Property division laws for two people living in a relationship of interdependence, such as a common-law couple, changed on January 1, 2020.
In Alberta, when a married couple divorces, both spouses are entitled to a portion of the marital property according to the Matrimonial Property Act, RSA 2000, c M-8. This legislation provides the courts the framework for the distribution of marital property between spouses.
Before January 1, 2020, this did not apply to common-law couples. The Matrimonial Property Act only applied to married spouses or former married spouses. But now most Canadian jurisdictions, including Alberta, recognize that persons in common-law relationships, or "Adult Interdependent Relationship," are entitled to property division rights if the relationship breaks down.
Bill 28, the Family Statutes Amendment Act, 2018, received approval on December 11,...
Calgary has endured job losses, wage decreases, and toughening national housing policy since the crash of oil prices. All these factors have added to the more moderate sales environment, excess supply, and citywide price adjustments of more than 10 percent.
As Calgary goes into the sixth year of this cycle, there are signs of adjustments to these conditions in the housing market.
"Job growth, combined with recent easing in mortgage rates and price declines, is starting to bring some purchasers back into the lower end of the market," said Ann-Marie Lurie, CREB® chief economist.
"We are seeing more transactions in the $500,000-and-below price point for residential homes."
Preference for consumers toward the lower-priced product is expected to remain at the cost of continued vulnerability in the higher end of the market. Nevertheless, as the under-$500,000 market, indicates a more significant percentage of total activity, the increases in this sector will...
Calgary real estate market wraps up December 2019 exhibiting further signs of stability
Following weak sales activity last year, December sales increased to levels that were more consistent with activity reported over the past five years.
Annual sales were driven up by one percent, with a stronger showing in the second half of 2019.
“Price declines, lower mortgage rates and some modest improvements in full-time employment helped support some demand growth in the city. Reductions in supply are also contributing to the slow adjustment to more stable conditions in the housing market,” said CREB® chief economist Ann-Marie Lurie.
“As oversupply in the market continues to ease, we should start to see more stabilization in prices. However, conditions continue to favour the buyer and this is weighing on prices.”
Unadjusted benchmark prices for December were $418,500, one...