The British Columbia Financial Services Authority (BCFSA) has imposed a CAD 44,000 penalty and CAD 5,000 in enforcement expenses on real estate developers 1014925 B.C. Ltd. and 0993137 B.C. Ltd., and their director, Nirmal Singh Takhar, for failing to register two developments and submit assignments information in the Condo and Strata Assignment Integrity Register (CSAIR) as required under the Real Estate Development Marketing Act. CSAIR is an online database for assignments of purchase agreements, which occur when a purchaser assigns their contract for a development unit to another party. Developers marketing under REDMA must register developments in CSAIR and file assignment information for residential strata lots in British Columbia, including pre-sale and completed lots, within 30 days after the end of each quarter. The Government of British Columbia uses CSAIR data to track assignment details for tax compliance and housing policy purposes.
British Columbia Financial Services Authority 2026-03-25
British Columbia Financial Services Authority penalises two developers and their director for failing to file condo assignment data in CSAIR
The British Columbia Financial Services Authority (BCFSA) fined real estate developers 1014925 B.C. Ltd. and 0993137 B.C. Ltd., along with director Nirmal Singh Takhar, CAD 44,000 plus CAD 5,000 in enforcement expenses for not registering two developments and failing to submit assignments information in the Condo and Strata Assignment Integrity Register (CSAIR) as required by the Real Estate Development Marketing Act. CSAIR tracks assignment details for tax compliance and housing policy in British Columbia.