With the continued exponential growth in mixed use developments which often take the form of separate components subject to condo declarations and in many cases multiple condo declarations as between the residential and commercial components, buyers and mortgage lenders will consider additional factors during their due diligence and as part of future management of the various components.… Continue Reading
Late last week, the City of Vancouver announced details of its plans to tax vacant residential properties, which plans are part of its efforts to address the low rental vacancy rate and high cost of renting in the City.… Continue Reading
I had the privilege (some would say misfortune) of growing up in a family business. I spent a lot of time after school and during summers in the shop and in spray booths, on crane trucks and on ladders, using all sorts of equipment and tools and generally taking in all the sights and sounds and smells (some noxious I’m sure) of a small sign manufacturing company.… Continue Reading
The price of residential real estate in the City of Vancouver continues to increase at a staggering rate. This is especially true for single family homes; figures released by the Real Estate Board of Greater Vancouver for February 2016 show a 27% year-over-year increase for single detached home prices in Metro Vancouver. Theories to explain the craziness of this market abound, with pundits typically pointing to historically low interest rates, a relatively small land base and the effect of foreign capital as all hurting affordability. … Continue Reading
It must tell something about the age we live in, but TV shows and movies dealing with zombies have been all over the place for a couple of years now. However, as a real estate lawyer representing large industrial corporations, there is something I fear more than an invasion of undead people on the lookout for fresh brains: the urban sprawl! And more specifically, the residential invasion of industrial areas caused by the urban sprawl.… Continue Reading
Mixed-use developments are steadily increasing. The main challenge remains ensuring enhanced residential occupants’ experience, with a good tenant mix, while proceeding with the developer’s overall project. Lawyers working in multi-use development will need to foresee and take into account all of the different interests at play, and provide for flexibility for the long-term development vision of their clients, yet ensuring stability and balanced rights for commercial tenants and residential co-owners.… Continue Reading
On May 6, 2014 amendments to Alberta’s Condominium Property Act were introduced into the Alberta Legislature. The Act establishes the framework for the development, sale, and governance of both residential and commercial condominiums located in Alberta and outlines the duties and responsibilities of developers, owners, buyers and boards. The proposed amendments are designed to bring the Act, originally introduced in the 1960s, more in-line with the modern realities of Alberta’s growing condominium industry – currently, there are more than 8,000 condominium corporations registered in Alberta and condominiums account for over 20% of homes sold annually in Alberta.
More than 50 … Continue Reading
A commercial tenant may apply to court for relief from forfeiture when faced with the termination of its lease by a landlord, but can a residential tenant also seek such relief? That question was recently answered by a 5 member panel of the British Columbia Court of Appeal in Ganitano v. Metro Vancouver Housing Corporation, 2014 BCCA 10.
In Ganitano, a residential tenant had leased the same townhome for 28 years but had repeatedly failed to pay rent when due. The landlord eventually terminated the tenancy by following the procedure set out in the Residential Tenancy Act… Continue Reading
In a topsy-turvy world, the relative strength and stability of Canada’s economy continues to attract foreign investment, including our commercial and residential real estate sectors.
Since it may not always be advantageous for foreign companies to incorporate a Canadian entity, Canadian businesses are more likely today than ever to have dealings with non-resident companies, whether as buyers, sellers, landlords, tenants or financiers.
Transacting with a foreign company raises a host of issues that need to be thought about. To illustrate just one, consider a situation where a Canadian landlord wants to enforce a covenant in a lease – say a … Continue Reading
Real estate marketing has traditionally been regionally focussed. Though the size of the region can differ, buyers were thought to be more likely to approach opportunities which were geographically convenient. What is geographically convenient for an institutional investor differs from what is geographically convenient for a first-time home buyer.
While this may still be true, vendors and brokers are increasingly catering to international investors. In a recent newsletter posted on Property Biz Canada, it was reported that Century 21 recently launched a new global listings website, providing consumers around the world … Continue Reading