The Government of Canada has announced a two-year extension to an existing ban on foreign ownership of Canadian housing. The Prohibition on the Purchase of Residential Property by Non-Canadians Act (the Act) was set to expire...more
The Rosseau Group Inc. (Rosseau) was a real estate developer. Rosseau entered into an agreement of purchase and sale with 2528061 Ontario Inc. to buy land for development purposes. Once the land had been rezoned and...more
We all take real property purchase agreements seriously. We read only the title and we know that a transaction is likely to occur, perhaps a significant one. We can also reasonably expect that there will be a property, a...more
On December 2, 2022, the Privy Council passed an Order in Council confirming regulations related to the Prohibition on the Purchase of Residential Property by Non-Canadians Act (the Act). The Prohibition on the Purchase of...more
What Is the Underused Housing Tax and Why does It Matter? The federal government's Underused Housing Tax Act1 (the Act) and the associated Underused Housing Tax Regulations2 (the Regulations) both took effect on January 1,...more
On December 2, 2022, the Privy Council passed an Order in Council confirming regulations related to the Prohibition on the Purchase of Residential Property by Non-Canadians Act (the Act). The Prohibition on the Purchase of...more
Key Highlights -
- Prohibition on the Purchase of Residential Property by Non-Canadians Act comes into force on January 1, 2023.
- Impact of the Act will be clearer once the federal government releases draft...more
Change is coming to Ontario's Real Estate Business Brokers Act, 2002 (REBBA), and March 15, 2019, is your last chance to chime in. Earlier this year, the Ministry of Government and Consumer Services announced its plan to...more
In the current market of soaring real estate values, particularly in and around the City of Toronto (Toronto being the only Ontario municipality to levy its own transfer tax in addition to the provincial tax), an...more
The Ontario Business Corporations Act now requires all Ontario corporations holding ownership interests in land in Ontario to maintain a register of their ownership interests at their registered offices. Ontario corporations...more
On Tuesday April 10, 2018, the Ontario mining community woke up to a new reality as the third phase of the Ontario government's Modernizing the Mining Act process was put into effect. Following the lengthy hiatus period that...more
In a decision of critical interest to the holders of overriding royalties in the mining and oil and gas sectors, the Ontario Court of Appeal has clarified the test used to determine when a royalty interest constitutes an...more
Starting April 30, 2018, landlords and tenants entering into private residential leases must use Ontario’s new standard form of lease. The standard form is intended to simplify the rental agreement process in Ontario. It is...more
The provincial government announced today that effective April 21, 2017, it is imposing a 15-percent non-resident speculation tax on the purchase or acquisition of interests in residential property located in the Greater...more
The City of Toronto has increased its municipal land transfer tax rates to match the recent changes to provincial land transfer taxes, effective March 1, 2017....more
On November 14, 2016, the Ontario Minister of Finance, Charles Sousa, presented the 2016 Ontario Economic Outlook and Fiscal Review in the Ontario Legislature. Among the various proposals in the Outlook, the Minister proposes...more
The Province of Ontario is introducing new corporate record-keeping requirements for all Ontario corporations having an "ownership interest" in land, effective December 10, 2016....more
On February 18, 2016, the Ministry of Finance filed a new regulation under the Land Transfer Tax Act which purports to be retroactive to July 19, 1989 (O. Reg. 35/16)....more
Over the last 20 years, since the introduction of the electronic land registry system, real estate in Ontario has slowly been making its way into the electronic age. On July 1st, 2015 another step was taken. All real estate...more
7/10/2015
/ Canada ,
Closing Documents ,
Document Management ,
E-Commerce ,
E-Signatures ,
Encryption ,
Functional Equivalent ,
Mortgage Lenders ,
Real Estate Transactions ,
Statute of Frauds ,
Title Companies