The BC government recently announced new regulations to create a new Condo and Strata Assignment Register. Its stated intention includes adding transparency to BC’s real estate market and preventing tax evasion.
According to the BC government website, effective January 1, 2019, property developers must:
- Include terms and a notice in their purchase agreements to inform buyers of the new collection and reporting requirements;
- Collect information, including the terms of the assignment of purchase agreements and the name and social insurance number or business information of the parties to the assignment; and
- Report this information in the online register.
Moreover, developers must make reasonable effort to collect and report information on any assignments of purchase agreements that are entered into prior to January 1, 2019.
In addition, the Office of the Superintendent of Real Estate has released the draft form of Policy Statement 16, which includes language respecting assignments of purchase agreements that will need to be included in disclosure statements once the changes in law are enacted.
For more information, visit the BC government website.