“Cooling Off” BC Real Estate

To better protect consumers in British Columbia’s real estate market, the Government of British Columbia is introducing legislation that requires “cooling off periods” for resale properties and newly built homes. This change will be similar to the cooling…

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Land Owner Transparency Registry – Filing Deadline Extended

The deadline for pre-existing “reporting bodies” (a relevant corporation, a trustee of a relevant trust, or a relevant partnership who acquired an "interest in land" prior to November 30, 2020 and continues to own an interest) to file…

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Landowners – Requirement to file documents in the Land Owner Transparency Registry (LOTR)

Effective November 30, 2020, the Land Owner Transparency Act (British Columbia) (“LOTA”) came into force, introducing certain disclosure obligations regarding beneficial ownership of land in British Columbia.

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Taxation – “Unproductive Use” of Canadian Housing by Foreign Non-resident Owners

The 2021 Federal budget proposes to introduce a new national one percent (1.00%) tax on the value of non-resident, non-Canadian owned residential real estate property considered to be vacant or underused. The tax applies to owners other than…

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Land Owner Transparency Registry

Pre-existing owners that are "reporting bodies" (as defined in the legislation) with an interest in land are required to file a transparency report by November 30, 2021.

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New Disclosure of Benficial Ownership in British Columbia

The British Columbia New Democratic Party Government, has introduced legislation, to force the disclosure of the benefical ownership of real estate and shares of Britis Columbia corporates.

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Land Owner Transparency Act

The Government of British Columbia has committed to a 30-Point Plan for Housing Affordability.  A part of the recently announced plan, involves the ending the “hidden ownership” of real estate to make sure people are paying their fair…

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Mortgage Stress Test – Update

The Office of the Superintendent of Financial Institutions Canada (OSFI) announced a number of new mortgage rules which came into effect on January 1, 2018. The new rules, which affect all Canadians renewing or refinancing a mortgage, will require…

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Vancouver Empty Homes Tax

Effective January 1, 2017, Vancouver home owners are subject to an empty home tax of 1% of the property’s assessed value (the “Tax”), pursuant to Vacancy Tax By-law No. 11674 (the “By-law”). In accordance with the By-law, all…

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Purchase of Real Property and the “Lawyer Approval” Clause

In recent years, some Canadian cities have experienced a dynamic shift in their housing market. Market factors such as a strong global economy, an increased desire amongst foreign buyers to own Canadian real property, the influx of out…

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