CANADA Law and Practice Contributed by: Rachel V Hutton, Michael L Dyck, Mario Paura and Patrick Morin, Stikeman Elliott LLP
Transparency and Disclosure Requirements Ontario has also imposed onerous disclosure requirements as part of its land transfer tax regime, including details of shareholdings and beneficial ownership for transfers of agricultural land and certain residential properties. Similarly, in British Columbia, legislation exists to increase transparency of hidden (beneficial) ownership of real estate. A publicly accessible registry of indirect owners of land came into effect on 30 November 2020, and became accessible to the public on 30 April 2021. While certain informa - tion is publicly available on such registry, more sensitive information is only available to law enforcement/government agencies. Disclosure of these material interest-holders is required on
exclusive right of possession during the lease term to the tenant. Other non-possessory rights in land include: • easements and rights-of-way to use a portion of land for a specified purpose; and • restrictive covenants restricting the use of land. Licences to use land are contractual, do not cre - ate an interest in land and generally do not grant exclusive possession. In Quebec, real estate is generally governed by the Civil Code of Quebec, which distinguishes between personal rights and real rights. 2.2 Laws Applicable to Transfer of Title Transfers of title are governed by provincial and territorial statute. Certain jurisdictions (Alberta, Manitoba, Prince Edward Island, Quebec and Saskatchewan) restrict the ownership of farm - land or rural recreational land by non-residents. In Quebec, non-residents who are restricted from acquiring farmland include residents of other Canadian provinces or countries (in the case of individuals) and those whose directors and ultimate shareholders are not domiciled in Quebec (in the case of corporate entities). See also 2.11 Legal Restrictions on Foreign Inves- tors regarding the federal Prohibition on the Pur - chase of Residential Property by Non-Canadians Act. 2.3 Effecting Lawful and Proper Transfer of Title In common-law jurisdictions, registered (legal) title is typically transferred to the buyer upon registration of a deed or transfer in the relevant land registry office. In Quebec, ownership is transferred as soon as there is a “meeting of
a retroactive and ongoing basis. Social or Affordable Housing
In Quebec, all municipalities, intermunicipal boards and transit authorities were recently giv - en powers that used to be only available to the City of Montreal to acquire properties, notably for the purposes of social or affordable housing.
2. Sale and Purchase 2.1 Categories of Property Rights
Property rights fall within the jurisdiction of the provinces or territories, and differ across the country. Each jurisdiction has statutes that gov - ern the acquisition, ownership, use, financing and development of real estate. In common-law jurisdictions, a freehold estate in real property is a right or interest that exists for an indefinite duration. Conversely, leasehold estates have a fixed duration. A fee-simple estate is the most common freehold estate in Canada and is con - sidered absolute ownership of real property. A leasehold estate is not absolute but confers an
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