Blended families add complexity to estate planning

Relationship dynamics in even the most conventional of nuclear families can make estate planning tricky, but blended families take the complexity to another level. More and more Canadians are finding marriage success at the second or third attempt, forming new family units that include children from previous relationships. Provincial laws have evolved to catch [...]

By |2020-07-16T20:37:15+00:00July 16th, 2020|

Don’t forget your digital assets when drafting a will

Much of our lives are lived online these days, but people still forget their digital assets when it comes to estate planning. A BMO Wealth Institute survey on the subject found members of the Baby Boomer generation generally recognized the importance of digital assets and access to them after death. Yet even among this [...]

By |2020-07-09T16:48:52+00:00July 9th, 2020|

Trust is key when picking POAs

Trust should be top of mind when drafting powers of attorney.Under Ontario’s Substitute Decisions Act, attorneys for property are granted authority over the grantor’s property, including their finances and bank accounts. Meanwhile, attorneys for personal care take responsibility for decisions about the person’s health care broadly, including nutrition, shelter, clothing, hygiene, and safety.You don’t have [...]

By |2020-07-02T19:34:13+00:00July 2nd, 2020|

Toronto cracks down on Airbnb

Toronto is making a name for itself as one of the least hospitable places for Airbnb landlords and guests. The COVID-19 emergency has prompted a number of condo boards worried about spreading the disease to ban residents from listing their units on it or other short-term rental sites, even as bookings dried up in the wake of [...]

By |2020-06-25T17:12:27+00:00June 25th, 2020|

Cooling-off period for new condo purchases can reduce sting of closing adjustments

Brand new condo buyers can avoid a nasty shock on closing day by visiting a real estate lawyer during the cooling-off period. Unlike resales, new-build condo purchases have a whole host of extra steps and adjustments that can easily catch a normal consumer off guard. Luckily, provincial law accounts for the unique nature of [...]

By |2020-06-15T18:26:04+00:00June 15th, 2020|

Buyers have the upper hand in pandemic-hit real estate market

COVID-19 has turned the real estate scene into a buyer’s market – at least for now. Since the pandemic took hold, we have had to say goodbye to many aspects of normal life, which for Torontonian home sellers used to include the enticing prospect of bidding wars and over-asking offers. According to a recent [...]

By |2020-05-25T16:35:57+00:00May 25th, 2020|

Aborted real estate deals can cost buyers

Backing out of a real estate deal is a risky business for prospective homebuyers, especially in a volatile market. Real estate brokerage Zoocasa recently predicted a return to good times in 2020 for the Canadian market – at least on the selling side – with prices and sales expected to grow significantly over the next [...]

By |2020-04-01T17:43:48+00:00April 1st, 2020|

Don’t rush into property co-ownership

Think long and hard before partnering up with a friend to buy a house.In a real estate market as crazy as the Toronto’s – the average price of a house hit $838,000 at the end of 2019, up 12 per cent on the previous year – it’s no wonder younger people are looking for alternative [...]

By |2020-05-06T21:47:09+00:00March 2nd, 2020|

Always review a current status certificate before buying a condo

Buying a condo is not the same as buying a house. With a condo, there are a few extra details you should check before signing the deal. A crucial one is the status certificate. Here’s why. One woman we know simply had her lawyer review the status certificate’s summary page before getting the go-ahead to [...]

By |2019-09-03T15:20:06+00:00September 30th, 2018|

Buying a house with a tenant? Here’s what you need to know

For many homeowners, renting out the basement or other areas of their home is an attractive idea. After all, having a tenant helps cover mortgage costs, making the purchase easier to afford. In exchange, all you (hopefully) have to do is fix the occasional leaky faucet. But having a tenant in a single-family home can [...]

By |2019-09-03T18:10:18+00:00April 2nd, 2018|