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Buying a New RENTAL Property? You May Qualify for a GST Rebate!

If you are purchasing a newly constructed or substantially renovated residential property for rental purposes, the purchase price will be subject to goods and services tax (“GST”).  However, you may qualify for a rebate of a portion of the GST payable through the Canada Revenue Agency’s (“CRA”) “GST/HST New Residential Rental Property Rebate.” The GST/HST […]

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Closings for real estate transactions following floods

As Alberta’s online Land Titles system (SPIN II) is running, closings can be completed as scheduled for both residential and commercial real estate transactions.  In certain instances, title insurance may be needed to faciliate a timely closing. This, of course, does not apply to properties which are not accessible or which have been damaged or […]

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Do I need my own insurance policy if I own a condominium unit?

In Alberta, every condominium corporation is required to take out and maintain insurance on the common property and the individual units against perils such as fire, hail and flood. This insurance typically covers the common property and the structural elements of the units.  The unit owners share in the premiums for the condominium corporation’s insurance […]

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What is the effect of a CMHC or GE insured (“High-Ratio”) Mortgage?

In Canada, a home buyer or home owner obtaining a mortgage loan where the principal amount of the mortgage is greater than 80% of the value of the property will be required to obtain default insurance for the lender. This default insurance is typically provided by the Canada Mortgage and Housing Corporation (“CMHC”) or Genworth […]

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