Is a developer exempt from strict disclosure requirements under the Financial Information Complaints Commission (FICOM) even if the developer has made significant changes to the disclosure rules?
British Columbia, Canada
The following excerpt is from Riegel v. Paraskevopoulos, 2013 BCSC 335 (CanLII):
The changes that FICOM required may or may not have been significant to these defendants or other purchasers, but as the law stands, a developer is not excused from strict compliance with the statutory disclosure requirements simply because the amendments appear to be insignificant to the developer. In Pinto v. Revelstoke Mountain Resort Limited Partnership, 2010 BCSC 422, in a paragraph quoted in the Court of Appeal decision, 2011 BCCA 210, the summary trial judge said:
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