Business Law Archives - Douglas Mills & Chapman Wed, 12 Mar 2025 21:52:18 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.1 https://www.axesslaw.com/wp-content/uploads/2024/08/180x178-150x150.png Business Law Archives - Douglas Mills & Chapman 32 32 The City of Ottawa’s Vacant Unit Tax: Key Details for Property Owners https://www.axesslaw.com/the-city-of-ottawas-vacant-unit-tax-key-details-for-property-owners/ https://www.axesslaw.com/the-city-of-ottawas-vacant-unit-tax-key-details-for-property-owners/#respond Fri, 28 Feb 2025 18:49:34 +0000 https://www.axesslaw.com/?p=7888 In 2022, the City of Ottawa implemented a Vacant Unit Tax (VUT) to address the growing housing shortage and encourage property owners to maintain, occupy, or rent their properties, thereby increasing the housing supply. If you own property in Ottawa, it’s important to understand how this tax works, who it applies to, and what you […]

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In 2022, the City of Ottawa implemented a Vacant Unit Tax (VUT) to address the growing housing shortage and encourage property owners to maintain, occupy, or rent their properties, thereby increasing the housing supply. If you own property in Ottawa, it’s important to understand how this tax works, who it applies to, and what you need to do to stay compliant.

What Is the Vacant Unit Tax?

The VUT is an annual tax applied to residential properties that remain vacant for 184 days or more in the previous calendar year. Exemptions apply for specific situations, such as properties under renovation that keep it vacant, farms with residences, or owners living in long-term care facilities. All Ottawa homeowners must submit an annual declaration confirming whether their property was vacant or occupied.

How Much Is the Tax?

The tax is set at 1% of the assessed value of the property. For example, if your property is assessed at $500,000, you would owe $5,000 if it remains vacant for more than six months without an exemption. Starting in 2025, the tax rate will increase by 1% for each consecutive year a unit remains vacant, up to a maximum of 5% of the property’s assessed value.

Key Deadlines & How to File

The declaration deadline is March 20, 2025, while late declarations being accepted until April 30, 2025, with a $250 late fee. Failure to file may result in penalties and an automatic classification of the property as vacant, leading to taxation. Declarations can be completed online through the City of Ottawa’s website.

Final Thoughts

If you own property in Ottawa, staying informed about the Vacant Unit Tax is crucial to avoiding unnecessary penalties and ensuring compliance. To learn more about how this and other real estate policies impact you, visit AxessLaw.com/blog for expert insights and updates.

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From Steel to Structure: How Trump’s Tariffs Are Changing the Cost of Building Homes https://www.axesslaw.com/from-steel-to-structure-how-trumps-tariffs-are-changing-the-cost-of-building-homes/ https://www.axesslaw.com/from-steel-to-structure-how-trumps-tariffs-are-changing-the-cost-of-building-homes/#respond Sat, 15 Feb 2025 18:48:32 +0000 https://www.axesslaw.com/?p=7886 From Steel to Structure: How Trump’s Tariffs Are Changing the Cost of Building Homes The global economy has been rocked by shifting trade policies, and Canada is feeling the impact—especially in its real estate market. The latest wave of U.S. tariffs imposed by President Donald Trump has left homeowners, builders, and investors questioning what’s next. […]

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From Steel to Structure: How Trump’s Tariffs Are Changing the Cost of Building Homes

The global economy has been rocked by shifting trade policies, and Canada is feeling the impact—especially in its real estate market. The latest wave of U.S. tariffs imposed by President Donald Trump has left homeowners, builders, and investors questioning what’s next. With steel, aluminum, and lumber tariffs at the center of the storm, the ripple effects are reaching Canadian construction costs, housing supply, and overall affordability.

Background: The Tariffs and the Chaos

During his presidency, Donald Trump introduced tariffs on Canadian steel and aluminum (25%), sparking tension between the two countries. This move was intended to protect American manufacturing but may lead to increased costs for Canadian industries, including real estate development, which relies heavily on US imports. Indeed, RBC estimates a 3.4 – 4.2% hit to Canada’s GDP if these tariffs are sustained.

