This is a statement from the Bank of Canada on 25 January 2023: “To combat inflation, the Bank of Canada responded forcefully, raising its policy interest rate from 0.25% a …
Zero Impact Schedule “B”
Everyone loves Schedule “B’s”. They are always filled with insight and inspiration! Let’s have a look at this one: The Buyer acknowledges that the property is being sold “as is …
Seller’s Disclosure
What does a Seller have to disclose? The Seller is under a legal obligation under the common law to disclose: Today, if the Seller decides not to disclose such matters, …
Ottawa Vacant Unit Tax
The City of Ottawa has passed a By-law dealing with the “Vacant Unit Tax”. It comes into force 1 January 2023 and imposes a tax of 1% of the assessed …
Offer Clauses: Toronto Vacant Home Tax
The City of Toronto has made Purchasers responsible for the added tax which might come as a surprise. So, consider adding the following clause or something similar to an Offer …
Change of Ownership and Toronto Vacant Home Tax
The City of Toronto is looking to place a lien on the property for unpaid taxes. That means that the vacant home tax will become the Purchaser’s responsibility. Have a …
Toronto Vacant Home Tax: The Declarations
“Types of Property Status Declarations Property Status Declaration Description Subject to Vacant Home Tax? Occupied as principal residence of homeowner The property is where you reside and conduct your daily …
Toronto Vacant Home Tax: Exemptions
Exemptions There are a few exemptions to the vacant home tax. Here they are: A property may be left vacant and be exempt from the Vacant Home Tax if one …
Toronto’s Vacant Home Tax and Buyers
Toronto brought in a vacant home tax. It’s in the amount of 1% of the assessed value of the property if the property was vacant for 6 months throughout the …
Buyer Discovers Appliances are Missing on Closing
Washer and Dryer Missing on Closing Question: I acted for a Buyer client. It closed today. Buyer gets keys and washer/dryer are missing. I put the following in included Chattels …