Condo Developer’s Early Termination Provision Upheld: Lack of Financing Options Enough Reason to Terminate Sales Agreements
In Reddy v. 1945086 Ontario Inc., Justice Penny of the Ontario Superior Court of Justice (Commercial List), upheld the cancellation of sales agreements of condominium units on the basis that the developer could not secure acceptable financing. 605 purchasers of condominium units sued the vendor of a development in Vaughan, Ontario that was to be known as the Cosmos Towers. The cancellations triggered considerable media interest. They argued that the vendor wrongly terminated their sales contracts and that the vendor’s claimed inability to secure acceptable financing for the project was not a valid reason for the cancellations. By regulation, only prescribed conditions ... [more] Full article
Court of Appeal Smokes Rescission Finding in Grow-Op Case
The Court of Appeal for Ontario recently rejected a home buyer’s attempt to rescind a real estate deal on the grounds that the house in question had previously been used ... [more] Full article
Supreme Court of Canada (partially) upholds judgment against former Livent auditor
On December 20, Canada’s highest court released a hotly anticipated decision that is almost certainly the final act in the more than 20 year saga of a formerly pre-eminent theater ... [more] Full article
Suing for unpaid legal fees (usually) not illegal, Divisional Court confirms
For decades, Ontario lawyers suing to collect their accounts have sometimes faced an obscure but potentially devastating obstacle: the Solicitors Act (Ontario).[1] On its face, s. 23 of the Act seems to ... [more] Full article