DEFINITION
The plain-language definition
A disclosure statement is a legal document a BC developer must file with BCFSA — the BC Financial Services Authority — under the Real Estate Development Marketing Act before marketing a presale development. REDMA requires the filing the moment a developer moves past pure awareness-building ("register your interest") into quoting exact prices, taking reservations, or signing sales contracts. The statement sets out the legal description of the land, the developer's identity and any material litigation, the project's construction schedule, the strata or bare-land structure, deposit-handling arrangements, and every material fact a buyer needs before signing anything. BCFSA reviews the filing before a developer can legally market units at named prices — BCFSA's own advisory on the pre-sales and early-marketing pilot confirms the filing gate applies the moment marketing moves past pure interest-registration. For a marketing team, that filing date is the hard deadline the entire microsite launch plan works backward from.
WHY IT MATTERS
Why buyers and lenders read it
Buyers rely on the disclosure statement to check what they're actually purchasing before signing — strata bylaws, phasing, deposit protection, and any litigation against the developer. Lenders and mortgage brokers ask for it before committing financing, because it's the one document that confirms a project is legally cleared to sell. For the developer, the filing date is also the marketing deadline: until the disclosure statement is accepted by BCFSA, a project can build an interest list and share renderings, but it cannot quote firm prices or take reservations — a distinction BCFSA's pilot program advisory draws explicitly between pure awareness marketing and price-committed marketing. Get the sequencing wrong and the launch site, the VIP registration flow, and the sales-centre booking calendar all have to pause until the filing clears. Get it right, and the disclosure statement becomes the credibility asset the whole campaign is built around — the thing a serious buyer expects to see referenced, not hidden, on the project site.
HOW IT'S FILED
How filing actually works
The developer, usually through their lawyer, prepares the disclosure statement and files it with BCFSA before any price-committed marketing begins. BCFSA reviews the filing for completeness, not investment merit — it checks that the required disclosures are present, not that the project is a good deal. Once accepted, the developer can legally market at named prices, take reservations, and open a sales centre. Any material change afterward — a construction delay, a change in developer, a shift in the strata structure — requires an amendment filing before marketing can continue on the old terms. For a marketing team building the presale microsite, this means the site's phased rollout has to track the filing status, not just the creative timeline, so a buyer never sees a firm price before the filing clears.
| Stage | What's allowed | Disclosure status required |
|---|---|---|
| Teaser / "Coming Soon" | Renderings, interest registration, no pricing | Not yet filed |
| VIP registration | Early access list, project story, no firm price | Filing in progress |
| Launch site | Named prices, floor plans, reservations | Filed and accepted |
| Sales-centre booking | Contracts, deposits, appointment scheduling | Filed and accepted |
RELATED TERMS
Related terms to know
A disclosure statement doesn't exist in isolation — it's one piece of the REDMA framework governing every BC presale campaign. Start with what REDMA actually requires, the act that makes the disclosure statement mandatory in the first place. If you're scoping the marketing site itself, our developer-focused industry page covers how the filing timeline shapes the teaser-to-sales-centre rollout, and the presale website playbook walks through sequencing a launch around the filing date instead of against it. For buyers doing their own homework before signing, those same pages explain what protections REDMA and the disclosure statement actually give them. Want a second opinion on your presale site plan before the filing clears? Get your free Brand Score. Free, no commitment. Takes 2 minutes.
FAQ
Common questions.
Who has to file a disclosure statement in BC?
Any developer marketing a new presale strata, bare-land strata, cooperative, or leasehold development in British Columbia has to file under REDMA. That includes condo towers, townhouse phases, and most multi-unit presale projects — BCFSA's advisory sets out exactly when the filing requirement is triggered.
What has to be in a disclosure statement?
At minimum: the legal description of the land, developer identity and any material litigation, the construction schedule, the strata or ownership structure, deposit-handling terms, and any other fact a reasonable buyer would need before signing. Missing a required disclosure is a filing defect, not a formality.
Can I market a presale project before the disclosure statement is filed?
Yes, within limits. Pure awareness marketing — renderings, a "coming soon" page, an interest-registration form — is allowed before filing. Quoting a firm price, taking a reservation, or signing a purchase contract is not, per BCFSA's pilot program guidance.
How is a disclosure statement different from REDMA itself?
REDMA is the law; the disclosure statement is the document REDMA requires. What REDMA covers is the broader framework — licensing, advertising rules, and enforcement — while the disclosure statement is the specific filing that unlocks price-committed marketing.
Who reviews the filing?
BCFSA — the BC Financial Services Authority — reviews disclosure statements for completeness before a project can market at named prices. Review confirms the required disclosures are present; it isn't an endorsement of the investment.