Court Declares that Condo Developer Made Inadequate Disclosure of Material Changes and Acted Oppressively (ON)

In a recent decision, TSCC No. 2051 v. Georgian Clairlea Inc., the Ontario Court of Appeal confirmed a lower court decision that found that a condominium developer failed to make adequate disclosure to purchasers of material changes relating to two vendor take-back mortgages entered into before turnover when the developer controlled the board of the condominium corporation. The Court of Appeal also confirmed that the creation of these mortgages was oppressive, as the developer unfairly disregarded the interests of the condominium corporation and the purchasers.    Read the article…………………….