January 8, 2020
As we enter 2020, Blakes offers this look back at 2019 from a commercial lease perspective. It was a busy year deal-wise for the industry and, as a result, easy to fall behind on legal and other developments. This short recap is intended to get readers back on track as we all start accelerating into 2020. The general industry feeling…
Posted in: Commercial Real Estate
November 21, 2019
Pension funds invest billions of dollars in commercial real estate and operate large property portfolios. Many pension fund vehicles are subject to important restrictions on the type of investments, financing and operating strategies they can pursue. Whether you are an advisor to pension funds or a co-owner, lender or other financial partner, it is important to understand these limitations. Join…
Posted in: Commercial Real Estate, CPD/CLE, Video
October 9, 2019
The Ministry of Finance recently released Protecting and Modernizing Ontario’s Mortgage Broker Industry, a report on the legislated five-year review of the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA) led by Attorney General of Ontario Doug Downey and Parliamentary Assistant to the Minister of Finance Stan Cho. The review first launched in November 2018 with a view to improve…
Posted in: Commercial Real Estate, Financial Services Regulatory
September 24, 2019
Restrictive covenants registered on title to real property in Ontario that are stated to survive indefinitely will no longer survive forever. In a recent precedent-setting decision, Andrews v. Rago (Andrews), the Ontario Superior Court of Justice stated that restrictive covenants registered on title to real property in Ontario stated to survive indefinitely are deemed to have expired 40 years after…
Posted in: Commercial Real Estate
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 in: Commercial Real Estate, Environmental
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 in: Commercial Real Estate
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 in: Commercial Real Estate, Environmental, Infrastructure
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 in: Commercial 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 in: Commercial Real Estate, Tax
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 in: Banking, Commercial Real Estate, Financial Services Regulatory
