Real Estate
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April 15, 2024
B.C. formally recognizes First Nation’s title over traditional territory
In what is being characterized as a first in Canada, the B.C. government has negotiated an agreement that recognizes Aboriginal title over Haida Gwaii, an archipelago off the coast of the provincial mainland where the Haida people have lived for over 12,000 years.
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April 11, 2024
Ottawa unveils affordability measures to aid ‘first-time’ homebuyers, mortgage-strapped owners
The Trudeau government is proposing measures aimed at assisting “first-time” buyers to save for a home as well as helping cash-strapped owners hang on to their mortgaged homes.
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April 11, 2024
Lawyers concerned about retroactive effect, application of proposed B.C. home-flipping tax
British Columbia has announced a plan to bring in a home-flipping tax as a means of increasing the number of affordable homes in the province, but lawyers are raising concerns about the tax’s retroactive effect and the fact it applies to beneficial owners rather than legal ones.
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April 11, 2024
B.C. introduces legislation on legal profession reform; law society, bar association opposed
The B.C. government has unveiled long-promised legislation to bring lawyers, paralegals and notaries under the umbrella of one regulator. But the provincial law society and bar association have both come out swinging against the proposals, saying they would erode the independence of the legal profession.
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April 10, 2024
Ontario Court of Appeal orders borrower to pay $326,500 balance of lender fee despite failed loan
The Ontario Court of Appeal has ruled that a commercial developer must pay $326,500 in lender fees for a failed loan transaction, overturning a lower court decision that the lender was not entitled to the amount since it was payable under an unenforceable penalty clause.
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April 08, 2024
Appeal Court deems universal life insurance policy is not income from property
In a decision expected by tax pundits to set a precedent, the Quebec taxman partially lost a legal battle after the Court of Appeal held that coverage provided by a universal life insurance policy does not constitute income from property even though it is a benefit for the insured taxpayer.
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April 08, 2024
Mortgage broker’s fee: Borrower’s lawyer not liable
In a typical real estate closing, various parties may seek payment out of the proceeds of sale, including for any commissions that may be owing. Real estate and mortgage brokers will often require sellers or borrowers to pay commissions out of any funds received.
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April 05, 2024
SCC rules ‘fraud exception’ bars Canadian bank from making payment demanded under letter of credit
Elaborating on the “fraud exception” to a bank’s obligation to pay on demand under a letter of credit, the Supreme Court of Canada has affirmed 7-2 that a Canadian bank was required to refuse payment to a letter of credit beneficiary due to a third party’s fraudulent behaviour, which was also attributable to the beneficiary.
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April 05, 2024
Benefits of a separate situs will or power of attorney
Many of our readers, especially business owners, may be familiar with the concept of having multiple wills in the same jurisdiction, where each will governs different classes of assets — usually used to avoid paying estate administration tax (a.k.a. probate fees) on assets that do not require probate.
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April 03, 2024
New partners, associates at Aird & Berlis
Aird & Berlis continues to attract new talent.