Since in this blog we are discussing tax rules, I would strongly suggest you to get the advice from a qualified tax specialist. What prompted us to write a blog on the subject is frequent misinformation posted on various popular online forums stating that one must reside in the property for 1 year or more in order to qualify for the hst new construction rebate. Before we get to it let’s quickly recap what is the new construction hst rebate, and how it works in Ontario. A... [read more]

In the hot real estate market we almost never hear of an escape clause because the properties are often sold in multiple offers situation and without conditions, in the slower markets the escape clause happens more often. The escape clause in not limited to real estate and can happen in any type of contract.  Essentially the escape clause means that a party to a contract can escape or get out of the contract without a penalty. The clause can be used be either buyer or... [read more]

In short title insurance is very important, before we explain why lets briefly summarize what title insurance is. What is title insurance? Title insurance is a policy that protects residential and commercial property owners and their lenders against the losses resulting from the property title or ownership. There are tow main types, owner’s policy and lender’s policy. Is title insurance mandatory? No, it is not. If there is a mortgage on the property the lender may... [read more]

In recent years we have heard of many instances of builders demanding extra money from the purchases of pre-construction residential properties, in many cases the options were to pay thousands of dollars or to terminate the contract. This may not be that easy going forward, in the case of Dhaliwal v Midland homes the judge recently ruled that the builder must honour the original purchase price and is not entitled to any additional funds. In summary Dhaliwal’s purchased a... [read more]

A buyer of a condominium was hit with a $34,000 special assessment shortly after purchasing a condominium and the judge ruled the buyer is exempt from paying his share because the possibly of the special assessment wasn’t properly disclosed in the status certificate.   The case of Adam Bruce v Waterloo North Condominium Corporation No. 26, they buyer Adam Bruce purchased a condominium in 2021. The buyer received the status certificate package including the status certificate... [read more]