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.
 | Jacob Lewin Associate – Business and Real Estate Law Lindsay Kenney LLP – Langley Office 778.289.9562 jlewin@lklaw.ca |
 | Joel Hagyard Partner – Business and Real Estate Law Lindsay Kenney LLP – Langley Office 778.289.9506 jhagyard@lklaw.ca |
This article is intended to be an overview of the law and is for informational purposes only. Readers are cautioned that this article does not constitute legal or professional advice and should not be relied on as such. Rather, readers should obtain specific legal advice in relation to the issues they are facing.