The appellant condominium developer appealed a trial judgment finding it liable for failing to disclose sufficient information regarding an HVAC equipment lease in a disclosure statement provided to prospective purchasers.
The trial judge held that the failure to include the lease term, total cost, interest rate, and purchase option price violated s. 52(5) of the Condominium Act.
The Court of Appeal allowed the appeal, finding that the disclosure statement accurately disclosed the existence and first-year cost of the lease, which was sufficient to meet the statutory requirements.
The failure to provide further details was not a material omission, and the condominium corporations did not suffer a loss in reliance on the statement.