How This Affects the Canadian Real Estate Market

Increased Construction Costs: With key building materials facing higher import costs, developers are passing these expenses onto buyers. Expect higher home prices, especially in provinces like Ontario, BC, and Alberta, where demand is already strong in major metropolitans. At the same time, concerns about tariffs could make buyers hesitant, potentially causing a surge in inventory and leading to softer prices, especially as we’re still in winter—a traditionally slow time for real estate. The next few weeks are crucial; if tariffs are reinstated, sellers may panic, causing prices to drop.

Supply Chain Disruptions:  Builders are dealing with delays in materials, leading to slower project completions and a tighter housing market.

Investment Uncertainty:  Investors may be hesitant to commit to long-term projects when future market conditions, including tariffs, remain unpredictable. This unpredictability makes it difficult for investors to accurately project expenses and returns on investment. For example, a real estate developer might have initially estimated the cost of constructing a new building based on current material prices, but if tariffs increase unexpectedly, these projected costs could quickly balloon, affecting the project’s profitability or even making it financially unfeasible.

Rental Market Pressures: Long term, with fewer new homes being built and prices climbing, rental demand may surge, potentially driving up rental costs across major cities. The ripple effect could also push people to seek housing in neighboring cities or towns, driving up rental prices in these areas as well.

What’s Next for Homeowners & Investors?

While the pause on some tariffs brings temporary relief, it’s unclear how long this will last. If tariffs resume, costs could spike further, making it even more expensive to build, buy, or renovate homes in Canada. For those in the market, staying informed about trade policies and their economic impact is key. Whether you’re buying a home, investing in property, or planning a new development, keeping an eye on material costs and trade negotiations will be crucial.

Final Thoughts

Trump’s tariffs—and the uncertainty surrounding them—are reshaping the Canadian real estate landscape. With construction costs fluctuating and investment risks rising, staying ahead of the latest developments is more important than ever. For expert insights on how economic trends affect your real estate decisions, check out axesslaw.com/blog.

 

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BC’s Short-Term Rental Rules: How They Impact Homeowners & Investors https://www.axesslaw.com/bcs-short-term-rental-rules-how-they-impact-homeowners-investors/ https://www.axesslaw.com/bcs-short-term-rental-rules-how-they-impact-homeowners-investors/#respond Tue, 28 Jan 2025 18:46:44 +0000 https://www.axesslaw.com/?p=7881 British Columbia’s short-term rental market is undergoing significant changes due to new provincial regulations designed to improve housing availability. What Are the Rules? The BC government introduced the Short-Term Rental Accommodations Act (“STRAA”), which limits short-term rentals (such as Airbnb, VRBO, or Booking.com) primarily to principal residences in certain jurisdictions. This means that homeowners can […]

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British Columbia’s short-term rental market is undergoing significant changes due to new provincial regulations designed to improve housing availability.

What Are the Rules?

The BC government introduced the Short-Term Rental Accommodations Act (“STRAA”), which limits short-term rentals (such as Airbnb, VRBO, or Booking.com) primarily to principal residences in certain jurisdictions. This means that homeowners can only list properties they personally live in, with some exceptions for secondary suites or carriage homes. For the purposes of STRAA, “short-term” is defined as rentals with terms of 90 days or less.

Additionally, municipalities have been given stronger enforcement powers, including increased fines for non-compliance and better data-sharing with platforms like Airbnb, which are now required to share information with the government about short-term listings on a regular basis. The provincial government hopes these measures will encourage more long-term rental availability by reducing the number of investment properties used solely for short-term stays.

How Do These Rules Affect Homeowners?

