Ontario Introduces Legislation to Freeze Residential Rent in 2021

The Ontario Government introduced the Helping Tenants and Small Business Act that would, if passed freeze rent in 2021 for most residential units. The Act also proposes to change the Commercial Tenancies Act to extend the temporary ban on evictions for commercial tenants. Read the full press release here: https://news.ontario.ca/en/release/58396/ontario-introduces-legislation-to-freeze-residential-rent-in-2021

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The Importance of Status Certificates when Purchasing Condominiums

When buying a condominium, especially a resale condominium it is extremely important that you have a lawyer to review the status certificate to ensure that you are purchasing the condominium with as much information about the condominium corporation, it’s financial information, common expenses, budget, reserve fund and along with other important information included in the …

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New Build Developments & Exculpatory Clauses

A recent decision in Ritchie et al. v. Castlepoint Greybrook Sterling Inc., 2020 ONSC 3840, dismissed a class action lawsuit seeking damages on behalf of purchasers under purchase agreements to a cancelled development on the basis of an exclusion clause in the agreement.  The plaintiffs (purchasers) alleged that the vendor (defendant) terminated the purchase sale …

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Guide to Buying Property

By Anna Okorokov All the Facts First Time Home Buyers Need to Know Are you a first time home or condo buyer and have a bunch of questions you’re too scared to ask? Going through this process for the first time is a complicated experience. There are strict timelines to keep in mind, documents and …

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Millennials Making Moves !

Many more millennials are getting to a stage in their lives where they have graduated from university, they have gotten their first big job coming out of school and found their significant other. However, one recent trend amongst millennials is to prolong or delay getting married. Instead, many millennials opt to get into the real …

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Mortgage Rule Changes: Stricter Requirements for Homebuyers

Last week the Canadian Mortgage and Housing Corporation (CMHC) tightened its rules for an insured mortgage. Mortgage insurance, which protects lenders from risk of borrowers defaulting on their payments, is mandatory in Canada with loans that have a down payment less than 20%. Qualifying for a mortgage is going to get a bit more difficult …

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Selecting your Power of Attorney for Personal Care

By Anna Okorokov Your Attorney for Personal Care is the individual to whom you are giving the power to make health decisions on your behalf. Should you ever be in the position where your mental faculties are too impaired to make these decisions yourself, your Attorney can make decisions in respect of health care, nutrition, …

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Canada Emergency Commercial Rent Assistance for Small Businesses

After much deliberation the Government of Canada in partnership with the Provinces and Territories are taking action to provide relief to small business owners. The CECRA will lower rent by 75% for small businesses that have been affected by COVID-19. Landlords are required to reduce the rent payable by the tenant to 25% of the …

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Enforcing Business Contracts During COVID-19 Shut Downs

By Anna Okorokov The current shut-down of all but non-essential services means that all businesses are being affected in an extraordinary manner. The importance of securing resilience in business operations has now become paramount. Most business contracts contain a force majeure clause which comes into operation when circumstances beyond a party’s control make it impossible …

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What’s an Assignment Sale Transaction?

An assignment is a sale transaction where the original buyer of a property (the “assignor”) allows another buyer (the “assignee”) to take over the buyer’s rights and obligations of the agreement of purchase and sale, before the original buyer closes on the property. There are many reasons why this type of transaction would take place. …

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