23/09/13 – Jurisdiction British Columbia
Part 27 published on 01/08/09
Developer’s disclosure statement contained material fact that was false or misleading.
Part 27 published on 01/08/09
Developer’s disclosure statement contained material fact that was false or misleading.
The developers disclosure statement said that purchasers would be able to rent their units on a weekly basis, subject to zoning restrictions. The zoning in fact did not permit such rentals.
The Court said that the disclosure statement contained a material fact that was false or misleading, contrary to the Real Estate Development Act. Therefore, the developer and certain of its officers were guilty of offences, and liable for damages, under that Act.
The Court held, however, that there was no basis for a breach of contract claim because the disclosure statement had not been incorporated into the purchase agreements.