Toronto’s vacant home tax looms, and it will have ripples

by admin | Dec 24, 2022 | 2022 Toronto Star Property Law Columns, Toronto Star Property Law Columns

The new annual tax kicks in on January 1 and home buyers should be vigilant to avoid being on the hook for penalties of up to $10,000. Toronto’s new annual tax on vacant residences kicks in on January 1, and it will have a significant impact on how real estate...

When does a home buyer legally own the property? Sooner than you may think

by admin | Dec 10, 2022 | 2022 Toronto Star Property Law Columns, Toronto Star Property Law Columns

The old legal principle of ‘equitable conversion’ gives the buyer ownership once both sides have signed the deal, writes Bob Aaron. A compelling situation was raised in a Facebook group for real estate professionals last month by a realtor in Mississauga. The...

CREA steps back on a controversial new policy about home sale listings

by admin | Nov 26, 2022 | 2022 Toronto Star Property Law Columns, Toronto Star Property Law Columns

The plan to begin mandatory public listings of homes for sale on Jan. 1 will now be put to a vote at the next annual general meeting, writes Bob Aaron. In the wake of a torrent of negative feedback, the Canadian Real Estate Association (CREA) has suspended its new...

Expect court challenges to law banning non- Canadians from buying property

by admin | Nov 12, 2022 | 2022 Toronto Star Property Law Columns, Toronto Star Property Law Columns

Is the new law a genuine effort by Parliament to regulate immigration and citizenship, or a back door attempt to regulate property law, asks Bob Aaron. After January 1, 2023, it will be illegal for any non-Canadian to purchase residential property anywhere in Canada....

Why forcing home sellers to publicly list their properties is a bad idea

by admin | Oct 26, 2022 | 2022 Toronto Star Property Law Columns, Toronto Star Property Law Columns

Many sellers choose exclusive listings because they don’t want their homes’ details and sale prices known, writes Bob Aaron. The Canadian Real Estate Association (CREA) has announced a change in its rules that will work against the best interests of home sellers...

A home purchase offer is legally binding once it’s signed

by admin | Oct 15, 2022 | 2022 Toronto Star Property Law Columns, Toronto Star Property Law Columns

A buyer is obliged to complete the deal whether or not the deposit is paid, writes Bob Aaron. If a buyer has a change of heart after signing a purchase agreement, but before paying the deposit, is the contract still binding? That was the issue in a Superior Court case...