Condo developers can pre-sell before building permits in place

BC Superintendent of Real Estate policy change, which also allows strata pre-sales before financing is committed, came into effect on March 8, 2023

The BC Financial Services Authority (“BCFSA”) has issued a notice to its stakeholders, including developers, advising that the Superintendent of Real Estate’s Policy Statements 5 and 6 have been amended, effective March 8, 2023.

Together, Policy Statements 5 and 6 allow developers to engage in the early marketing of development projects before obtaining a building permit (Policy Statement 5) and a satisfactory financing commitment (Policy Statement 6), provided certain requirements are met.

The amendments to Policy Statements 5 and 6 are intended to create clear and consistent guidelines governing early marketing requirements in British Columbia.

Policy Statement 5 provides that a developer may engage in the early marketing of a development project even though it has not yet obtained certain approvals for its project, including a building

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Real Estate

‘Million Dollar Listing’ star warns CA mansion tax will deliver ‘hardest hit’ to market since 2007

Though it’s home to some of the most luxurious and expensive real estate listings in America, California is readying to pass a housing bill that one “Million Dollar Listing” agent warned could create the “hardest hit” to the market since the 2007-08 crash.

“In about ten days or so, there’s a measure called the ULA measure that’s going to go into effect, which is going to be probably the hardest hit to the real estate market that we’ve seen since 2007,” broker and television personality Josh Altman said on “Varney & Co.” Monday.

Altman’s comments come in response to the recently-passed “United to House L.A.” (ULA) measure in California, which adopts a so-called “mansion tax” on property sales or transfers over a certain value to pay

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Condo on the market since last summer sees multiple price adjustments

Re/Max Hallmark Realty Ltd.

1048 Broadview Ave., No. 901, Toronto

Asking price: $1,149,900 (December, 2022)

Previous asking price: $1,149,900 (October, 2022); $1,169,900 (September, 2022); $1,198,000 (August, 2022)

Selling price: $1,120,000 (January, 2023)

Previous selling price: $498,468 (March, 2010)

Taxes: $4,177 (2022)

Property days on market: 146

Listing agent: Christopher Bibby, Re/Max Hallmark Bibby Group Realty

The previous owners of the one-bedroom plus den suite had the builder of the unit remove an original second bedroom to expand the entertaining area.Re/Max Hallmark Realty Ltd.

The action

This one-bedroom plus den suite is in a building just north of Playter Estates and the Danforth but somewhat off the beaten path. Hitting the market last summer, successive mortgage rate hikes made the sale a challenge and the asking price was tweaked several times. Finally, in mid-January, a bid came in at $1.12-million from local buyers.

“There was a verbal offer from

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Real Estate

Driving (in) the real estate business

When realtor Audrey Azad drives her Tesla Model X SUV, she knows the kids on the street are doubled up laughing at her license plate that reads, PASTGAS.

If that isn’t enough, the car comes with a whoopie cushion app.

“You can fire it off from any speaker,” she says. “I have endless hours of enjoyment with my clients’ kids in the back seat. You can rig it up so when you use the turn signal, it farts.”

Azad likes to joke that there’s a 12-year-old boy’s heart beating in her chest.

Even though a lot more real estate business is conducted virtually these days, a comfortable sedan or a flash vehicle remains a tool of the trade for agents. There is still a lot of driving to showings and listing appointments, sometimes long distances with clients riding shotgun. An agent’s car needs to be clean and reliable. But

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B.C. condo owner concerned after strata council implements new age restriction

Brianna Pascoe has penned a letter to B.C. Premier David Eby after the strata in her Duncan condo building voted to enact a 55-plus age restriction bylaw.

“I am now a 30-year-old stuck in a retirement building,” Pascoe said, reading from her letter. “I no longer have a nice little stepping stone for my future.”

The vote was 19 to four in favour of the bylaw change.

The letter is asking Eby to close what she calls a loophole created by recent changes made to the Strata Property Act.

“Condo buildings that weren’t previously 55-plus, they have been allowed to change to a 55-plus building to avoid having to enact the changes he’s put in place,” said Pascoe.

Tony Gioventu, executive director of the Condominium Homeowners Association of BC, says there’s a reason why some stratas may be making a similar move.


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