BREAKING: Bank Of Canada Holds Interest Rate Steady In Second 2026 Decision

Key Disclosure

Understand key disclosure in Canadian real estate — what sellers must reveal, why it matters to buyers, and how it affects legal protections during property sales.

Key Disclosure

May 22, 2025


What is Key Disclosure?

Key disclosure refers to the seller’s obligation to disclose material facts or known defects about a property that could affect a buyer’s decision to purchase.

Why Key Disclosure Matters in Real Estate

In Canadian real estate, sellers are required to disclose **latent defects**—issues not visible through ordinary inspection that pose health, safety, or legal risks.


Examples of key disclosures include:
  • Previous flooding or foundation issues
  • Illegal renovations or permits not obtained
  • Mold, asbestos, or environmental hazards


Failure to disclose can lead to legal action for misrepresentation or breach of contract. Some provinces use standard Seller Property Information Statements (SPIS) to formalize disclosure.


Understanding key disclosure protects buyers from hidden problems and holds sellers accountable for property condition transparency.

Example of Key Disclosure in Action

A seller discloses a history of basement flooding on the SPIS form. The buyer proceeds with caution and includes a repair clause in the offer.

Key Takeaways

  • Sellers must disclose material issues.
  • Includes hidden defects and legal risks.
  • Protects buyers from surprise problems.
  • May involve formal disclosure forms.
  • Legal remedies exist for nondisclosure.

Related Terms

  • Material Defect
  • Latent Defect
  • Seller Disclosure Statement
  • Home Inspection
  • Agreement of Purchase and Sale

Additional Terms

Public Realm Improvements

Public realm improvements are enhancements to public spaces such as sidewalks, parks, plazas, and streetscapes, often funded or contributed by. more

Mortgagee in Possession

A mortgagee in possession is a lender who takes control of a property after borrower default, but before foreclosure or power of sale. The lender. more

Lease Surrender Agreement

A lease surrender agreement is a negotiated contract between a landlord and tenant that ends a lease before its scheduled expiration. Terms may. more

Green Infrastructure

Green infrastructure refers to natural or engineered systems that manage stormwater, reduce heat, and improve sustainability in developments.. more

Escrow Holdback

An escrow holdback is a portion of funds withheld at closing and held in escrow until specific conditions are met, such as completion of repairs,. more

Underused Housing Tax

The Underused Housing Tax (UHT) is a federal annual 1% tax on the value of vacant or underused residential property owned by non-resident,. more

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