The BC government has announced new legislative changes aimed at strengthening depreciation reports for strata corporations, effective July 1, 2024.

Impact on Strata Owners and Council Members

Depreciation reports provide estimates of the long-term repair and replacement costs of a strata corporation’s shared property and assets. Previously, obtaining these ...

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On April 25th, the Province enacted a flipping tax on residential property (the “Flipping Tax”), as previously mentioned in the 2024 Budget (summarized in our blog post here). The Flipping Tax, will to apply to dispositions of residential properties (including mixed use properties) in B.C. beginning on January 1, 2025.

The Province states that the purpose of the ...

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On February 29, 2024, Alberta’s Minister of Finance announced Alberta’s 2024 Budget, and in connection with this announcement, the Government of Alberta published its Fiscal Plan for the 2024 – 2027 period. In this Fiscal Plan, the Province outlined their proposal for the introduction of what they are calling a new “Land Titles Registration Levy”, which ...

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On February 22, 2024, British Columbia’s 2024 Budget was introduced. Included in the Budget are the following measures relating to real estate taxes:

[1] New Home Flipping Tax: The home flipping tax will apply to income from the sale of certain residential property sold on or after January 1, 2025 that was owned for less than 2 years. The tax rate will be 20% for properties ...

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On February 4, 2024, the federal government announced its intention to extend, by two years, the ban on foreign ownership of residential property, which first came into force on January 1, 2023. Under subsection 237(2) of the Budget Implementation Act, 2022, No. 1 (the “Budget Implementation Act”), the ban was originally set to be repealed on January 1, 2025 (meaning ...

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Through various pieces of new legislation, British Columbia (the "Province") is pursuing some of the most significant changes to housing policy in decades.

Developers can expect their negotiations with municipalities for development approval of residential projects to be significantly affected by the following:

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Posted in Real Estate

On October 24, 2023, the Supreme Court of British Columbia issued a decision finding that additional property transfer taxes of $6,000,000 were payable on a residential property. Both the registered and beneficial owners of the property in question were British Columbia companies and the individuals at the top of the structure were Canadian permanent residents. The ...

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B.C. Supreme Court allows claim against government for damages for improperly cancelled project

Most development in B.C. requires approval by government, whether through permitting, rezoning, subdivision approval, or licencing. That process often appears opaque to applicants. Denials, which can effectively terminate a project, can be given with little or no ...

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Posted in Real Estate

The federal government has announced they are removing the Goods and Services Tax/Harmonized Sales Tax (GST/HST) on all new qualifying rental housing constructions to help with the rising cost of living. This is effective September 14, 2023, subject to the passage of the related legislation.

The removal will be by way of an enhanced GST/HST Rental Rebate, available on new ...

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When are parties permitted to allocate the fair market value for real property for the purpose of remitting property transfer tax? Here is a refresher on the principles of fair market value (FMV) in real property transactions following a recent BC Supreme Court case in which the parties were entitled to allocate FMV to a property at less than the assessed value.

1184369 B.C ...

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About Us

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. 

Legal Disclaimer: The information made available on this webpage is for information purposes only. It does not constitute legal advice, and should not be relied on as such. Please contact our firm if you need legal advice or have questions about the content of this webpage. 

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