Opt for a Hygge lifestyle and be inspired by the available units.
With placotoirs, public benches, floral arrangements and terraces during the summer season, Promenade Ontario, in the heart of the vibrant Hochelaga Maisonneuve district, provides a vibrant area known for its restaurants and lively bars.
With a rich architectural heritage, this colourful district, now known as HOMA, stands out for its charming, peaceful streets and its friendly and festive atmosphere.
Close to the heart of the city, major tourist attractions (Biodôme, Planetarium, Olympic Stadium, Botanical Garden) and the magnificent Maisonneuve Park, HOMA has a unique and timeless urban charm. Close to many metro stations, public markets and green spaces, HOMA is an ideal area to welcome families, young professionals and seniors looking for a hectic neighborhood life.
HOMA also stands out for its proximity to the city’s services, the Jacques-Cartier Bridge and the area’s many elementary and secondary schools.
Ideal for families, this unique neighborhood is a warm, friendly and sparkling living space.
125 Ontario, 139 Pie-IX, station Joliette, Station Pie-IX
Many shops and metro stations within walking distance.
Close to the beautiful Parc Maisonneuve and the bike paths of the neighborhood.
Lalancette Park and Maisonneuve Park nearby.
Colourful green alleys, decorated commercial arteries, charming local shops, HOMA will delight you by the proximity of its amenities,
but also through the wide range of products and services offered in the surrounding area.
Overview of three good addresses to discover in the sector.
The Place Simon-Valois, located on Promenade Ontario, is very popular with residents in the area and shines through its dynamism and the many activities that take place throughout the year. Housing the succulent bistro Le Valois as well as the famous William J. Walter sausage maker, this little corner of HOMA is worth a visit, whether it is to enjoy an afternoon in the sun, savour the sandwiches of the high-end bakery Arhoma or, discover the inimitable colourful streets of the surroundings. In fact, if you’re in the area during the summer season, take time to admire the dozens of floral installations and colourful structures on Ontario Street! What a beauty!
The Heirloom, located within walking distance, is also the ideal place to enjoy the delicious Italian creations of this neighborhood pizzeria.
Whether you’re Margherita, prosciutto or 4 cheeses, the wood-baked thin-crust pizzas at this neighborhood pizzeria will delight you. In a chic and modern design, the Heirloom offers an experience both friendly and simple or fresh, Italian flavors and wines are waiting for you. Their beautiful terrace also gives the pleasant impression of being in the south of Europe, the height for a successful 5 to 7 sunny.
Bouquets, plants and pots, the local florist Lavigne will delight you with its impeccable interior design and its wide selection of quality products. Colourful and professional, the team at this neighbourhood store knows how to combine passion and taste in creating a personalized bouquet to design unique blends and offer an unforgettable experience.
Eager to share their passion to the greatest number and put on a silver platter the products of here, Lavigne Fleuriste advocates an approach focused on authenticity and accompaniment, so that all will emerge from their experience in the world of horticulture delighted and thirsting for more knowledge… and bouquets!
I have always been passionate about interior design and architecture, in addition to being interested in business.I am present at the purchase of the land, I am involved in the design of the project with professionals such as the architect, in the choice of subcontractors who work according to my standards, in the sales process, up to inspections with customers. My pride does not translate into the number of doors I build per year, but by seeing my customers sincerely happy with their purchase».
The Government of Quebec outlined many housing measures in its last budget. These measures included the introduction of Bill 5, which prohibits the dual agency of a real estate broker. This new law was introduced on June 10, 2022. But it was only a few weeks later, on June 23, 2022, that the bill entitled the Prohibition on the Purchase of Residential Buildings by Non-Canadians Act was introduced this time by the federal government. This latest real estate law will come into force on January 1, 2023 and is already causing many questions. Here is some information that we hope will help you better understand this new legislation and its impact on the real estate community.
This legislation was designed by the federal government to reduce inflation and stabilize the housing market following the pandemic. With the introduction of this law, a more precise framework and regulations on the role of foreign investors will be highlighted. That way, there could be better control over foreign investment and also to facilitate access to properties for Canadians.
This new law, known as temporary, prohibits non-Canadians (foreigners and non-Canadian businesses) from acquiring residential properties in Canada for two years, until December 31, 2024. Direct or indirect purchases (through corporations, trusts or others) are prohibited.
