The City of Vancouver imposes an annual Empty Homes Tax (“EHT”) on vacant Vancouver houses and residential lands to encourage owners to tenant the houses and encourage construction of new housing on empty lots. The Province imposes its own Speculation and Vacancy Tax (“SVT”) and the Federal Government imposes a similar Underused Housing Tax.
In April 2023, the ...
This update is further to our first blog post from December 23, 2022 on the Prohibition on the Purchase of Residential Property by Non-Canadians Act (the “Act”).
Based on significant industry feedback from across the country with respect to the unintended consequences of the nationwide prohibition on the purchase of residential property by non-Canadians that came ...
Introduction
Earlier this year, the federal government introduced the Prohibition on the Purchase of Residential Property by Non-Canadians Act (the “Act”)[1], which comes into force on January 1, 2023. The stated purpose of the Act is to address Canada’s housing affordability crisis.
The Prohibition
The Act will prohibit non-Canadians from purchasing ...
In an effort to slow a then-frothy residential real estate market, the Province adopted amendments to the Property Law Act on April 25, 2022 to establish a new homebuyer rescission regime in B.C. These amendments provide buyers of residential real estate with a mandatory “cooling-off period” following execution of a purchase agreement, giving them more time to ...
On April 7, 2022, Finance Minister Chrystia Freeland introduced the 2022 Federal Budget (the “Budget”). Included in the Budget are the following real estate related measures:
- Two-Year Ban on Foreign Homebuyers. The Budget contemplates new rules to prohibit foreign commercial enterprises and individuals who are not Canadian citizens or permanent residents from ...
Developers of residential real estate projects in B.C. have been faced with a number of legal and practical challenges as they attempt to navigate the repercussions of the current COVID-19 public health emergency. Among other things, developers have been required to find new and safe ways to operate their construction sites, administer rental buildings, complete home ...
The provincial government announced earlier today, July 25, 2016, that foreign buyers of residential real estate in the Greater Vancouver Regional District (excluding Tsawwassen First Nation lands) will be subject to an additional property transfer tax (The “Additional PTT”) of 15% of the fair market value of a foreign entity's proportionate share of property. For ...
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Our Real Estate Law Blog provides brief commentary on current legal trends and developments affecting your business. The topics addressed in Lawson Lundell’s Real Estate Law Blog are of interest to commercial real estate developers, real estate and strata agents, investors, landlords and tenants, as well as a variety of industry groups.
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