Translation of "Direction des installations et des biens immobiliers " (French → English) :

While this Directive regulates credit agreements which solely or predominantly relate to residential immovable property, it does not prevent Member States from extending the measures taken in accordance with this Directive to protect consumers in relation to credit agreements related to other forms of immovable property, or from otherwise regulating such credit agreements.

This Directive lays down a common framework for certain aspects of the laws, regulations and administrative provisions of the Member States concerning agreements covering credit for consumers secured by a mortgage or otherwise relating to residential immovable property, including an obligation to carry out a creditworthiness assessment before granting a credit, as a basis for the development of effective underwriting standards in relation to residential immovable property in the Member States, and for certain prudential and supervisory requirements, including for the establishment and supervision of credit intermediaries, appointed representatives and n ...[+++]on-credit institutions.

this Directive to credit agreements which relate to an immovable property where the credit agreement provides that the immovable property cannot at any time be occupied as a house, apartment or another place of residence by the consumer or a family member of the consumer and is to be occupied as a house, apartment or another place of residence on the basis of a rental agreement.

‘Total cost of the credit to the consumer’ means the total cost of the credit to the consumer as defined in point (g) of Article 3 of Directive 2008/48/EC including the cost of valuation of property where such valuation is necessary to obtain the credit but excluding registration fees for the transfer of ownership of the immovable property.

Mr. Blair James (Executive Director, Real Property and Material Policy Directorate, Treasury Board of Canada Secretariat): I'm Blair James, and I'm responsible for real property policy, and responsible for the accessibility policy.

I am sure that the people on the ground in the greater Vancouver area who have the direct responsibility for management of that area, both the real estate as well as the port, will take into account the best interest not only of that region but of the province of British Columbia and certainly would not be prepared to act in any way that would be contrary to the law.