‘In court reports… they’d found some of the [pre-sale] units were pre-sold more than once – and as many as four times in some cases.’ How risky is buying a pre-sale condo? ‘Future homebuyers considering a pre-sale property might be surprised to find out what’s in the fine print. They’re drawn in by glitzy showrooms that allow them to choose their unit and finishes, and many sign contracts without really… Read More »Police investigating pre-sale development; condo buyers out hundreds of thousands
In cities like Vancouver where the mantra is eco-density (which is actually an oxymoron as there is nothing ecologically friendly or sustainable about increasing density), every property developer and his dog is seeking out older three or four story strata complexes for redevelopment. A strata council may believe the best decision is to dissolve the strata corporation especially if: the strata complex is on its last legs; the future cost… Read More »Help! My Strata Wants to Sell My Building From Under Me
Within the last six months the BC Government has made some significant changes to the Residential Tenancy Act (“RTA”) which will impact future and existing tenancy agreements –effectively making the legislation retroactive. Retroactive legislation is NEVER advisable. People make business and financial decisions every day on the basis of the existing legal and regulatory framework. Changes to the law are inevitable, but normally they are prospective, meaning that they take… Read More »Changes to the Residential Tenancy Act in British Columbia – the good, the bad and the ugly!
Buyers Take Your Pick This summer, buyers are getting more of a selection to choose from. Prices and sales may be gradually increasing month to month but in comparison to last year the real estate market is slowing down. Sales throughout Metro-Vancouver, Chilliwack and the Fraser Valley are starting to increase as we head into the busy season, but the demand is much lower than last year. Greater Vancouver In… Read More »Inventory in the Lower Mainland reaches the highest it’s been in the last two years
For true animal lovers, pets are family – FULL STOP. They provide us with countless benefits like reducing stress, lowering blood pressure, promoting social interaction, providing security, fighting allergies, alleviating depression and fostering higher self-esteem to name but a few. This is an instance where one pet owner decided he was going to fight for his dog. In a recent case heard by the BC Civil Resolution Tribunal, a North… Read More »Heartless North Vancouver Strata Council Tries to Evict Golden Retriever Puppy
Like the title to Mark Milke’s excellent book (well worth a read) suggests, Canadians –born under the colonial mantra of “peace, order and good government” roll over again and again as the federal and provincial governments in this country systematically tax them to death. The BC NDP’s latest shake down is called the “Speculation Tax.” It follows on the heels of Vancouver’s “Empty Homes Tax,” a draconian measure that penalizes… Read More »Tax Me I’m Canadian! A commentary on the latest Speculation Tax
With respect to the recent article in the Vancouver Sun regarding pre-sale assignments some clarification is in order. The media has recently coined the term “shadow flipping,” to describe the practice of assigning pre-sale contracts in BC. This practice has been going on in BC for over 15 years. Firstly, there is nothing “shadowy” (or illegal for that matter) about assigning the contract of purchase before the completion date comes… Read More »Presale Vancouver: Understanding the practice of flipping pre-sale condo contracts
“I can be late for a date that ’s fine, but he better be on time!”– Shania Twain, Any Man of Mine *tribute to Shania Twain visiting Vancouver! We have all experienced the horrible consequences of being late on occasion. This especially holds true for real estate. Timing in a real estate conveyance is critical. In the standard CBA/BCREA contract of purchase and sale one of the important terms of… Read More »TIME OF THE ESSENCE clauses in Real Estate Contracts
Everything you ever wanted to know but were afraid to ask about SUBJECT CONDITIONS in Real Estate Agreements
First off, “what is a subject condition?” It is a condition in a contract of purchase and sale which must be removed or waived by the benefitting party before a certain date, failing which the contract will terminate. The benefitting party is usually the buyer, but it could also be the seller or both the buyer and seller. Subject conditions are essential because they allow a party to carry out their… Read More »Everything you ever wanted to know but were afraid to ask about SUBJECT CONDITIONS in Real Estate Agreements
The doctrine of caveat emptor (buyer beware) is applicable when purchasing a property in this province.
In the recent case of Wang v Shao (BCSC 2018 377) contains an extensive summary of the law concerning the disclosure of stigmatizing circumstances by sellers.