Category: Real Estate
On February 22, the Provincial Government introduced Budget 2024, which made several significant tax changes focused on housing.
The provincial Budget 2024 revealed a new tax is on the horizon for sellers of real estate within British Columbia.
In early February 2024, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced the federal government will be extending the prohibition on purchases of Canadian residential property by non-Canadians. With this extension the prohibition will be in effect until January 1, 2027.
The Speculation and Vacancy Tax has been in force in British Columbia since 2018 and owners of residential real estate in certain designated areas must file a declaration setting out how they use the property and whether it meets one of the exemptions.
The Federal Government’s new Underused Housing Tax came into effect on January 01, 2022 and, as a result, owners of vacant properties anywhere in Canada may be liable for the new tax.
Amendments are being made to regulations for the Prohibition on the purchase of Residential Property By Non-Canadians.
The Prohibition on the Purchase of Residential Property by Non-Canadians Act, S.C. 2022, c. 10, s. 235 (the “Act”) was passed and came into effect on January 1, 2023.
Further clarifications released for Canada's Foreign Home Buyer Ban and the Prohibition on the Purchase of Residential Property by Non-Canadians Act.
Beginning January 1, 2023, the federal government’s Prohibition on the Purchase of Residential Property by Non-Canadians Act (the “Act”) will come into effect across Canada, resulting in what is being referred to as the foreign home buyer ban.
It is an unfortunately common story in construction litigation: parties agree on a scope of work and price, the scope of work changes and the parties don’t go back to the bargaining table to reach an agreement on the new scope of work.
The Office of the Superintendent of Real Estate (OSRE) has released a new information brochure for consumers looking to purchase a pre-sale condo.