The appellants appealed a judgment granting the developer's application for declarations that the appellants were bound by agreements of purchase and sale for two hotel investment condominium units, and dismissing the appellants' application for a refund of deposits.
The appellants argued that changes to the building, including a reduction from 70 to 60 stories and changes to PATH access, constituted material changes under the Condominium Act, entitling them to rescission.
The Court of Appeal dismissed the appeal, agreeing with the application judge that the May 2012 disclosure statement was a revised statement under s. 74(3) of the Act and that the changes were not material changes under the objective standard in s. 74(2), as they did not reasonably affect the value of the units for investment purposes.