Updates

July 22, 2022

Expansion of Speculation Tax and Cooling Off Period

For those that missed it, the BC Speculation and Vacancy Tax has been expanded to include Lions Bay, Squamish, North Cowichan, Duncan, Ladysmith and Lake Cowichan. This will not affect any closings, but any potential buyers of properties in these areas should be told of the requirement to file...

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June 8, 2022

Land Title Documents and Racist Language

A couple of recent articles in the Vancouver Sun caught my attention. The first article, published on May 27, can be found at More than $1m to remove racist language in West Van covenants: Report | Vancouver Sun  - ...

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June 1, 2022

Questions and Answers Presale Contract Clause

This is a follow up to our last email regarding a development in Maple Ridge that has a price escalation clause.  A number of you had follow up questions and I do not have time to return each question.  Below is a summary of the questions along with my answers.     Is this...

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May 25, 2022

Price Adjustment Clause in Pre-Sale Contract

Re: Price Adjustment Clause in Pre-Sale Contract For all those involved in helping clients purchase new strata units, we have recently seen a price adjustment clause in the pre-sale contract. Without getting into all of the details, if the Building Constructing Pricing Index rises by more than...

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April 8, 2022

2022 Federal Budget and Real Estate

Re: 2022 Federal Budget and Real Estate   The federal budget promises $10 billion to make housing more affordable.  Measures include tax credits for a variety of items, but the big ones, at least to me are: 2-year ban on foreign buyers; Sales taxes on assignment sales; No...

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March 16, 2022

Restrictive Covenants

Re:  Restrictive Covenants Good morning everyone, Just another note about the importance of title searches and the charges noted against title. We have learned that the 4th most expensive claim against the realtors E. and O. insurance was for the misinterpretation of a restrictive...

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March 2, 2022

Covenants on Title

I have noticed a post or two on social media regarding old covenants registered on title prohibiting anyone from certain ethnic backgrounds from owning property.  These were obviously registered several decades ago and are not enforceable. One of the questions on social asks why they are still...

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December 3, 2021

Holiday Hours Spagnuolo Lawyers

Hi all, with the holiday season upon us we thought you should know of our upcoming hours. We will be closed from Dec. 24 – 28 inclusive, and open with limited staff Dec. 29, 30 and 31. We are also closed Jan. 3, with regular hours starting Jan. 4, 2022. If you have any files to close this...

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September 27, 2021

Land Owner Transparency Report from Spagnuolo Lawyers

Re: Land Owner Transparency Report For almost a year now we have had to file a Land Owner Transparency Declaration whenever one of our clients purchased a property.  If the clients were using a company, trust or partnership as the registered owner, we have had to file a Land Owner Transparency...

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August 29, 2021

Federal Holiday Sept 30th, 2021

Re: New Federal Holiday Sept 30th, 2021 Just a heads up as we have now learned the Land Title Office will be closed on Sept 30th, 2021.  Any deals scheduled to close that day will be pushed back to October 1st, the next business day. Please also keep this in mind for any contracts about to...

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