Master Disclosure Statement

A Master Disclosure Statement is a consolidated disclosure statement filed by a developer under the Real Estate Development Marketing Act (REDMA) covering a multi-phase development. The master statement, together with phase-specific amendments filed as additional phases come to market, forms the complete disclosure record applicable to any given phase. Verify current REDMA filing requirements with a BC lawyer or notary before relying on any disclosure statement.

The Real Estate Development Marketing Act (REDMA) governs the filing of disclosure statements, including master disclosure statements for multi-phase developments. Developers must comply with REDMA's disclosure requirements before marketing development units. Verify current filing requirements and regulatory interpretations with a BC lawyer or notary before acting.

The British Columbia Financial Services Authority (BCFSA) regulates real estate development marketing and reviews disclosure statements filed under REDMA. BCFSA assumed these responsibilities effective August 1, 2021 (as of 2026-07-27 — verify current), when the former Real Estate Council of BC merged into BCFSA. Verify current regulatory procedures with the BCFSA or a BC lawyer before filing.

The Master Disclosure Statement provides consolidated information applicable to the entire multi-phase development, while phase-specific amendments (also called phase amendments) provide details unique to each individual phase as it comes to market. Together, the master statement and the relevant phase amendment form the complete disclosure record for that phase. Verify which documents apply to your specific phase with a BC lawyer or notary before purchasing.

Under REDMA, a purchaser must receive the disclosure statement applicable to the unit being purchased, which typically consists of both the Master Disclosure Statement and the relevant phase-specific amendment. The developer must provide these documents to allow the purchaser to make an informed decision. Verify that you have received all required disclosure documents with a BC lawyer or notary before waiving any rescission period.

If the multi-phase development is a strata project, the Master Disclosure Statement must comply with both REDMA's disclosure requirements and any applicable requirements under the Strata Property Act, SBC 1998, c. 43. The disclosure statement will typically include information about the strata corporation, phased strata plans, and common property allocations. Verify all strata-specific disclosures with a BC lawyer or notary before purchasing a strata unit.

Yes, under REDMA a developer may file amendments to a Master Disclosure Statement to reflect material changes in the development or correct errors. Any amendment must be filed with the BCFSA and disclosed to purchasers in accordance with REDMA requirements. Verify the currency and completeness of any disclosure statement or amendment with a BC lawyer or notary before relying on it.

REDMA provides purchasers with a statutory rescission period (commonly seven days as of 2026-07-27 — verify current) from receipt of the required disclosure statement to cancel the purchase agreement without penalty. The rescission period applies to the complete disclosure record, including both the Master Disclosure Statement and the applicable phase amendment. Verify your specific rescission rights and deadlines with a BC lawyer or notary immediately upon receiving disclosure documents.

No. A Master Disclosure Statement is filed under REDMA by a developer marketing units in a multi-phase development, while a resale strata disclosure statement under the Strata Property Act is provided by a strata corporation or owner when an existing (resale) strata unit is sold. The two serve different purposes and are governed by different statutes. Verify which disclosure obligations apply to your transaction with a BC lawyer or notary.

Contact the British Columbia Financial Services Authority (BCFSA) directly or consult their official website to confirm whether a developer has filed a Master Disclosure Statement and any phase amendments. You may also retain a BC lawyer or notary to conduct due diligence on the disclosure filings. Verify the status and completeness of all required disclosure documents before entering into a purchase agreement.