This column was originally published by Daniel Waldman on the Real Estate News Exchange (Renx.ca). At the beginning of the year, a new statute was introduced to address housing supply woes for Canadian citizens. However, after a few short months, the legislation has inadvertently sunk a number of development and real estate investment deals and …
Canada Introduces New Prohibition on Foreigners Purchasing Residential Real Estate: What You Should Know And How to Protect Yourself
This column was originally published by Daniel Waldman on the Real Estate News Exchange (Renx.ca). In the latest attempt to curb the price of residential real estate in Canada, Parliament has introduced a new statute aimed at making housing more affordable and accessible to Canadians. The Prohibition on the Purchase of Residential Property by Non-Canadians Act, S.C. …
The Limits on Relief from Forfeiture of a Commercial Lease: Ontario’s highest court again sides with Landlords when Tenancies are disrupted by COVID-19
This column was originally published on the Real Estate News Exchange (Renx.ca). In the latest chapter in the commercial tenancy battles caused by the pandemic, Ontario’s highest court has set out the limits on relief from forfeiture of a commercial lease. This time, a major anchor tenant in a shopping mall asked for help after …
Snowbirds Purchasing United States Real Estate
Given our winter climate, many Canadians choose to be “Snowbirds” and buy a property to spend the winter in warmer climates in the United States (“US”). Once that decision is made as to where and what, the structure of the purchase must be considered, so as not to run afoul of or be adversely impacted …
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A Reminder to Purchasers of the True Cost of Not Closing – It’s not “Just the Deposit”
In Prowse v. Noroozi 2021 ONSC 3099 (CanLII), Justice McCarthy of the Superior Court of Justice recently granted summary judgment for $806,380.59 against a purchaser of a luxury home in King City (the “Property”) in an aborted real estate transaction. The facts in Prowse v. Noroozi are not uncommon. The sellers listed the Property on …