For those who previously relied on short-term rentals as a source of income, these new restrictions could mean significant changes to their rental strategy. Homeowners with multiple properties in key markets may need to shift their investment toward long-term rentals, furnished mid-term rentals (e.g., corporate stays, traveling professionals), or selling properties that are no longer eligible for short-term rentals. Additionally, some investors might reconsider purchasing properties in BC altogether, leading to a shift in investment toward provinces with more flexible rental regulations, such as Alberta. This could impact property values in BC, especially in neighborhoods where short-term rental demand was high.

In cities where demand for housing is high, these changes may help stabilize rental prices by increasing the supply of available long-term rental units. However, some homeowners argue that these rules limit their ability to generate extra income, particularly in popular tourist areas.

What This Means for Renters & the Housing Market

While these rules present challenges for property owners, they could have positive long-term effects for renters. By converting more short-term rentals into long-term housing, the government hopes to increase rental supply and lower costs in key cities. For prospective homebuyers, these changes may also ease competition in the real estate market, as some investors exit the short-term rental business and put properties up for sale.

What Homeowners Should Do Next

  • Review your rental strategy: If you own a secondary property used for short-term rentals, consider transitioning to long-term rentals or exploring alternative rental options.
  • Stay compliant: Ensure your short-term rental follows municipal regulations to avoid fines.
  • Monitor market trends: Keep an eye on how these changes affect BC’s real estate market, as they could impact property values and rental demand.

Final Thoughts

BC’s new short-term rental regulations mark a significant shift in the province’s approach to addressing housing challenges. While these changes present challenges for some homeowners and investors, they may also help create a more balanced housing market. Whether you’re a property owner or renter, staying informed about these policies is crucial in navigating BC’s evolving real estate landscape.

For more updates on real estate laws and market trends, visit axesslaw.com/blog.

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Breaking Down BC’s New Anti-Flipping Tax Rules https://www.axesslaw.com/breaking-down-bcs-new-anti-flipping-tax-rules/ https://www.axesslaw.com/breaking-down-bcs-new-anti-flipping-tax-rules/#respond Tue, 14 Jan 2025 20:32:38 +0000 https://www.axesslaw.com/?p=7266 Attention British Columbia Homeowners and Real Estate Investors! Starting January 1, 2025, British Columbia has implemented a new Home Flipping Tax aimed at curbing speculative real estate practices. Key Details: Tax Rate: Anyone who sells a home within a year of purchasing it will have to pay a 20% tax rate on the profit. The […]

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Attention British Columbia Homeowners and Real Estate Investors! Starting January 1, 2025, British Columbia has implemented a new Home Flipping Tax aimed at curbing speculative real estate practices.

Key Details:

  • Tax Rate: Anyone who sells a home within a year of purchasing it will have to pay a 20% tax rate on the profit. The tax rate decreases gradually between 12 and 24 months of ownership and no longer applies after 24 months.
  • Exemptions: Certain life events, such as divorce, job loss, or changes in household composition, may qualify for exemptions. It’s crucial to review the specific criteria to determine eligibility.

Implications:

This tax is designed to discourage rapid property resales that contribute to market volatility and housing unaffordability. If you’re considering selling a property within two years of purchase, it’s essential to understand how this tax may affect your financial outcomes. B.C. anticipates that approximately 4,000 properties will be affected by the tax in the coming year, with the generated revenue allocated to enhancing housing programs and developing new affordable homes.

Next Steps:

Navigating this new tax requires careful consideration. At Douglas Mills & Chapman, our experienced real estate lawyers are here to provide guidance tailored to your situation. Contact us to ensure you’re fully informed and compliant with the latest regulations.

