Law 703 – Real Estate – week 1
GROUP DISCUSSION:
Trends:
Mortgage stress test = harder for buyers to quality – more rental = rent goes up
o Hard to qualify = go to alternate lenders
Sustainability impact = environment green
Foreign investors are going up
o = non resident specialization tax = going up (Vancouver - now 20%). 15% in Toronto
o vacant units = bad for locals because prices go up, and locals cant afford
o good if you already own a home because foreign buyers are driving the prices up, but bad if you don’t own = because cant afford
prices decreased ($780K)
o number of sales decrease 16.1%
block chain machine learning
o digital
shared economy
o airbnb – if investor = good because buying it to rent them out to short term = not subjected to rent control = but hurts the long term
renting market
o
mortgage rates
, o bank of Canada keeping rates the same, not harder to get finance – suppose to support the market going upwards
o but the stress test is still making it harder to qualify
industrial = online retail = buying more distribution space = vacancy rate lower
retail
o amazon e stores = automate
o retail = going down because of online stores
o banks going online = closing branches
retirement housing
rent controls
WEEK ONE
1. Why study real estate law?
2. Legal System
3. Constitution Act (Division of Powers & Charter)
4. Brief History
5. Estates & Interests
6. Land Recording Systems
7. Priorities
8. Control over Subdivision of Land
Why study real estate law?
• Important
o Housing
o Business
o Environment
• Impacts financial institutions
• Impacts governments
• Manage risk in buying, selling, owning and managing real estate
Legal System
• Common Law System
• (except Quebec)
• Common Law = Statute Law + Common Law
• Statute Law – gov’t made law
• Real estate = cant moved = vulnerable to gov intervention
GROUP DISCUSSION:
Trends:
Mortgage stress test = harder for buyers to quality – more rental = rent goes up
o Hard to qualify = go to alternate lenders
Sustainability impact = environment green
Foreign investors are going up
o = non resident specialization tax = going up (Vancouver - now 20%). 15% in Toronto
o vacant units = bad for locals because prices go up, and locals cant afford
o good if you already own a home because foreign buyers are driving the prices up, but bad if you don’t own = because cant afford
prices decreased ($780K)
o number of sales decrease 16.1%
block chain machine learning
o digital
shared economy
o airbnb – if investor = good because buying it to rent them out to short term = not subjected to rent control = but hurts the long term
renting market
o
mortgage rates
, o bank of Canada keeping rates the same, not harder to get finance – suppose to support the market going upwards
o but the stress test is still making it harder to qualify
industrial = online retail = buying more distribution space = vacancy rate lower
retail
o amazon e stores = automate
o retail = going down because of online stores
o banks going online = closing branches
retirement housing
rent controls
WEEK ONE
1. Why study real estate law?
2. Legal System
3. Constitution Act (Division of Powers & Charter)
4. Brief History
5. Estates & Interests
6. Land Recording Systems
7. Priorities
8. Control over Subdivision of Land
Why study real estate law?
• Important
o Housing
o Business
o Environment
• Impacts financial institutions
• Impacts governments
• Manage risk in buying, selling, owning and managing real estate
Legal System
• Common Law System
• (except Quebec)
• Common Law = Statute Law + Common Law
• Statute Law – gov’t made law
• Real estate = cant moved = vulnerable to gov intervention
