Real Estate Law:
Legal professionals specializing in the legal aspects of buying and selling real estate properties. We assist in many transactions associated with the transfer of property. We at VC Law are here to help you buy, sell or refinance a home anywhere in the GTA. We will close your deal successfully, without undue delay and costs. We offer legal advice on Mortgages, Title Insurance, standard charge terms and Independent Legal Advice when necessary.
- Residential Purchase and Sale
- Commercial Purchase and Sale
- Mortgage Refinancing
Title insurance is an insurance policy that protects residential or commercial property owners and their lenders against losses related to the property’s title or ownership.
- Unknown title defects (title issues that prevent you from having clear ownership of the property);
- Existing liens against the property’s title (e.g. the previous owner had unpaid debts from utilities, mortgages, property taxes or condominium charges secured against the property);
- Encroachment issues (e.g. a structure on your property needs to be removed because it is on your neighbor’s property);
- Title fraud;
- Errors in surveys and public records
Land Transfer Tax:
Effective April 21, 2017, a 15% tax is imposed on the purchase or acquisition of an interest in residential property located in the Greater Golden Horseshoe by individuals who are not citizens or permanent residents of Canada or by foreign corporations (foreign entities) or taxable trustees. This new tax is in addition to Ontario’s current Land Transfer Tax. The implementation of the Non‑Resident Speculation Tax is subject to the approval of the Legislature. Find out More…
Prohibition on the Purchase of Residential Property by Non-Canadians Act
Effective as of January 1, 2023, the Prohibition on the Purchase of Residential Property by Non-Canadians Act (the “Act”) prevents non-Canadians from buying residential property in Canada for 2 years.
The Act defines residential property as buildings with 3 dwelling units or less. This includes semi-detached houses and condominium units. The Act doesn’t prohibit the purchase of larger buildings with 4 or more dwelling units.
Non-Canadians can purchase residential properties located outside of Census Metropolitan Areas (CMA) and Census Agglomerations (CA).
Certain exceptions apply allowing Non-Canadians to purchase a residential property in defined circumstances.
If a non-Canadian, or anyone who knowingly assists a non-Canadian, is convicted of violating the prohibition, they will have to pay a fine of up to $10,000. Additionally, a court can order the sale of the residential property.
Regulations Amending the Prohibition on the Purchase of Residential Property by Non-Canadians Regulations
- the Act no longer prohibits the acquisition by non-Canadians of land that does not contain a habitable dwelling and is zoned for mixed use or residential use;
- the prohibition under the Act and Regulations no longer applies to any entity formed under Canadian provincial or federal law and publicly traded on a stock exchange in Canada, including REITs;
- the Act and Regulations continue to apply to non-publicly listed entities and corporations formed under Canadian provincial or federal law if they are “controlled” by a non-Canadian individual or entity, however, the threshold for “control” has been increased from 3% to 10% of the value of equity or voting rights. Accordingly, private corporations, REITs and limited partnerships will continue to be impacted provided their investor base is at least 10% foreign controlled;
- there is now an exemption that allows non-Canadians to acquire residential property for development purposes; and
- the Amendments make it easier for temporary residents holding a work permit to purchase residential property.