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Smart Home Tech and IoT Devices https://www.axesslaw.com/smart-home-tech-and-iot-devices/ https://www.axesslaw.com/smart-home-tech-and-iot-devices/#respond Sat, 23 Mar 2024 09:24:05 +0000 https://www.axesslaw.com/?p=4026 Smart home technology and Internet of Things (IoT) devices are transforming the real estate industry. Thanks to the rise of smart home systems and devices, homeowners now have the power to manage their homes’ diverse features and functions remotely, no matter where they are in the world. This remarkable advancement not only enhances the convenience […]

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Smart home technology and Internet of Things (IoT) devices are transforming the real estate industry. Thanks to the rise of smart home systems and devices, homeowners now have the power to manage their homes’ diverse features and functions remotely, no matter where they are in the world. This remarkable advancement not only enhances the convenience and livability of homes, but also elevates property values as prospective buyers seek residences equipped with cutting-edge smart home technology. IoT devices are small computing devices that connect wirelessly to a network and are able to receive and transmit data (think sensors, gadgets, and smart household appliances) which work directly with smart home technology to increase the comfort of living people experience across the globe.

More than 80% of buyers say they would pay more for a home that had smart tech pre-installed, and nearly 70% say they would be more likely to buy a home if it had smart tech features. Meanwhile, the IoT market is projected to reach $6.2 trillion by 2025.

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Tax Rebates for First Time Home Buyers https://www.axesslaw.com/tax-rebates-for-first-time-home-buyers/ https://www.axesslaw.com/tax-rebates-for-first-time-home-buyers/#respond Sun, 11 Feb 2024 22:15:15 +0000 https://www.axesslaw.com/?p=4058 Here at Douglas Mills & Chapman, we understand that navigating the intricacies of land transfer tax in Ontario can be overwhelming, especially for first-time homebuyers. Let’s break down what you need to know and how you might be eligible for a tax refund. Eligibility for Land Transfer Tax Refund If you’re a first-time homebuyer, you could be […]

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Here at Douglas Mills & Chapman, we understand that navigating the intricacies of land transfer tax in Ontario can be overwhelming, especially for first-time homebuyers. Let’s break down what you need to know and how you might be eligible for a tax refund.

Eligibility for Land Transfer Tax Refund
If you’re a first-time homebuyer, you could be eligible for a land transfer tax refund. To qualify, you must:

1. Be a Canadian citizen or permanent resident.
2. Be at least 18 years old.
3. Move into the home within nine months of the purchase date.
4. Never have owned a home before, anywhere in the world.
5. If married, your spouse should also never have owned a home during the time you’ve been together.
6. Must have an Agreement of Purchase and sale.

Important Points to Consider
How to Apply: The refund can be claimed at the time of registration. If registering electronically, complete the necessary fields under the ‘Explanation’ tab of the electronic land transfer tax affidavit. For paper registrations, file an Ontario Land Transfer Tax Refund Affidavit for First-Time Purchasers of Eligible Homes at the Land Registry Office. As of January 1, 2017, the maximum refund amount is $4,000. For transactions before this date, the maximum is $2,000.

Limitations and Exceptions
If you’re purchasing the home with a spouse and only one of you qualifies for the rebate, you can still claim 50% of the available refund. The refund will be proportionate to the share of the home owned by the qualifying individual.

Tax Rebate Coverage
The rebate will fully cover the land transfer tax up to a home purchase price of $368,333. For homes costing more than this, you’ll receive the maximum rebate but will owe the remaining land transfer tax.

At Douglas Mills & Chapman, we’re here to guide you through this process. If you meet the eligibility criteria, we’ll assist you in filing the necessary documents to claim your land transfer tax refund. To learn more, consider attending one of our real estate webinars or reach out to us directly.

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Title Fraud: Don’t Let It Catch You Off Guard https://www.axesslaw.com/title-fraud-dont-let-it-catch-you-off-guard/ https://www.axesslaw.com/title-fraud-dont-let-it-catch-you-off-guard/#respond Sat, 27 Jan 2024 22:10:41 +0000 https://www.axesslaw.com/?p=4051 Investing in a home is a significant milestone in your life. At Douglas Mills & Chapman, we believe in safeguarding that investment, and one crucial tool for doing so is title insurance. Title fraud occurs when scammers use counterfeit documents or stolen identities to unlawfully seize ownership of your property’s title. This allows them to either remortgage […]

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Investing in a home is a significant milestone in your life. At Douglas Mills & Chapman, we believe in safeguarding that investment, and one crucial tool for doing so is title insurance. Title fraud occurs when scammers use counterfeit documents or stolen identities to unlawfully seize ownership of your property’s title. This allows them to either remortgage your home and make off with the funds, or even sell your property without your consent.

