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Canada’s first pre-sale register to crack down on flipping

The BC government is announcing the creation what appears to be yet another make work project to create needless government jobs (doubtless for NDP supporters). It’s called “The Condo and Strata Assignment Integrity Register.” Even the name is odd.  It implies that there is a difference between condos and stratas. However, in common parlance, a condo is a strata and vice versa. Furthermore the BC Condominium Property Act (which used… Read More »Canada’s first pre-sale register to crack down on flipping

Do Listing Agents Owe a Duty of Care to Prospective Buyers?

The short answer: YES! It has long been established that even where there is no contractual relationship, a real estate agent owes a duty to exercise care when providing information to those who may be reasonably expected to rely on it. For example, an MLS Listing contains information about the property type, its age, size, number of rooms, zoning, municipal taxes and many other things. It is reasonable to assume… Read More »Do Listing Agents Owe a Duty of Care to Prospective Buyers?

FLIPPING YOUR PRE-SALE CONTRACT: What You Need to Know

As housing prices continue to rise, once again pre-sale strata units have become all the rage. In our previous blog, we alerted our readers to some of the risks that are associated with purchasing a property that has not been built, but what about the risks in assigning interests in those pre-sale condos? An assignment occurs when the purchaser transfers their rights in the purchase contract to someone else before… Read More »FLIPPING YOUR PRE-SALE CONTRACT: What You Need to Know

Police investigating pre-sale development; condo buyers out hundreds of thousands

‘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

Vancouver Real Estate : Where are All the Buyers? (June 2018)

This summer, an important party seems to be missing from the real estate market…the Buyer. Increasing interest rates and stricter mortgage requirements seem to be having an impact as Buyers are much less active in today’s market. Sales across Greater Vancouver, Fraser Valley and Chilliwack are continuing to decline. BUT NOTE THAT SO FAR, THE PRICES CONTINUE TO RISE. Greater Vancouver In June, sales were down 14.4% from May of… Read More »Vancouver Real Estate : Where are All the Buyers? (June 2018)

Tax Me I’m Canadian! A commentary on the latest Speculation Tax

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

TIME OF THE ESSENCE clauses in Real Estate 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

How to avoid buying a Stigmatized House

There are many stigmatized properties all over the world. These properties are “stigmatized” due to circumstances or events which transpired in or around them. For example: The home could have been the scene of a murder; It might have been occupied by a serial killer or sex offender; The former resident was a member of an organized crime group or gang; The property was robbed or vandalized on prior occasions… Read More »How to avoid buying a Stigmatized House

Writing an Offer to Purchase to comply with the Vancouver Empty Homes Tax

The Vancouver Empty Homes Tax was signed by Mayor Robertson on November 16, 2016 for Class 1 Residential properties* located within the city of Vancouver pursuant to the Vacancy Tax By-Law no. 11674. Thus far no other municipality in BC has enacted similar legislation. Accordingly, by February 1, 2018 all owners of said residential properties must have submitted an Empty Homes Tax declaration (by phone or online), failing which they… Read More »Writing an Offer to Purchase to comply with the Vancouver Empty Homes Tax