As noted in previous newsletters, last summer the BCFSA consulted on new fee increases to file a disclosure statement, file an application for an exemption, and file an amendment to a disclosure statement. The fees were supposed to take effect as of April 1st, but this has been delayed to September 1, 2024, when they will be updated as follows: 

The BCFSA stated that the additional revenue was needed because they operate on a cost recovery basis and there is a need to increase their resources to administer and enforce the Real Estate Development Marketing Act (REDMA), including initiatives, such as: 

• Expanded stakeholder engagement with improved consumer education and more guidance for the industry;  
• Supporting “… a larger team of investigators for complaints involving REDMA,” as well as “… an in-house team of legal counsel to enforce a larger number of REDMA discipline files …;” and  
• “New systems to enable more efficient file processing, and enhanced data collection, analysis, and reporting.” 

UDI raised concerns about the proposed fee increases in a September 8, 2023 letter to the BCFSA.  Please also see their Consultation Summary Report as well as their Advisory on the new fees. For further information, you can contact the BCFSA at realestatedevelopment@bcfsa.ca.