BC Government Adjusted Real Estate Marketing Requirements
(April 26, 2020
)
The B.C. government has adjusted the real estate marketing requirements in light of the global pandemic - what does that actually mean?Here is our BCHH Real Estate Group explanation:
The Real Estate Development and Marketing Act is provincial legislation intended to protect consumers.
It requires that developers meet certain disclosure requirements and have sufficient financing in place to ensure that presales will be delivered to consumers.
But in the midst of a pandemic, developers are going to have trouble meeting the nine-month timeline in the act for marketing a property after a disclosure statement is filed.
It requires that developers meet certain disclosure requirements and have sufficient financing in place to ensure that presales will be delivered to consumers.
But in the midst of a pandemic, developers are going to have trouble meeting the nine-month timeline in the act for marketing a property after a disclosure statement is filed.
So the province has amended the rules to provide a 12-month window for documents filed from April 17 to July 17. This was revealed in the latest bulletin.
Additionally, a development property marketed under a disclosure statement filed under REDMA from June 17, 2019 to April 16, 2020 can also be marketed for up to 12 months if an amendment is filed," the bulletin adds.
The act allows the superintendent of real estate to exempt people, land lots, and transactions from the requirements in specified areas.
A list of the exemptions that have been granted is available on the B.C. government's website.
The bulletin also reported that the Township of Langley, for example, has waived requirements for public hearings for development applications that are consistent with the official community plan.
"This is intended to expedite new housing supply," it stated.
The act allows the superintendent of real estate to exempt people, land lots, and transactions from the requirements in specified areas.
A list of the exemptions that have been granted is available on the B.C. government's website.
The bulletin also reported that the Township of Langley, for example, has waived requirements for public hearings for development applications that are consistent with the official community plan.
"This is intended to expedite new housing supply," it stated.
How might this affect your potential home purchase or value, the sale of your home or development property in your region? We have all the answers you require. Feel free to contact THE BC HOME HUNTER GROUP and Mandeep Sendher with any of your questions and if you or anyone you know are considering the purchase, sale 
or development of any BC Real Estate, 604-767-6736.
or development of any BC Real Estate, 604-767-6736.
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