The Superintendent of Real Estate has issued Policy Statement 17 to address the impact of COVID-19 on development marketing activities, and delays encountered in obtaining building permits and financing commitments.
When within the applicable time period, Policy Statement 17 enables developers to file a disclosure statement (or amendment, as the case may be) pursuant to the Real Estate Development Marketing Act that extends the timeline for obtaining a building permit and/or a satisfactory financing commitment from 9 months to 12 months. More specifically, this applies to disclosure statements that are filed under Policy Statement 5 and/or Policy Statement 6.
For more information, please see Information Bulletin REDMA 20-01 or contact a member of our Real Estate Law team.
Partner – Business Law
Lindsay Kenney LLP – Langley Office