REDMA changes, is this a big deal?

Ex-kitsie pointed out this story:

Justice Minister Susan Anton has introduced Bill 17 (Miscellaneous Amendment Act, 2014) which includes a proposed amendment to Section 23 of the Real Estate Development Marketing Act (REDMA).

Ex-kitsie explains:

This is the legislation that governs the marketing of real estate by developers to consumers. The amendment would make a purchase agreement enforceable against a purchaser where the developer’s disclosure agreement included misrepresentation of a material fact and the developer was not aware of the misrepresentation at the time the agreement was entered into. This amendment would remove the ability of the purchaser to terminate or renegotiate the agreement upon discovery of the misrepresentation. So… the developer can include unsubstantiated inaccuracies while still enforcing the purchase agreement against the purchaser who relied upon the misrepresentation. Of course, we all know developers would never lie.

We’re not sure if this is a big deal or not, here’s a link to the amendment, you’ll have to scroll down about half way to find the relevant section.  Any comments on whether this is a dramatic change to the Real Estate Development Marketing Act or just a minor adjustment?

 

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seo
seo
6 years ago

I don’t even understand how I stopped up here, however I thought this submit was good. I do not understand who you’re however certainly you’re going to a famous blogger should you are not already. Cheers!

Deryk Norton
Deryk Norton
6 years ago

The proposed amendment to section 23(2) is a big deal. This proposal would prevent a purchaser from terminating a purchase agreement when there has been a material misrepresentation by the developer and the developer claims to have been unaware of the misrepresentation. This leaves it open to a developer to recklessly include unsubstantiated information in a purchase agreement in order to induce sales. This would mean “open season” on purchasers by irresponsible developers who could later claim ignorance as an excuse for misrepresentation. The developer’s actions would be excused by the proposed section 23(2). It could take BC Real Estate into a new dark age where developers may engage in corrupt business practice with impunity.

would-be buyer
would-be buyer
6 years ago

Everyone, I think Alexander is speaking about the new immigrant investor Venture Capital program in that SCMP article: “Announcing stricter criteria for a new investor scheme to be launched later this year, Alexander told the South China Morning Post during an interview in Hong Kong that the required amount needed to qualify for the new immigrant investor venture capital pilot would be more than double that of the previous visa’s C$800,000 (HK$5.6 million).” We knew when the IIP was cancelled in February that it would be replaced by the new IIVCP. This is not new news or back-peddling by the minister. Am I wrong on reading this? The minister is making very broad changes to immigration policies to cut down on fraud and misuse. Consider some of these changes: 1) IIVCP will require that investor immigrants actually participate in business… Read more »

cris
cris
6 years ago

YLT,

You can loan the money from HSBC. So you don’t need the 1.6M, just need to meet interest payments.

YLTNboomerang
6 years ago

Yup, I just wrote to Chris Alexander too. I don’t have a problem with wealthy immigrants buying Canadian citizenship as long as they pay taxes on their global income. Citizenship should only be offered with documentation of annual income that shows how one was able to come up with the $1.6M. If the $1.6M is a loan originating somewhere else, too bad no passport. If you demonstrate that you have a minimum required annual earning to save the $1.6M, great, start paying tax on those earnings.

No Noise
No Noise
6 years ago

@79 yes a lot needs to be changed.

Chris.Alexander@parl.gc.ca

Get vocal. Dont vote Conservative. Vote for the party which will keep the IIP cancelled completely.

fixie guy
fixie guy
6 years ago

@79: “.. especially immigration of wealthy investors.”

I have no problems with wealthy investors, the more the merrier. Don’t care where they’re from. Federal studies however show we’ve been getting wealthy retirees, non-investors who are more a drain on the working class than regular immigrants. Their primary value is short term interest free loans to the fed.
Cheap loans and customers for German cars or Italian leather shouldn’t be a national policy.

vangrl
vangrl
6 years ago

wow i spit my coffee out reading this article. Is this a done deal, or is there a chance it will not get passed?
Doubling the entry loan does not address ANY of the reasons it was cancelled in the first place, they’ll look like a bunch of morons.

http://www.vancouversun.com/business/Hong+Kong+audience+hears+plans+Canadian+immigrant+investor/9643664/story.html

George
George
6 years ago

From the SCMP article: “He also dismissed any growing resentment of rich Chinese immigrants for buying their way into the country. “You’ll hear all kinds of anecdotal information, but the reality of Canada is that immigration is seen as part of our national vocation,” he said. “There are voices in the United States, there are certainly voices in Europe, there are voices in Asia that really are negative about immigration. You will not find that point of view organised or prominent in Canada at any level.” Chris Alexander is right. Canada is just about the only country in the Western World without any anti-immigration voices on the political stage. It’s really about time that changed. I am not voting for any of the mainstream parties in Canada until one of them starts addressing our problem with excessive immigration, especially immigration… Read more »

fixie guy
fixie guy
6 years ago

@72 Aggregator Says: “Every government from here on forward will….) be pressured by international organizations ….”