Being targeted by title fraud could severely restrict your financial options—making it difficult to secure a mortgage, tap into your home’s equity, or sell your property. Although title insurance won’t prevent you from falling victim to fraud, it shields you from many of its repercussions. This includes covering the legal fees involved in reclaiming and securing your title.

With a one-time, affordable premium, title insurance provides you with protection for as long as you own your home. Whether you’re a new homeowner or have lived in your home for several years, there’s a title insurance policy that’s tailored for you.

We are here to invest in your security and peace of mind.

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Home Insurance vs Title Insurance – What You Need to Know https://www.axesslaw.com/home-insurance-vs-title-insurance-what-you-need-to-know/ https://www.axesslaw.com/home-insurance-vs-title-insurance-what-you-need-to-know/#respond Wed, 10 Jan 2024 22:08:55 +0000 https://www.axesslaw.com/?p=4048 At Douglas Mills & Chapman, we often encounter questions about the difference between home insurance and title insurance. While both are essential in safeguarding your investment, they serve distinct purposes and protect you in different ways. Let’s delve into the specifics. Home Insurance Explained: Home insurance is a type of property coverage that safeguards you against various […]

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At Douglas Mills & Chapman, we often encounter questions about the difference between home insurance and title insurance. While both are essential in safeguarding your investment, they serve distinct purposes and protect you in different ways. Let’s delve into the specifics.

Home Insurance Explained: Home insurance is a type of property coverage that safeguards you against various risks related to your home and its contents. This includes damage to the interior and exterior of your home, loss of personal belongings, and even medical expenses for accidents occurring on your property. Depending on your location and the specifics of your policy, you can add additional disaster coverage like flood or earthquake insurance.

The Role of Title Insurance: Title insurance, on the other hand, is fundamentally about ensuring that your ownership of the property is legitimate and secure. The title insurance policy is issued to protect you against any future claims on the property.

As for title insurance, There are generally two types of title insurance policies: a Lender’s Policy and an Owner’s Policy. The former safeguards the mortgage lender’s interests and is often a mandatory part of the mortgage process. The latter protects you, the homeowner, against any potential title issues and covers the full value of the property.

Key Differences: While home insurance protects against physical damages and losses, title insurance assures you that the property you’ve purchased is free from legal encumbrances and claims. Another significant difference is in the payment structure – home insurance is an ongoing expense paid annually, while title insurance is a one-time fee paid at closing.

Similarities and Why You Need Both: Both types of insurance may be required by lenders and both offer a layer of protection for homeowners. Home insurance ensures you have the financial resources to recover from property damage or loss. Title insurance, meanwhile, offers peace of mind that your ownership is secure against any unforeseen legal issues.

The Bottom Line: So, should you opt for both home and title insurance? The answer is a resounding yes. Title insurance is generally a non-negotiable part of obtaining a mortgage, as it protects both the lender’s and your investment. Home insurance coverage for fire loss/damage is required by mortgage lenders.

At Douglas Mills & Chapman, we believe in equipping you with the knowledge to make informed decisions. To further explore these topics, consider joining one of our real estate webinars. We’re here to guide you through every step of your homeownership journey.

