Category: Commercial Real Estate

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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…

Significant Proposals to Duties on Transfers of Immovables

March 18, 2016

In its 2016-2017 budget (Budget) unveiled on March 17, 2016, Quebec’s Minister of Finance (Minister) announced a series of measures that will significantly amend the system of duties applicable to transfers of immovables located in the province of Quebec. While the legislation underlying the amendments was not included in the Budget documents, the proposals will apply to transfers of immovables…

Alert: Proposed Ontario Amendment Eliminating the 30-per-cent Rule for Pension Fund Investments

March 16, 2016

The Ontario government has announced a consultation until April 29, 2016, relating to a proposed regulation change under the Pension Benefits Act (Ontario) that would permit a pension plan administrator to invest pension plan assets in more than 30 per cent of a corporation’s voting shares. The announcement suggests that a threshold may be established where corporate disclosure or undertakings…

Legal Trends 2016: Commercial Real Estate

February 23, 2016

ONE | BUOYANT DEBT MARKETS Lenders remain aggressive as competition for prime real estate lending opportunities in Canada intensifies. Borrowing rates remain at historical lows and other lending terms have become increasingly favourable for borrowers. The relaunched commercial mortgage-backed security lending programs in Canada have started to pick up steam and, together with life insurance companies, pension funds and Canadian…

Ontario Retroactively Eliminates Land Transfer Tax Exemption for REITs, Other Pooled Investment Vehicles

February 19, 2016

On February 18, 2016, the Ontario Ministry of Finance published retroactive amendments to regulation 70/91 to the Land Transfer Tax Act (Ontario), pursuant to which an acquisition of an interest in a partnership that owns land in Ontario is generally not subject to Ontario land transfer tax so long as the acquirer’s interest in the partnership does not increase by…

Changes to British Columbia Property Transfer Tax

February 17, 2016

On February 16, 2016, the British Columbia government released its 2016 budget (Budget). Contained in this budget were several important changes to the Property Transfer Tax Act (PPTA). INCREASE IN PROPERTY TRANSFER TAX RATE FOR PROPERTY IN EXCESS OF C$2 MILLION The Budget introduced a third property transfer rate of three per cent on the portion of fair market value of…

Look Ahead: 2016 Legal Trends

January 8, 2016

  While global markets can be unpredictable, we have assembled some key legal trends that may help you prepare for what lies ahead in 2016.  ​​​​   Anti-Spam   Capital Markets  ​ China    Commercial Real Estate Cybersecurity Employment & Labour Financial Services Regulatory Intellectual Property International Trade   Litigation & Dispute Resolution   Mergers & Acquisitions   Oil &…

Are You Ready? MPAC’s Next Current Assessment is January 1, 2016

November 23, 2015

MPAC’s 2016 CVA for every property in Ontario is just around the corner. Are you ready for January 1, 2016? Property taxes for the next four years, 2017 to 2020, will be based on these values. Our panel of experts will review all of the important issues, including impact on development sites and highest and best-use assessments, whether appealing your…

New Developments in Old Stratas: B.C. Proposes to Lower Threshold for Strata Termination

October 26, 2015

The British Columbia government recently introduced a bill that will, if passed, make it easier to cancel a strata plan and wind up a strata corporation under the Strata Property Act (Act). Currently, a unanimous resolution is required for the owners to cancel a strata plan and collectively become tenants in common of the strata lands or to appoint a…

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