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Supreme Court of Canada Weighs in on Disclosure Standard in Relation to Real Estate Developments in British Columbia
On May 11, 2011, the Supreme Court of Canada released its reasons for judgment in Sharbern Holding Inc. v. Vancouver Airport Centre Ltd, 2011 SCC 23.
While the case was decided under the now repealed Real Estate Act, R.S.B.C. 1996, c. 397, the findings are nonetheless of interest to real estate developers governed by the Real Estate Development Marketing Act, S.B.C. 2004, c. 41 (“REDMA”). Much of the Court’s analysis should apply in the context real estate developments and disclosure statements governed by REDMA despite some content differences between the repealed and current statute. In addition, the decision has relevance to other statutory disclosure regimes based on the concept of materiality, such as securities law regimes.