In the years just before and during the pandemic, we saw an incredible rise in home prices across Ontario, particularly in the GTA. In 2022, however, there was a huge correction in the housing market. This has led many to ask how much further home prices might fall. According to the Canadian Real Estate Association (CREA), the benchmark house price […]

If you already have a will, chances are you understand how important this legal document is for expressing your final wish and relieving your loved ones of the burden of deciding what to do with your final estate. But do your loved ones know your wishes should you become incapacitated and not die? A living will – sometimes called an […]

In Ontario, unlike non-solicit and non-disclosure provisions, as of October 25, 2021 employers cannot enter into employment contracts or other agreements with employees that requires them to not-compete.  Non-compete provisions prohibit employees from engaging in any business, work, occupation, profession, project or other activity that is in competition with the employer’s business.  It doesn’t matter when the non-compete provisions applies, […]

As of 2022 Torontonians need to pay to keep their homes vacant, whether by choice or not!  That’s right, the City of Toronto added Chapter 778, Taxation, Vacant Home Tax, to the City of Toronto Municipal Code. Beginning January 1st, 2022, if a dwelling unit in Toronto, being a self-contained residential unit that includes at least a washroom and kitchen, […]

Does your occupancy period count towards your 12 month anti-flipping of property? Bill C-32 makes a few simple changes to the Canadian Income Tax Act (the “Act”) that have drastic tax consequences for those who have “flipped property”.  For dispositions that occur after 2022, “flipped property” is taxed as business income.  The changes deem “flipped property” as inventory and not […]

The simple answer, is no.  Although not exactly clear, the language in the Prohibition on the Purchase of Residential Property by Non-Canadians Act (the “Act”), does not specify as a requirement that “ownership” be transferred, such as titled ownership by way of a deed, or “possession” be granted, such as the ability to occupy or lease the residential property to […]

Four years later (if your lucky depending how early you purchased your preconstruction condominium unit), you just finished your pre-delivery inspection (“PDI”) with a builder representative and realize that your floor plan is not exactly as illustrated in your agreement of purchase and sale, or that the total size of your unit appears slightly smaller, or that the ceiling heights […]

The Foreign Buyer Ban [see July 9, 2023 update article on recent amendments lifting some restrictions] If you have been trying to buy a house over the last few years, you may feel it’s impossible to get one for a reasonable price. Many investors are buying older houses and renovating them for a quick profit, and some foreign buyers can […]

Normally, unless explicitly written into your contract, interest is not required under law in Ontario to be paid on your deposits or any other amounts paid towards your purchase price of your proposed property prior to delivery or transfer of ownership of your condominium unit.  However, in Ontario, the condominium act (the “Act”) requires that (1) interest be paid at […]

With the holidays upon us, many of us get into the festive mood by decorating our homes for the season. Your options are practically limitless if you live in a detached residential home. You can go with a classy-looking evergreen garland and some white lights, or at the other extreme, you may be the house with the six-foot inflatable Homer […]