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Condominium Deposit Interest

Author: 
Denise Lash
Publication date:
October 30, 2022
Article Summary: 

Recent changes in interest rates have implications for purchasers of condominium units, as they will now receive interest on their deposits. A proposed change to the Condominium Act regulations, which would have further increased interest payments, was revoked. The prescribed rate of interest is determined based on the bank rate established by the Bank of Canada. Interest becomes payable on interim occupancy, with the option for the declarant to pay it on final closing, though this may result in additional interest accruing.

Keywords: 

Condominium, Deposit, Interest, Condominium Act, Regulations, Bank rate, Prescribed rate, Declarant, Interim occupancy, Final closing.

Source Citation: 
Denise Lash
Condominium Deposit Interest
October 30, 2022
https://www.lashcondolaw.com/condominium-deposit-interest-and-non-canadian-buyers-january-1-2023/
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