The Province of British Columbia is taking steps to ensure that the applicable taxes are paid on assignments of pre-sale condominiums with the introduction of Bill 25 Real Estate Development Marketing Amendment Act, 2018. The goal of the legislation is to collect the applicable tax on such assignments and to generally discourage the assignment of such contracts and reduce ...
A number of the amendments to the Condominium Property Act (Alberta) (the “Act”) that were contained in the Condominium Property Amendment Act, 2014 (the “Amendment Act”) came into force on January 1, 2018, with a second set scheduled to come into force on April 1, 2018. The changes contained in the Amendment Act include a notable increase in the obligations that the ...
In a previous blog post, Nicholas Shon wrote about proposed amendments to the Property Law Act (British Columbia), aimed at restricting ownership of land located within the British Columbia Agricultural Land Reserve (the “ALR”) by “foreign nationals” or “foreign corporations” to a maximum of five acres.
Alberta has comparable restrictions on foreign ...
Thinking of purchasing a strata lot to rent out on the short-term market? If so, you may wish to familiarize yourself with the applicable rental restrictions.
The popularity of short-term rentals such as Airbnb continues to soar, making them an increasingly attractive revenue stream for potential property investors.
On October 26, 2017, Bill 16, the Tenancy Statutes Amendment Act, 2017 (“Bill-16”), passed first reading, which will be of particular interest to residential landlords and developers. Among other things, Bill-16 enacts amendments to the Residential Tenancy Act (British Columbia) (the “Act”) that reduce or prevent landlords from including “vacate ...
NOTE: The below article is a shortened version summarizing material information regarding the Empty Homes Tax. Click here for the full version including additional commentary and examples.
1. Vancouver’s new Empty Homes Tax became effective January 1, 2017.
Targeting the approximately 10,000 year-round empty and 10,000 under-occupied homes in Vancouver, homes ...
On February 16, 2017, Bill M-205 (Property Law and Land Title Amendment Act, 2017) passed first reading which, amongst other things, proposes to make amendments to the Property Law Act (British Columbia). Notably, Bill M-205 would restrict ownership of land within the Agricultural Land Reserve (the “ALR”) by foreign nationals or foreign corporations to a maximum of ...
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