B.C. Court Rules $500,000 Home Gift from Parents Not a Loan in Landmark Decision
2025-01-19
Vancouver Sun
In a recent court case, a B.C. man's $500,000 contribution to his son's North Van home purchase was deemed a gift, not a loan. The ruling came after the man sued his son and daughter-in-law for the amount when they separated 10 years later, claiming it was a loan. The court's decision highlights the importance of clarifying gift vs loan agreements in family real estate transactions, especially in cases of divorce or separation. Key factors in the decision included the intent of the parties involved and the lack of a formal loan agreement. Real estate law and family law experts say this case sets a precedent for similar disputes, emphasizing the need for clear communication and documentation in such matters.