Amendments To Policy Statements 5 And 6

Effective March 8, 2023, the BC Financial Services Authority ("BCFSA") amended Policy Statement 5 ("PS 5") and Policy Statement 6 ("PS 6"), published pursuant to the Real Estate Development Marketing Act (British Columbia) ("REDMA"), which govern a developer's ability to market development units before receiving a "building permit" or a "satisfactory financing commitment", respectively. The amendments to PS 5 (the "PS 5 Amendment") and PS 6 (the "PS 6 Amendment") are intended to help provide uniformity and clarity by:

1. amending the concept of "approval in principle" so that it is now achieved when a municipal or other government authority has given third reading to a bylaw to zone or rezone the specific site on which a proposed development will be located, or, in areas that do not require third reading, the municipal or other government authority has taken an equivalent step to proceed with such zoning;