According to the BC government, they “heard from legal professionals in BC that pre-existing owners need more time to gather information about ownership and prepare to file with the registry.”
In addition to the new deadline, Realtors should be aware of these requirements and advise their clients to speak to legal professionals for more details.
Since April 30, 2021, the LOTR has been a publicly searchable registry of records about individuals who have an indirect interest in land held through corporations, trusts and partnerships. LOTR aims to address housing affordability, end hidden ownership and crack down on fraud and money laundering in the province. The Land Title and Survey Authority administers the LOTR under the Land Owner Transparency Act (LOTA).
For more information about the LOTR and LOTA, here are some resources: