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The Trump Tower Legal Saga

The ongoing saga of the Trump Tower in Toronto has had its ups and downs for developer, Talon International Development Inc.  For those that aren't familiar, the Trump Tower (along with a few other recent developments) are somewhat novel additions to the condo market in Toronto.  The short version is that investors can buy a condo/hotel unit, where the investor pays a condo fee to cover the costs of the unit, while sharing in any money that is made by renting the unit out.  Unfortunately, a number of investors have become disillusioned now that the Trump Tower has opened, as they're faced with higher expenses and higher vacancy rates than they were expecting.  Which has led to a number of court cases, including one (discussed below) where a decision was reached last week.

 

Published in Real Estate

I've talked before about what happens to real estate deposits when a deal doesn't close.  Basically, if it's the buyer's reason the deal doesn't close, then the seller gets to keep it unless it can be shown that this would be an unconscionable result.  In the past few weeks a few cases have come out showing the practical realities of this situation, with a couple of potential buyers losing some substantial deposts.

 

Published in Real Estate

A few days ago, the Globe and Mail published an editorial titled "A Supreme Court Justice Struggles to Make an Impact".  The gist of the article is that Justice Karakatsanis, appointed to the Supreme Court of Canada in October 2011, has "written only three decisions on her own", and therefore is struggling.  The article has taken some flac (see this blog posting at slaw.ca, for example), and seems to be somewhat light on the facts (actually, it is flatly wrong on the main fact it presents, but more on that below).  So let's look at the underlying numbers, and see what they really have to say.

Published in Appeals