REDMA And The Recent Woo v. Onni Ioco Road Five Development Limited Partnership Decision

The British Columbia Court of Appeal's recent decision in Woo v. Onni Ioco Road Five Development Limited Partnership indicates that the courts are moving towards a more balanced interpretation of the Real Estate Development Marketing Act (British Columbia) ("REDMA"). The Court of Appeal overturned the British Columbia Supreme Court's previous decision, which granted purchasers the right to rescind their purchase agreements, and provided some important guidance on the interpretation of REDMA going forward. Specifically, the Court of Appeal:

1. held that a "material fact" under REDMA should be read as encompassing facts that adversely affect, or could reasonably be expected to adversely affect, the value, price or use of a development unit or the development property; and