News & Analysis as of

Residential Real Estate Market Canada

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B.C. Court of Appeal Decides Strata Corporations Lack Standing to Bring REDMA Claims Against Developers

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Whether a strata corporation has the standing to bring representative Real Estate Development Marketing Act, SBC 2004, c 41 (REDMA) claims on behalf of owners has been a long-standing issue in strata property law. The B.C....more

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Top Five Things to Know About Proptech in Canada

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We are in the midst of a digital transformation of all aspects of the real estate industry, including development, marketing, transactions, financing and management. The convergence of property and technology, known as...more

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British Columbia Introduces the Flipping Tax—What is it and Why Should You be Aware?

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What is the Flipping Tax and Why is it Important? The B.C. government announced in its 2024 budget a plan to introduce a tax (the Flipping Tax) on income earned from the sale of a property within 730 days of acquisition....more

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Canada Extends Ban on Foreign Home Buyers to 2027

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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

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Ontario Passes Bill 97, Advancing the Province's Ambitious Housing Supply Action Plan for Homebuyers

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On June 8, 2023, Bill 97, the Helping Homebuyers, Protecting Tenants Act, 2023 (Bill 97) received royal assent. Bill 97 was initially introduced April 6, 2023 as part of Ontario's Helping Homebuyers, Protecting Tenants...more

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Le Canada assouplit les restrictions à l’achat d’immeubles résidentiels par des non-Canadiens

Le 27 mars 2023, le gouvernement fédéral a annoncé des modifications visant à assouplir les restrictions à l’achat d’immeubles résidentiels par des non-Canadiens dans certaines circonstances. Entrées en vigueur le 27...more

Blake, Cassels & Graydon LLP

Canada Relaxes Restrictions on Non-Canadians Buying Residential Property

On March 27, 2023, the federal government announced amendments intended to relax the restrictions on non-Canadians purchasing residential property in certain circumstances. These amendments came into force as of March...more

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New Rules for Foreign Home Buyers in Canada Now In Force: Here's What You Need to Know

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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

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Toronto’s New Vacant Home Tax – Deadline Fast Approaching

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Toronto’s New Vacant Home Tax is an annual tax that will be levied on vacant Toronto residences starting in 2023. The Bylaw supporting the new vacant home tax came into effect on January 1, 2022, and the tax will become...more

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New Rules for Foreign Home Buyers in Canada Now In Force: Here's What You Need to Know

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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

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Significant Changes Ahead: What You Need to Know About the More Homes Built Faster Act, 2022

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Key Highlights - - The proposed legislative changes are part of the government's long-term strategy to build 1.5 million new homes in Ontario within a decade. - Some of the key changes in Bill 23, if passed, will have...more

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Proposed Amendments Aim to Protect Purchasers of New Homes In Ontario

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The Ministry of Public and Business Service Delivery has proposed amendments to the New Home Construction Licensing Act, 2017 (Licensing Act). If passed, these amendments will increase fines for developers and builders who...more

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Canada's Ban on Foreign Home Buyers Soon In Effect: Update and What's Next

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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

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Seller Beware? Proposed “Cooling-Off Period” Will Allow Buyers of Residential Real Estate in B.C. to Walk Away

Purchasers of residential real property in British Columbia (B.C.) may soon benefit from a statutory “cooling-off period” — to be known as the Homebuyer Protection Period — under changes to the Property Law Act (British...more

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B.C. Working to Strengthen Protection for Home Buyers

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On November 4, 2021, the B.C. Government announced that it will introduce new legislation that requires a cooling-off period for resale properties and newly built homes. The Ministry of Finance and B.C. Financial Services...more

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New Toronto Policy Mandates Affordable Housing

For many Torontonians, the cost of housing has consumed a growing percentage of their income. In an effort to address this, on November 9, 2021, Toronto City Council adopted amendments to its official plan and comprehensive...more

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B.C. Expands Property Transfer Tax Exemption for Residential Property Purchases

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On May 3, 2021, by Order in Council No. 277, the Government of British Columbia amended the Property Transfer Tax Regulation, B.C. Reg 74/88. This amendment relates to the application of the additional property transfer tax...more

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