Commercial Real Estate Archives - Blakes Business Class

Category: Commercial Real Estate

Quebec Tightens Restrictions on Construction and Other Projects in Flood-Prone Areas

July 18, 2019

In 2017 and 2019, Quebec was struck with severe spring flooding. In the Spring of 2019, floods affected more than 250 municipalities, damaged thousands of residences and forced the evacuation of over 13,500 people. Following these incidents, municipalities and the Quebec government were criticized for issuing construction permits in flood zones over the years. In response, the government has set…

Posted by:

Anne-Catherine Boucher, Mathieu Nolin and Michael Checchin (Summer Law Student)

Posted in: Commercial Real Estate, Environmental

Transparency is Coming: B.C. Passes Real Estate Beneficial Ownership Disclosure and Public Registry Law

May 28, 2019

On May 16, 2019, the Land Owner Transparency Act (LOTA), one of the B.C. government’s signature pieces of legislation to address hidden ownership of real estate in B.C., became law. LOTA requires disclosure of individuals who hold, directly or indirectly, beneficial interests in land in B.C., including through corporate and partnership structures. It also creates a publicly searchable registry of…

Posted by:

Mike Ventresca and Steven Dhesi (Articling Student)

Posted in: Commercial Real Estate

B.C. Strengthens Protections for Heritage Sites, Introduces Mandatory Reporting Requirements

March 14, 2019

The British Columbia government recently introduced amendments to the Heritage Conservation Act (Act) to strengthen protections for heritage and archeological sites and objects in the province. Proposed amendments include a duty to report the discovery of a site or object that may have heritage value, which may impact both existing and planned property development and infrastructure projects. Failing to report…

Posted by:

Carrie Fleming and Nardia Chernawsky

Posted in: Commercial Real Estate, Environmental, Infrastructure

There Must Be Some Mistake: Purchase Price Must Be in Numbers and Words…or Not

February 15, 2019

The recent decision of Intergulf Investment Corporation v. 0954704 B.C. Ltd. from the British Columbia Court of Appeal (Court of Appeal) serves as a reminder to buyers and sellers of real estate, and their agents, to exercise care when drafting purchase and sale agreements. It should also help put to rest an outdated and unnecessary practice of writing the purchase…

Posted by:

Mike Ventresca and Krystal Grey (Student-at-Law)

Posted in: Commercial Real Estate

What the New Speculation and Vacancy Tax Act Means for B.C. Real Estate

January 4, 2019

British Columbia’s Speculation and Vacancy Tax Act (Bill 45) (SVTA) recently received royal assent. As announced in the 2018 provincial budget, the SVTA introduces a tax on residential properties left vacant for six months or more within a calendar year (Speculation Tax). APPLICATION OF TAX The Speculation Tax applies on the basis of an owner’s interest in a residential property…

Posted by:

Bill Maclagan and Aideen Brennan

Posted in: Commercial Real Estate, Tax

Ontario Seeks Input on Regulation of Provincial Mortgage Businesses

December 11, 2018

The Ontario Ministry of Finance is seeking input from the public and other stakeholders with respect to a legislative review of the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA). The review focuses on streamlining the MBLAA and reducing any unnecessary regulatory burden and costs. The review may also afford those in the mortgage industry the opportunity to seek to…

Posted by:

Dawn Jetten, Victoria Allsopp and Katie Patterson

Posted in: Banking, Commercial Real Estate, Financial Services Regulatory

Real Estate Developers in B.C. Face New Reporting Requirements for Assignments of Pre-Sale Purchase Agreements

November 19, 2018

Effective January 1, 2019, developers marketing real estate development properties located in British Columbia will be subject to new information collection, reporting, and document retention requirements with respect to assignments of purchase agreements. Developers currently undertaking (or planning to undertake) a new development must ensure their purchase agreements comply with the new requirements. These changes follow the province’s passage of…

Posted by:

Tony Magre and Mike Ventresca

Posted in: Commercial Real Estate

B.C. to Crack Down on Hidden Ownership of Real Estate with New Reporting Obligations

July 4, 2018

On June 20, 2018, the B.C. Ministry of Finance released a white paper on draft legislation that will require reporting on beneficial ownership of land in B.C. The draft legislation, titled the Land Owner Transparency Act (LOTA), follows the government’s announcement in the 2018 budget that it intends to collect and make available information about beneficial ownership of land in…

Posted by:

Mike Ventresca

Posted in: Commercial Real Estate

Negotiating Commercial Real Estate Purchase Agreements: Getting Past the Sticking Points

April 26, 2018

Negotiations of commercial real estate purchase agreements can, on occasion, become stalled while the buyer and the seller attempt to find common ground on issues of concern to each of them. The negotiation process requires each party to assess whether to “dig in” or concede on key points. Members of the Blakes Commercial Real Estate group examine several provisions in…

Posted in: Commercial Real Estate, CPD/CLE, Substantive, Video

Secure the Deal: Be Clear About Title in Real Estate Purchase and Sale Agreements

March 22, 2018

In its recent decision, JBP Developments Ltd. v. Li, the Supreme Court of British Columbia (Court) reminded sellers of real estate and their advisers about the basic obligation to transfer clear title to the property for sale. Sellers of real estate should ensure that purchase and sale agreements are carefully drafted and include terms clearly setting out what title restrictions…

Posted by:

Mike Ventresca

Posted in: Commercial Real Estate