Ontario has introduced the Fair Housing Plan which includes some measures that will have an immediate effect such as a rent control expansion, a new standardized lease and a new 15 percent Non-Resident Speculation Tax should the legislation be passed.… Continue Reading
On Monday, July 25, 2016, the government of British Columbia announced that foreigners who buy residential property in the Vancouver area will have to pay an extra 15% on top of the current property transfer tax. This additional tax will apply to all buyers who are not Canadian citizens or permanent residents, including corporations that are not registered in Canada or are controlled by foreigners. The tax is expected to come into effect on Tuesday, August 2, 2016.… Continue Reading
In its March 17 budget the Quebec government brought in a series of measures reforming legislation governing transfer duties. Of particular interest is the introduction of the requirement to disclose off title transfers and the imposition of transfer duties on same. The legislation was drafted so to previously refer to registration as the trigger for taxation.… Continue Reading
On May 29, 2014, the Miscellaneous Statutes Amendment Act, 2014 received royal assent. It made significant amendments (the “Amendments”) to the Real Estate Development Marketing Act, S.B.C. 2004 c. 41 (“REDMA” or the “Act”).
One such Amendment relates to a developer’s ability to retain a purchaser’s deposit not only for failing to pay a subsequent deposit but also for failing to complete the purchase. Another significant Amendment imposes a one year time limit on a purchaser’s post-closing right of rescission. For further information about these and other significant Amendments, see our previous post on … Continue Reading
Lawyers representing strata lot purchasers in British Columbia have, to date, made considerable hay by emphasizing that the Real Estate Development Marketing Act (British Columbia) is “consumer protection” legislation to be interpreted in favour of purchasers. The bias in favour of the consumer has arguably lost some of its lustre in the past year or so (see, for example, the decision in Woo v. Onni, discussed here), but there is still concern that, when in doubt, the courts will invoke the consumer protection nature of the legislation to justify a decision in favour of the proverbial “little guy”, … Continue Reading
The Province of British Columbia recently introduced the new Building Act (Bill 3 – 2015) on February 12, 2015, which according to the Province’s newsroom, aims at modernizing the building regulatory system in British Columbia.
The proposed act seeks to:
- give the Province overriding authority to define standards regarding building activities such as the construction, repair and demolition of buildings to ensure that building requirements are consistent across British Columbia. By centralizing the regulation of building activities under the Province’s direction, the goal is to streamline the regulatory process to reduce costs and improve efficiency in British Columbia’s
It is not uncommon for parties to enter into contracts for the purchase and sale of real estate that contain defects which may affect their enforceability.
To be enforceable, a purchase contract must set out the essential terms of the agreement; in particular, it must clearly describe the “three Ps” (parties, property and price) and other key terms such as the completion date and the particulars of any vendor financing or leaseback. Although these legal requirements are well known, even the most experienced real estate professional will occasionally fail to adequately describe one or more essential terms in a purchase … Continue Reading