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3 Ways to Protect Yourself from Title Fraud https://www.axesslaw.com/3-ways-to-protect-yourself-from-title-fraud/ https://www.axesslaw.com/3-ways-to-protect-yourself-from-title-fraud/#respond Sat, 06 Jan 2024 22:07:24 +0000 https://www.axesslaw.com/?p=4045 At Douglas Mills & Chapman, we’re acutely aware that the threat of real estate title fraud is on the rise, posing a significant risk to homeowners. This illicit activity involves identity theft to illegally register a mortgage or transfer property ownership without the actual owner’s consent. Given its growing prevalence, it’s crucial to be proactive in safeguarding […]

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At Douglas Mills & Chapman, we’re acutely aware that the threat of real estate title fraud is on the rise, posing a significant risk to homeowners. This illicit activity involves identity theft to illegally register a mortgage or transfer property ownership without the actual owner’s consent. Given its growing prevalence, it’s crucial to be proactive in safeguarding yourself. Here are some measures you can take:

Guard Your Personal Data: The first line of defense against title fraud is securing your personal information. Details like your name, home address, date of birth, and financial information can be exploited to commit fraud. Dispose of any documents containing such sensitive data by shredding or incinerating them.

Fortify Your Online Security: Your online accounts are another vulnerable point that fraudsters may target. If compromised, these accounts could be a goldmine of information for committing title fraud. To boost your online security, employ robust and unique passwords for each account, update them regularly, and make use of two-factor authentication whenever feasible. Remember, never divulge your passwords or PINs.

Opt for a Homeowner’s Title Insurance Policy: Title insurance is a safety net that protects you should a fraudulent mortgage or ownership transfer occur. Without such a policy, you could face significant expenses, including legal fees, just to reclaim your property. We at Douglas Mills & Chapman can guide you through the process of obtaining title insurance. The one-time cost is relatively minimal compared to the financial and emotional toll of experiencing title fraud.

In summary, real estate title fraud can be financially and emotionally draining for both buyers and sellers. However, by taking these preventative measures, you can significantly reduce the risk of becoming a victim. Keep your personal information under lock and key, bolster the security of your online accounts, and consider investing in a title insurance policy. By adhering to these guidelines, you’re taking significant steps to ensure your property title remains secure from fraudulent activities.

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Navigating the Digital Age: A Guide to Safeguarding Your Identity https://www.axesslaw.com/navigating-the-digital-age-a-guide-to-safeguarding-your-identity/ https://www.axesslaw.com/navigating-the-digital-age-a-guide-to-safeguarding-your-identity/#respond Wed, 04 Oct 2023 22:07:02 +0000 https://www.axesslaw.com/?p=4043 In today’s interconnected world, the risk of identity theft is more prevalent than ever. As a law firm deeply rooted in technology and customer-centric solutions, we understand the importance of protecting your personal information. Spotting Identity Theft Financial Red Flags: Keep an eye on your bank statements for any unfamiliar transactions. Digital Traps: Be cautious […]

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In today’s interconnected world, the risk of identity theft is more prevalent than ever. As a law firm deeply rooted in technology and customer-centric solutions, we understand the importance of protecting your personal information.

Spotting Identity Theft

Financial Red Flags: Keep an eye on your bank statements for any unfamiliar transactions.

Digital Traps: Be cautious of phishing emails and always verify the sender.

Legal Alerts: Monitor your credit reports for unauthorized accounts or activities.

Prevention is Better Than Cure

Strong Passwords & 2FA: Your first line of defence should be robust passwords and two-factor authentication.

Document Security: Store sensitive paper and digital documents securely.

Credit Monitoring: Regularly review your credit reports to catch any discrepancies early on.

Immediate Steps if Compromised

Report: Report to relevant authorities.

Alert: Place a fraud alert on your credit reports.

Notices: Contact your financial institutions to secure your accounts.

Why Business Executives Should Care

Executives often have access to sensitive company data and a compromised identity can be a gateway to corporate vulnerabilities. Your personal reputation is also a reflection of your professional standing. And remember, failing to protect your identity could result in regulatory repercussions. Overall, Identity protection isn’t a one-time task; it’s an ongoing commitment. For more insights on how to navigate the complexities of identity theft and cyber threats, reach out to us at Douglas Mills & Chapman.

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