The Government of British Columbia has amended the Real Estate Development Marketing Regulation under the Real Estate Development Marketing Act ("REDMA"), effective September 30, 2025, introducing new filing obligations for developers relating to the Condo and Strata Assignment Integrity Register ("CSAIR"). The amendments set out in Order in Council 162/2025aim to enhance transparency and accountability in the assignment of strata lot purchase agreements.
Updated CSAIR Obligations for Developers
These updates are significant as they impose clearer and stricter
compliance standards on developers, ensuring timely, accurate, and
accountable reporting within CSAIR. The amendments clarify
developers' responsibilities for filing assignment information
and correcting errors or omissions in CSAIR. Key changes include
new filing deadlines for missing assignment information and
corrections, expanded reporting obligations, and certification
requirements.
New Standards and Rules
- Filing Deadlines for Missing Assignment Information Developers must file missing assignment information within 15 days of becoming aware of the omission. This requirement is prescribed under section 20.4 of REDMA.
- Filing Deadlines for Correcting Errors or Omissions Developers must file corrections to errors or omissions in assignment information within 30 days of becoming aware of the issue. This requirement is also prescribed under section 20.4 of REDMA.
- Certification of Accuracy and Reasonable Inquiry Developers are required to certify in writing that the filed information is accurate and complete to the best of their knowledge and after reasonable inquiry. This certification applies to both missing assignment information and corrections.
- Expanded Reporting Obligations Developers must file corrections and missing assignment information in accordance with the updated regulation and certify the accuracy of the changes.
Practical Implications for Developers
The amendments to the Real Estate Development Marketing Regulation introduce specific deadlines for developers to address missing assignment information and errors or omissions. The 15-day deadline for filing missing information ensures timely updates to CSAIR, while the 30-day deadline for corrections provides a reasonable timeframe for developers to rectify inaccuracies. These deadlines are designed to improve the integrity of the assignment reporting process.
The requirement for developers to certify the accuracy of their filings underscores the importance of due diligence and accountability. By mandating certification after reasonable inquiry, the regulation ensures that developers take proactive steps to verify the correctness of their submissions. This measure aligns with the broader goal of enhancing transparency in the real estate development sector.
Expanded reporting obligations further reinforce the importance of compliance. Developers must not only file corrections and missing information but also certify their accuracy, thereby promoting a culture of accountability. These changes are expected to support the integrity of the REDMA framework and bolster consumer confidence in the assignment process.
Conclusion
The amendments to the Real Estate Development Marketing Regulation mark a significant step toward strengthening transparency and accountability in the real estate development sector. Moving forward, developers should review their internal processes to ensure timely filings and accurate certification of CSAIR submissions. Early preparation will help mitigate compliance risks and support greater confidence in the integrity of the assignment reporting framework.
The foregoing provides only an overview and does not constitute legal advice. Readers are cautioned against making any decisions based on this material alone. Rather, specific legal advice should be obtained.
© McMillan LLP 2025
