On February 21, 2023, the Lieutenant Governor in Council approved a set of new regulations under the Real Estate Trading Act, R.S.P.E.I. 1988, Cap. R-2. These new regulations, which took effect on March 4, 2023 revoke and replace the former Real Estate Trading Act Regulations (EC516/68) and are intended to refine and modernize the procedures governing real estate trading in Prince Edward Island.