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ARTICLE · 12 JUNE 2015

Not So Fast: REDMA Amendments May Not Have Retrospective Effect

McCarthy Tétrault
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On May 29, 2014, the Miscellaneous Statutes Amendment Act, 2014 received royal assent. It made significant amendments to the Real Estate Development Marketing Act, S.B.C. 2004 c. 41.

CanadaReal Estate and Construction
Jordanna Cytrynbaum
Jordanna Cytrynbaum
Kate Macdonald
Kate Macdonald
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On May 29, 2014, the Miscellaneous Statutes Amendment Act, 2014 received royal assent. It made significant amendments (the "Amendments") to the Real Estate Development Marketing Act, S.B.C. 2004 c. 41 ("REDMA" or the "Act").

One such Amendment relates to a developer's ability to retain a purchaser's deposit not only for failing to pay a subsequent deposit but also for failing to complete the purchase. Another significant Amendment imposes a one year time limit on a purchaser's post-closing right of rescission. For further information about these and other significant Amendments, see our previous post on the subject here.

The question of the extent to which these changes apply to matters pre-dating when the Amendments came into force does not have a straight-forward answer.

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