The City of Vancouver (the “City”) has issued a new corporate policy on Letters of Credit that sets out the requirements that must be met where applicants for City approvals are required to provide security to the City for development or non-development projects.
The policy provides that the City will not accept any form of cheque (whether certified or not) or bank draft ...
The British Columbia Law Institute published on September 1, 2016 its Consultation Paper on Complex Stratas seeking public comments on proposed reforms to the Strata Property Act and its regulations concerning sections, types, and phases.
The BCLI carries out scholarly research, writing and analysis for law reform, collaborating with government and other entities ...
The provincial government’s new 15 per cent tax on foreign purchasers of residential property is the talk of the town in Metro Vancouver. While many local residents have spent the last several days debating about the likely effect of the tax, others are already facing the consequences as buyers respond to the tax by failing to complete on binding agreements of purchase and ...
On July 28, 2016 highly anticipated changes to the British Columbia Strata Property Act came into effect by regulation. The following news release from the government provides more information about these amendments.
Of key importance to strata corporations, developers and owners alike is the reduction in the voting threshold required to terminate a strata ...
In our blog post from July 25, 2016 we highlighted the provincial government's introduction (effective August 2, 2016) of the new 15% property transfer tax (the "Foreign Entity Tax") on foreign buyers of residential property in the Greater Vancouver Regional District ("Metro Vancouver").
The Foreign Entity Tax has been introduced by way of an amendment to the Property ...
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 ...
On June 28, 2016, the Independent Advisory Group (“IAG”) issued its Report on the conduct and practices in the Real Estate Industry in BC. The IAG investigated the real estate industry and the existing regulatory regime, in the context of the current extra-ordinary real estate market and reports of inappropriate practices.
The Province announced that it will end the ...
The Province has announced new regulations pursuant to the Real Estate Services Act (“RESA”) that impose new duties on licensed B.C. real estate agents effective May 16, 2016, that will restrict the assignment of contracts of purchase and sale of real estate. The Regulations are intended to cool the overheated real estate market and reduce the number of contracts being ...
The Supreme Court of Canada issued its reasons today in Krayzel Corp. v. Equitable Trust Co., 2016 SCC 18, adding some clarification to a mortgage lender’s right to protect itself from the increased commercial risk associated with a defaulting mortgagor through the use of interest rates, given s. 8 of the Interest Act which reads as follows:
No fine, etc., allowed on ...
On November 16, 2015 proposed changes to the British Columbia Strata Property Act in Bill 40-2015 were approved by the provincial legislature. These changes will come into effect after related regulatory changes are made, which is expected to occur in early 2016. This amendment, among other things, will make it easier for strata corporations to terminate their strata by ...
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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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