Real Estate Law

The Office of the Superintendent of Financial Institutions (OSFI), Canada’s financial regulator, is bringing to its attention the practice of regulated financial institutions teaming up with unregulated lenders in order to avoid rules intended to restrict risky mortgage lending. Current rules prevent banks from lending over a certain percentage of equity in a residential mortgage…

The ongoing flooding disaster in BC, Ontario and Quebec reminds us to check our homeowner’s insurance policies. It is a good idea to call your insurance representative or broker and ask them what kind of water damage is covered – and what is not – and what might be available as an additional rider. Significant…

Quarry Park Law hosted a free Real Estate seminar to residents of the McKenzie Towne community in south Calgary this evening at the McKenzie Towne Council from 7-8 pm.  The seminar consisted of a 40 minute presentation with a Q&A period for attendees with coffee and light snacks. The free seminar provided information on: What…

CMHC has updated its guide for prospective homeowners. The guide is a useful tool for those interested in learning about buying a home, and the role CMHC plays in governing the marketplace. Chapters include: Decide if home ownership is right for you (an often and critically overlooked question by most homebuyers) Check if you can…

In mid-January, CMHC raised the premiums for high-ratio and other CMHC-insured mortgages. The changes come into effect March 17. Sold as a modest increase to monthly payments, CMHC has advised that the typical Canadian mortgage of roughly $250,000 would see a monthly increase in premiums of around $5. However, when reviewed from anything other than…