BCFSA Launches Pilot Program for Large Real Estate Developments
BCFSA has launched a new pilot program that extends the early marketing period for real estate developers with large projects from 12 months to 18 months.
Under the Real Estate Development Marketing Act (“REDMA”), developers can typically undertake early marketing activities over a 12-month period to secure pre-sale buyers for units within their properties. This helps developers secure financing and building permits for their projects. Due to their complexity and size, large development projects often face challenges securing the necessary approvals and financing within the 12-month marketing period.
BCFSA’s new pilot program, which takes immediate effect, will allow eligible developers with projects of 100 or more development units to undertake an additional six months of early marketing. This provides developers with a total of 18 months to secure the approvals and financing required to complete their projects.
Read more here.
These links are being provided as a convenience and for informational purposes only. They are not an endorsement or an approval by REALTYnuance© of any of the products, services or opinions. REALTYnuance© bears no responsibility for the accuracy, legality or content of the external site.
