To address the national housing crisis and increase the supply of affordable housing, steps have been taken by governments at the federal, provincial and municipal levels. The Province of Ontario has instituted a 25% non-resident speculation tax. The federal Prohibition on the Purchase of Residential Property by Non-Canadians Act (the “Non-Canadian Act”) prohibits non-Canadians from purchasing homes in Canada until …
Things are only getting worse for non-residents. Not only was the Province of Ontario’s non-resident speculation tax increased to 25% as of October 25, 2022, but the federal government’s Prohibition on the Purchase of Residential Property by Non-Canadians Act (the “Act”) became effective as of January 1, 2023 for a two year period. The legislation prohibits a “non-Canadian” from purchasing …
Pursuant to Ontario’s Condominium Act, 1998 (the “Act”), purchasers have a 10 day cooling off period following execution of the agreement of purchase and sale during which they can change their minds and back out of their purchases for any reason whatsoever. How about the vendor? How easily can the vendor get out of a transaction? Can a Vendor Terminate …
Ontario’s Condominium Act, 1998, allows purchasers of a new condominium unit a 10-day cooling off period in which they may cancel or rescind their agreement of purchase and sale. This 10-day period begins on the latest of the date on which the purchaser has received: (i) a fully signed agreement of purchase and sale; (ii) condominium disclosure documents, and (iii) a …
Is it a condominium or freehold property? It’s sort of both. You own the land and buildings of a freehold property. In a condominium, you would normally have ownership (and the exclusive use) of a unit, as well as a proportionate share in and the right to use the common elements along with the other owners. In a typical high-rise …
The short answer is yes, but let’s talk about the basic reasons why. First, the transfer of real property (land) in Ontario is controlled through a land registration system. The system records who the legal owners of a property are and details previous items which have been registered for that property. For the vast majority of properties, Transfers of land …
Buying a home may be the largest purchase of your life, and while it can be an exciting time, it can also be stressful. Luckily, there are people available to support you and your family as you navigate your home purchase. If you have worked with a Real Estate Agent, you already know what they do. They help you find …
Good title to real property (ie land) means that the owner really owns the property and that no one else has a claim or a lien against it. For example, mortgagees of the person selling the property have rights to the property that need to be resolved before a purchase transaction can proceed to completion. A real estate lawyer makes …
