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Tag: Toronto Lawyers

My Two Cents on the Canadian Real Estate Market and Housing Prices in 4 Minutes

Every other day I get asked “what’s the deal with the Canadian Real Estate market and housing prices is there a cap? Will there be a bust/crash? What will be the floor?” After spending 4 minutes thinking about it; the following is just my two cents! Over the past few years, I wake up every morning and on the news I usually hear or read a combination of a few of the following:Greece is bankrupt;Europe is on shaky grounds with an ongoing debt crisis;North Korea has nuclear capability;India has nuclear long range capability with not just China on their list;Iran has or will have nuclear capability;Syria is in the middle of a revolution;Libya is crippled;In Africa there are 24 countries each dealing with some kind of war, and 88 countries with war between militias-guerrillas and separatist groups, there are 6 provinces struggling for independence;

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REAL ESTATE LAW UPDATE: Can the Court Refuse a Remedy Under the Partition Act?

In a past article, it was discussed that under the Partition Act R.S.O. 1990 (the “Act”) one has a prima facie right to partition or sell a co-owned property in which they have legal and or an equitable interest in.  The presumption is in favour of a partition rather than a sale, however, a sale can be ordered if partition is impossible and if a sale is more advantageous to the parties.  The courts cannot refuse a partition or sale as long as the intent of compelling such is not vexatious, oppressive or malicious.  A recent case from the Ontario Court of Appeal examined what constitutes oppressive conduct in relation to when the remedy available under the Act may be denied.Garfella Apartments Inc. v. Chouduri et. Al. 2010 ONSC 3414 (“Garfella”) is an interesting case in that it deals with an apartment building with a peculiar ownership arrangement.  In Ontario, most apartment buildings are owned by a company (or perhaps several companies) and each unit is rented to tenants.   Another common form of apartment building ownership is a condominium whereby every apartment unit is completely owned by a person(s) and the condominium corporation would manage the entire building but the building is not owned by a

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Real Estate law: Can You Refuse to Close if Your Condominium Square Footage is Less Than You Bargained For?

In real estate law, representations are very important elements to any agreement of purchase and sale.  Typically the party selling the property will represent things such as the size of the land, the size of the dwelling, that the chattels and fixtures included in the purchase price are free and clear of encumbrances and in working order, etc.  In law, a representation is defined as a statement of past or present fact without the statement necessarily also being a promise, although the law has recognized that a representation can be both a promise and a representation.  While the topic of representations in contracts is extremely comprehensive, 756289 Ontario Limited et al. v. Milan Harminc, (1998) CarswellOnt 1577, 98 G.T.C. 6206 (“Harminc”) is one example of where a representation affected a real estate transactions with respect to the representation of square footage.Harminc is a case wherein a buyer purchased a commercial condominium property from a builder.  The buyer refused to close and the builder sued the buyer for breach of contract and sought damages.  While the defendant buyer advanced a number of arguments for his defence, the case turned on whether the builder misrepresented to the buyer the square footage of the property and if so, whether that misrepresentation was material enough to entitle the buyer to rescind the contract and refuse to close.

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Real Estate Law: Buying Real Estate with Other Parties or Trying to Sell Real Estate Owned with Others?

Often individuals and companies purchase property together either as a means to secure financing, registered ownership or as a business venture.  For various reasons, often financial, one or some of the parties need to relinquish their interest in the property.For example, Joan and Bob purchased a multiplex as tenants in common with a fifty (50) percent interest each in the property.  After a few years, Bob’s financial circumstances change and wants to either sell his share of the property for fair market value to Joan or sell the property to a third party buyer.   Joan cannot afford to buy Bob’s share of the property because she just invested in another multiplex however she really wants to keep the property because it is in a great location and the tenants are never a problem.  Can Bob compel Joan to sell the property?

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