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ARTICLE · 16 MARCH 2023

BCFSA Amends Policy Statements 5 And 6 – Developers May Market Projects After Third Reading

Clark Wilson LLP
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The BC Financial Services Authority ("BCFSA") has issued a notice to its stakeholders, including developers, advising that the Superintendent of Real Estate's Policy Statements 5 and 6 have been amended...

CanadaFinance and Banking
Dani Marshall
Dani Marshall
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The BC Financial Services Authority ("BCFSA") has issued a notice to its stakeholders, including developers, advising that the Superintendent of Real Estate's Policy Statements 5 and 6 have been amended, effective March 8, 2023.

Together, Policy Statements 5 and 6 allow developers to engage in the early marketing of development projects before obtaining a building permit (Policy Statement 5) and a satisfactory financing commitment (Policy Statement 6), provided certain requirements are met. The amendments to Policy Statements 5 and 6 are intended to create clear and consistent guidelines governing early marketing requirements in British Columbia.

Policy Statement 5

Policy Statement 5 provides that a developer may engage in the early marketing of a development project even though it has not yet obtained certain approvals for its project, including a building permit, so long as the developer has obtained "approval in principle" to construct the development

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