Does Floyd's have special dispensation from any municipal regulations regarding exterior paint colours or do no such rules exist anywhere in the CRD? What I wonder is if a new building were being proposed to be such a garish tone, could a local government turn down the proposal and request a colour change?
Short answer is no.
Municipalities are able to consider the form and character of development through the Development Permit process. The Local Government Act does not allow municipalities to set requirements on "the particulars" of exterior materials, cladding, colours, etc. in commercial, industrial, or multi-family residential development. So you'll see in the DP guidelines lots of "should" statements and design objectives, but no "thou shalt use only neutral tones." Staff and Council may comment on those things, but they're on very shaky ground if they turn down a DP because of the colour palette alone.
Where things get interesting is single-family neighbourhoods with estate covenants, such as Broadmead. I think that all of the properties in Broadmead are subject to a legal covenant that requires any exterior renovations to be approved by the Neighbourhood Association, and they have the power through the legal covenant to regulate materials, colours, etc. It was the same in the neighbourhood I grew up in, and I remember there being an absolute furor when somebody sold their house and the new owner immediately painted the garage doors indigo.