You have worked hard for years to save up enough money to buy your dream home. You find a property that meets all your requirements; it is a beautiful home, set in a bucolic neighbourhood, close to your family and friends, you think it is safe, secure, and it has not presented any obvious defects. But when you move into your dream home, you find that all is not well. The house has major problems that the seller did not disclose to you, and no reasonable inquiries from you could have uncovered these issues. What are your options? The Un-Royal Treatment of the Crypto King A recent case from the ..read more

Purchasing a pre-construction home or condominium unit involves taking on the risk of contracting to purchase a property that may not be completed as planned. What’s even more frustrating is dealing with the spate of delays to the occupancy and closing date, with buyers left with limited recourse.  Fortunately, the Ontario New Home Warranties Plan Act, RSO 1990, c O.31 mandates specific warranties for buyers of pre-construction properties, backed by Tarion, to protect a buyer’s interest. Delayed Closing Compensation One critical warranty that builders must provide is delayed closing compe ..read more

Owners of residential property in Canada may be required to file an annual return and pay taxes under the Underused Housing Tax Act, (the “Act,”) unless they are classified as an “excluded user”. This Act became effective on January 1, 2022, and it imposes an ownership tax on vacant or underused residential properties. The Underused Housing Tax (UHT) return must be submitted by April 30th each year for each property owned as of December 31st of the preceding year. How Does This Impact Trusts? All trustees of a trust, regardless of citizenship or residency, must file the UHT return for all prop ..read more

As house prices in the GTA reached record highs, the real estate market has been under stress and scrutiny due to a combination of new federal stress tests, mortgage qualification criteria, foreign homebuyer’s tax, and rising interest rates. As a result, there has been a noticeably higher rate of buyers backing out of deals months after having their offers accepted and deposits submitted. An agreement to buy a home is a legally binding contract. Once the buyer and seller have signed the purchase agreement and the conditions have been satisfied, both parties must abide by the contract. There is ..read more

Toronto police have reported multiple cases of title fraud in the past couple of months, including one woman who had fraudsters gain access to her condo while she was living in China and sell it. In another case, a couple working in the U.K. for a few years learned from their property manager that strangers were living in their Toronto home, unaware that they had purchased it from impersonators. Brian King, an investigator with King International Advisory Group who examines these kinds of crimes, says title fraud used to be almost non-existent before the pandemic. Now, he receives reports of t ..read more

As of January 1st, 2023 the Prohibition on the Purchase of Residential Property by Non-Canadians Act, S.C. 2022, c. 10, s. 235 (the “Act”) came into effect which prevents certain non-residents from purchasing residential property in Canada. This ban is meant to address the housing supply shortage and regulate the cost of properties and will remain in place for two years. As the foreign homebuyers ban takes effect in Canada, here is what you need to know about the regulations: Why is the Ban in Effect? The ban aims to help ease one of the most unaffordable housing markets in the world. The inte ..read more

Rent is often one of the largest expenses of a business. Unfortunately, many business owners do a poor job in negotiating their commercial lease agreement. This often results in unwanted tenant surprises, expenses, and obligations that a tenant was not expecting.  By allocating time to properly negotiate the terms of a commercial lease agreement, commercial tenants can often negotiate better lease terms to better position themselves to succeed. Unlike residential lease agreements that are in a prescribed form, as mandated by the Residential Tenancies Act to better protect residential tena ..read more

When purchasing a pre-construction home, it is imperative to know where to start and what to pay attention to. 1. Mortgage Pre-approval It is important to know your budget and affordability. Whether this is your first home, or you are an experienced home buyer, a mortgage pre-approval is one of the first steps you should take in the home buying process. Getting your financing in place before you begin looking for a new home is crucial as this will save you valuable time so you can target your home search according to your budget. Obtaining a mortgage pre-approval costs nothing and is simple to ..read more

There has been a substantial increase in the number of condominium developments in Ontario over the past decade as the population continues to grow. When purchasing a condominium, obtaining the status certificate is one of the most vital steps in the entire process. As a unit owner, you have an interest in the property’s common elements. Thus, you share an interest in the assets and liabilities of the corporation. Before buying a condominium, it is important to make yourself aware of the financial and structural health of the condominium corporation by having the status certificate reviewed by ..read more

The lawyers at Mills & Mills LLP are pleased to report success on a motion for directions seeking the opinion, advice, and direction of the Court pertaining to the sale of a commercial property in Eisenstein v Joel, 2022 ONSC 4104. The firm’s estate litigation associate, Garrett Horrocks, represented the firm’s managing partner, David A.S. Mills, in his capacity as Estate Trustee During Litigation (“ETDL”) of the Estate of the late Rena Eisenstein, seeking directions regarding the sale of a commercial property in Toronto.  The two beneficiaries of Rena’s estate disagreed on whether th ..read more