Category: Commercial Real Estate

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Ontario Land Transfer Tax Rates to Increase on Commercial Properties

November 28, 2016

On November 14, 2016, the Government of Ontario announced a series of changes to the Land Transfer Tax Act as part of the Building Ontario Up for Everyone Act (Budget Measures) (Bill). If passed, the Bill will increase land transfer tax (LTT) rates for certain properties, effective January 1, 2017. Current LTT rates in Ontario are based on the value…

New Act Will Require Ontario Corporations to Maintain Register of Real Estate Holdings

November 24, 2016

The Forfeited Corporate Property Act (FCPA) comes into force in Ontario on December 10, 2016, and will implement additional record-keeping obligations for corporations incorporated or continued in Ontario. Where a corporation is dissolved in Ontario, and that corporation is a holder of real estate, such property is automatically forfeited to the Ontario Crown upon dissolution. Prior to the FCPA, forfeited…

Worth Fighting For? Five Purchase Agreement Provisions That Deserve More Attention

October 27, 2016

Considerable time is spent negotiating purchase agreements to ensure an appropriate balance is struck between the interests of the buyer and the seller. But what is best and most efficient way to reach this balance? Blakes Commercial Real Estate group discusses five key provisions of a commercial real estate purchase agreement that are often the subject of much negotiation but…

Real Estate Developers Not Responsible for Market Declines, B.C. Court Rules

September 20, 2016

Remember when Vancouver real estate went down? In the late 1990s, the value of 89 units in Vancouver’s Westin Grand Hotel collectively decreased in value from C$18-million to C$10-million in two and a half years. Investors in the units then discovered that the developers’ disclosure statement had materially misrepresented occupancy projections, and brought a class action against the developers. Yet,…

Doing Business in Canada

September 9, 2016

Default Interest Rates on Mortgages Structured as Discounts for Timely Payment Prohibited by Section 8 of Interest Act

May 31, 2016

Section 8 of the Interest Act (Canada) (Section 8) prevents lenders from charging a higher rate of interest after default on a mortgage of real property than that charged prior to default. In other words, if a mortgage with a rate of interest of five per cent during its term is increased to 10 per cent should the borrower fail…

What You Don’t Know May Hurt You

May 18, 2016

The Blakes Real Estate group presents the next instalment of our commerciallease seminar series. This latest edition tackles a variety of issues that are oftenforgotten or overlooked, with disastrous consequences.  Sample Topics Include: Moving from Offer to Formal Lease Dangers of presenting a lease that is inconsistent with an offer Provisions that must be in an offer if you intend to…

A Lesson in Maintaining Privity: SCC Resolves Dispute over Interpretation of Alberta Agreement

May 12, 2016

On May 6, 2016, in Heritage Capital Corp. v. Equitable Trust Co., the Supreme Court of Canada (SCC) weighed in on one of the many disputes stemming from the foreclosure proceedings taken with respect to the historic Lougheed Building in downtown Calgary. This particular dispute concerned the entitlement to certain payments from the City of Calgary connected to the designation…

B.C. Introduces New Rules to End Real Estate “Shadow Flipping”

May 11, 2016

The British Columbia government has announced new rules aimed at ending the recently decried practice of shadow flipping of real estate contracts. Shadow flipping has recently become a focus of the hot real estate market in B.C. and involves a purchaser entering into a contract of purchase and sale (usually for residential property) and then assigning that contract to a…

Quebec Budget Presents Significant Proposals for Duties on Transfers of Immovable Properties

May 4, 2016

On March 17, 2016, Quebec’s Minister of Finance unveiled the 2016-2017 provincial budget (Budget) in which significant proposals to the system of duties on transfers of immovable properties were announced. This bulletin follows our March 2016 Blakes Bulletin: Quebec 2016-2017 Budget: Continued Fiscal Discipline. Despite the fact that the legislative changes arising from this Budget are not expected for several…

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