lots, includes Form 1 (PDF, DOCX)
- Policy Statement 2 — Bare Land Strata Lots, includes Form 2 (PDF, DOCX)
- Policy Statement 3 — Subdivision Lots, includes Form 3 (PDF, DOCX)
- Policy Statement 8 — Time Share Interests, includes Forms 8A & 8B (PDF, DOCX)
- Policy Statement 9 — Leasehold Units, includes Form 9 (PDF, DOCX)
- Policy Statement 10 — Cooperative Interests, includes Form 10 (PDF, DOCX)
- Policy Statement 11 — Shared Interests in Land, includes Form 11 (PDF, DOCX)
- Policy Statement 13 — Real Estate Securities (PDF, DOCX)
- Policy Statement 14 — Development Property not yet Completed (PDF, DOC)
- Policy Statement 15 — Developer’s Background & Conflicts of Interest (PDF, DOC)
- Policy Statement 16 — Additional Disclosure Statement Requirements for Development Property Consisting of Five or More Strata Lots Regarding Assignments of Purchase Agreements (PDF, DOC)
- Policy Statement 17 (Expired) — Temporary Extension of Early Marketing Period (PDF, DOCX)
For disclosure statements filed under the Real Estate Act:
Disclosure statements and amendments filed prior to October 2014 will continue to satisfy form and content requirements if the substantive content complies with the policy statements above immediately prior to October 2014, and they do not otherwise contain a misrepresentation. However, the new disclosure requirements would have to be met in the next amendment that is filed on or after October 2014.
Developers must file an amendment if their disclosure statement no longer complies with the Real Estate Development Marketing Act, or if any material facts have been omitted, changed or misrepresented.
A new disclosure statement must be filed if the developer’s identity changes, or if a receiver, bankruptcy trustee or similar person is appointed for the developer.
Developers must file disclosure statements and amendments with BCFSA before marketing any units to consumers.
Fees for filing disclosure statements are based on the total number of development units in the development property, while amendments have a flat fee. See payment options and electronic filing instructions.
If an applicant withdraws a filing, or the filing is found to be deficient, fees will not be refunded. If no marketing has occurred yet, a developer may correct a disclosure statement by submitting replacement pages for that document. There is no fee for submitting replacement pages.
Developers must give a purchaser a copy of the filed disclosure statement, and a copy of any filed amendment to the disclosure statement, before entering into an agreement for sale or lease with that purchaser. Copies may be provided by electronic means but only with the written consent of the purchaser.
Fees for retrieval of disclosure statements and provision of copies apply. See payment options.
Deposits
Developers may receive a deposit from a purchaser of a development unit. The deposit must promptly be placed with a brokerage, lawyer, notary public or prescribed person who must hold the deposit in a trust account in a B.C. savings institution.
Deposits should not be used to construct and market the development units unless authorized deposit insurance has been obtained. This ensures adequate deposit protection for the purchaser.
Assignments
Assignment of purchase agreements of all residential condo and strata lots in B.C., including both pre-sale lots and completed lots, must be recorded in the Condo and Strata Assignment Integrity Register (CSAIR).
Exemptions
BCFSA may exempt developers from any part of the requirements above, as well as suspend or cancel any exemption.
Fees for filing applications for exemption are based on the total number of development units in the development property. See payment options.