MLS Requirements
THE CANADIAN REAL ESTATE ASSOCIATION’S DUTY OF COOPERATION POLICY – TRANSPARENCY VIA THE MULTIPLE LISTING SERVICE During their Annual General Meeting in April of 2023, the Canadian Real Estate Association (CREA) voted in favor of adding a policy of a “Duty of Cooperation” to be added to the Realtor Code. This duty of cooperation requires […]
Foreign Ownership of Land Amendments
Amendments to the Prohibition on the Purchase of Residential Property by Non-Canadians Act and the Regulations It didn’t take long for the government to recognize how this ban essentially discourages new comers to establish their roots in Canada and consider our country their new home. Amendments have been introduced on March 27, 2023. Noting the […]
Did You Know That The “Squatter’s Rights” In Alberta Has Been Abolished?
Last December 15, 2022, the Property Rights Statutes Amendment Act took effect. Prior to this Act, a person who has been adversely occupying private owned lands has the potential to go to Court and claim ownership. Only public land, municipal land and irrigation were protected. The new Act abolishes the ability of adverse possessors to […]
Flippers Beware: Anti Flipping Rules Are In Effect!
This 2023, in the desire to generate more income, the federal government is also cracking down certain individuals engaged in flipping residential real estate and improperly reporting the sales as business income. Principal Residence Exemption When a home qualifies as a principal residence, the income from the sale of such home may be exempt from […]