Earlier this year, we discussed the decision of the BC Supreme Court in Pan Canadian Mortgage Group v. 679972 B.C. Ltd. in our publication Real Estate MATTERS. That decision was significant because it was a rare instance in which a BC court declared that a purchaser’s lien had been established, thereby effectively turning the relevant purchasers into secured creditors. A purchaser’s lien is an equitable remedy that may arise when a purchaser makes a payment (such as a deposit) toward the purchase price under a contract of purchase and sale. If the purchase and sale of the property fails … Continue Reading
On March 4, 2014, the B.C. Court of Appeal released its judgment in Woo v. Onni 2014 BCCA 76, reversing the decision of the court below which was the first to allow purchasers to rescind their contracts under the Real Estate Development Marketing Act (“REDMA”) post–closing.
The case involved 10 purchasers in a residential condominium project who had entered into contracts on a pre-sale basis. The contracts were completed and the purchasers took possession of their units but, 16 months later, after discovering that the developer had failed to deliver to them the amendment to the … Continue Reading
On December 12, 2013, amendments to section 173 of B.C.’s Strata Property Act, SBC 1998, c 43, came into force that allow strata corporations with majority support to apply to the BC Supreme Court to require strata owners to pay for certain repairs.
Prior to the amendment, strata corporations required a ¾ vote in favour to impose a special levy to raise money for needed repairs to common property. This could result in deadlock and delay when owner opinion was divided, exacerbating damage and unsafe conditions.
On application by a strata corporation within 90 days of it receiving at least … Continue Reading