You misspelled ‘corporations’.

patriotz
6 years ago

@69: “Guess that the threat of a Chinese ‘investor’ lawsuit against the cancellation of the IPP had more influence that everyone thought. ”

It has nothing at all with the threat of a lawsuit, which would be thrown out of court.

“We want Chinese investors in Canada and the door is open, the pathways are multiple,” Alexander said.

The Cons have no problem with people buying their way into Canada. They just want to get a higher price for it. Which is expressed beautifully in that cartoon in the article.

http://www.scmp.com/news/china/article/1453230/chinese-welcome-canadas-new-investor-visa-stricter-rules-apply

Cam Good and the Yellow Helicopters
Cam Good and the Yellow Helicopters
6 years ago

Keep up-voting those IPP complaints boys! You are on side with me! HAM was the cause of Vans price rises. No bubble, no pumping the market with cheap money by the Feds and CMHC. That is a myth those psuedo-intellectuals on this site came up with. It’s just HAM fundamentals. So, buy now before you get priced out forever. You guys know the truth, so get your real estate groove on… or leave Vancouver.

No Noise
No Noise
6 years ago

Ah yes, in a matter of minutes, a very popular post #45 BPOM received 70 downvotes. Beijing via Belarus? haha

Robo Voters
Robo Voters
6 years ago

Uh oh, looks like the mysterious robo down votes on anything IPP related are back – look at ‘Going Down the Toliet’ down votes.

Wow, those IPP ‘immigration’ consultants are good at monitoring this site. I guess the truth stings, or else they don’t want their good times to end…

No Noise
No Noise
6 years ago

@72

We’ll just have to change that:

Chris.Alexander@parl.gc.ca

Just saw Enron/Smartest Guys In The Game – the disgusting greed that is laissez-faire capitalism has got to go. Check out the new doc by Robert Reich, “Inequality For All”.

Aggregator
Aggregator
6 years ago

#66

It doesn't matter who you vote for. Every government from here on forward will i) favor immigration as a source of revenue and ii) be pressured by international organizations if they are against it. Look what happened to the Swiss who proposed a new law to curtail immigration quotas:

Proposed Swiss immigration laws show 'rise of new racism and xenophobia'

EU suspends talks with Swiss following migration vote

That's what happens if a country doesn't comply with the United Nations' world order.

franko
franko
6 years ago

@66
” Guess I won’t be voting Conservative in the next federal election ”

The best way to kill any future version of the IIP is to send a message to Chris Alexander by email…Chris.Alexander@parl.gc.ca

I have just done so. It is quick and very simple.
Tomorrow I will do the same to Steve and every other MP in the country!

Cheers

Heard Herd selling
Heard Herd selling
6 years ago

Is it just me or have you also noticed a lot of houses in Vancity that sold in 2011 for big $, are now back on the market facing loss or best case break even. Show n tell time:-)

Going Down The Toliet
Going Down The Toliet
6 years ago

Minister of Immigration, Chris Alexander, in regards to re-tabling a new investor immigrant program in the SCMP article: “We want Chinese investors in Canada and the door is open, the pathways are multiple,” Alexander said. “We are making these changes for them.” Straight from the horse’s mouth – our immigration policy caters to, and is determined by, crooked mainland ‘investors.’ Guess that the threat of a Chinese ‘investor’ lawsuit against the cancellation of the IPP had more influence that everyone thought. I think people will be in a state of disbelief that the inherent sense of entitlement captured in that investor press conference has now been officially validated. Everyone laughed at that press conference and the Chinese investor community backlash, and pointed out the ‘obvious’ problems with their ‘arguments.’ Guess who is laughing now… I think it is time that… Read more »

Son of Ponzi
Son of Ponzi
6 years ago

151 solds.
Does anyone have a breakdown about who’s selling and where.

Seafair Dweller
Seafair Dweller
6 years ago

An addendum to post #65:

http://www.scmp.com/photos/recent/all/1438322

The cartoons from March 21 and March 18 are relevant to Vancouver real estate.

No Noise
No Noise
6 years ago

This Chris Alexander, the Minister of Immigration – he’s a Conservative MP? Guess I won’t be voting Conservative in the next federal election.

tedeastside
tedeastside
6 years ago

vancouver should just change its name to Real Estate town….thats all people care about in that town

was George Vancouver a real estate agent

paulb
6 years ago

New Listings 224
Price Changes 67
Sold Listings 151
TI:15321

http://www.paulboenisch.com