Regulations announced to accompany 10-day cooling-off period for buyers of new freehold homes: consultation period ending soon
The Homeowner Protection Act We recently published a bulletin on Ontario’s passing of the Homeowner Protection Act, 2024, which, among other things, introduced a 10-day cooling-off period for buyers of new freehold homes (the “Cooling-Off Period”). During the Cooling-Off Period, […]
Homeowner Protection Act, 2024: New freehold home 10 day cooling-off period
This is a notice that the Homeowner Protection Act, 2024 (the “Act”) has received Royal Assent, and is now in effect. Overview The Ontario government passed the Act on Thursday, June 6, 2024. The stated aim of the legislation is […]
“Time is of the Essence” in real estate transactions
A recent unanimous decision of the Ontario Court of Appeal[1] (“ONCA”) examined the meaning of a “time is of the essence” clause in an agreement of purchase and sale and the right of a non-defaulting party to terminate the agreement […]
Federal Government extends ban on foreign ownership of Canadian residential property
On February 4th, 2024, in a significant move to address the continued concerns over housing affordability in Canada, the federal government announced an extension of the prohibition on foreign acquisition of Canadian housing for an additional two years, now set […]
Municipal Land Transfer Tax to increase for “high value” residential properties in January 2024
On September 6, 2023, the City of Toronto approved increased graduated Municipal Land Transfer Tax (the “MLTT”) rates for residential properties valued in excess of $3,000,000.00 to assist with the reduction of Toronto’s budget deficit. There will be additional graduated […]
Affordable housing redefined: Ontario’s human-focused approach to providing relief in housing under Bill 134
More not-for-profit organizations’ housing projects and households will become eligible for development charges exemptions under Bill 134, announced September 28, 2023 by the Minister of Municipal Affairs and Housing of Ontario (“Minister”). This will be done through a new definition […]
Rescission and s. 74 of the Condominium Act: Chen v Brookfield Residential (Ontario) Limited, 2022 ONCA 887
The Ontario Court of Appeal recently upheld a decision in Chen v Brookfield Residential (Ontario) Limited, 2022 ONCA 887, invalidating a home buyer’s Notice of Rescission, affirming that the buyer anticipatorily breached the contract and entitling the developer to retain […]
Enhanced GST rebate proposed on new residential rental buildings to boost supply
On September 14, 2023, the federal government announced proposed legislation to boost the existing GST Rental Rebate for new purpose-built rental housing from 36% to 100% for qualifying buildings, while eliminating the phase-out thresholds for rental units above $350,000 in […]