This prohibition applies to non-Canadians. Canadian citizens are therefore not subject to this prohibition. A non-Canadian is defined as an individual other than a Canadian citizen and also includes any corporation that is not subject to federal and provincial laws.
– Canadian citizens
– Permanent residents
– Foreign students who are going to obtain permanent residence
– Persons holding a work permit
– A non-Canadian purchasing a property with their Canadian spouse/common-law partner
– People fleeing an international crisis
– Individual houses
– Semi-detached houses
– Condominiums (divided and undivided)
– The duplexes
– The triplex
– Other similar properties
These residences are primary residences. Secondary residences could be excluded from this prohibition. Other specifications are to be expected. Vacant land zoned for residential use would also be included in the prohibition.
Since the new legislation will come into force on January 1, 2023, offers to purchase accepted before that date could be exempt. The fulfilment of the conditions of the offer to purchase may be completed after this date.
Significant penalties may apply if a non-Canadian acquires a residential property in Canada. The same applies to any person who advises and provides assistance to that person. These individuals will be convicted and will face costly fines of up to $10,000.
In the event that a person is convicted, an order to sell the property may also be sought. In this case, the sale price of the illegally purchased property could not exceed the purchase price of the property. Therefore, no monetary benefit could be obtained.
The real estate broker must have a perfect knowledge of this new law and will have the role of transmitting all information about it to his clients (Canadians and non-Canadians). A brokerage practice based on transparency will be all the more necessary.
The real estate broker will also have the role of acting with integrity because, as mentioned above, any assistance given to a non-Canadian regarding the purchase of a residential property may be sanctioned. It is then important for the real estate broker to understand all the particularities of this law in order to always act with honesty and morality.
There are a lot of conversations about the prohibition on the purchase of residential properties by non-Canadians Act. On January 31, 2023, a Superior Court judgment was issued. It mentioned that this law would not apply to non-Canadians whose offers to purchase were accepted before January 1, 2023. Clarifications were then made on the matter. Although a certain amount of information on this law has been revealed, other questions remain. The law will not be enforced until January 1, 2023. The government will still have to clarify the issue of exceptions for the types of residential properties and other specific situations that would not be part of the prohibition. Clarifications will be made in the coming months.
The Prohibition on the Purchase of Residential Real Property by Non-Canadians Act was passed on June 23 and will come into force on January 1, 2023. This new law prohibits non-Canadians from acquiring a residential property in Canada for two years. In addition to Canadian citizens who are not covered by this act, the main people who could be exempted from this prohibition on the purchase of residential properties are permanent residents, those in the process of becoming permanent residents and those with work permits. The residential buildings concerned in this law refer to single and semi-detached houses, condominium dwellings (divided and undivided) and buildings of one to three units (duplex and triplex). The penalties are severe if a non-Canadian purchases a residential property in Canada. It is the same for the person who will help him. Being found guilty and having to pay a fine of up to $10,000 are among the main consequences of this offense. With the arrival of this new law, it is important that real estate brokers are familiar with the specifics of this new change in real estate and pass this information on to their current and potential clients. Integrity and compliance with the law are also important to ensure a transparent brokerage practice.
Prohibition on the Purchase of Residential Property by Non-Canadians Act The Government of Quebec outlined many housing measures in its last budget. These measures included
End of dual agency : bill 5 – Key informations This article was updated on August 24, 2022. Bill 5 Given the current overheated real
Raise in key interest rate – Key informations In our current context of pandemic and real estate market overheating, the threat of an increase in
After much research and visits with your real estate broker, you have finally acquired the dream property. Now is the time to move.
Moving is an important step in anyone’s life. This change would be one of the greatest sources of anxiety in human beings… and the same goes for our 4-legged friends. Indeed, our pets are creatures of habit and moving is, in many cases, the ultimate upheaval. Our Brokers Team offers you 6 tips that will hopefully make moving to your new property with your little pal easier.
Our Real Estate Intern Bibi is ready for her move.
In order to accustom your pets to living temporarily with boxes, start storing their items early. Place less used items in the boxes and leave them open. Your pets may be curious at first, but soon they won’t give them a second glance. Packing your pets ahead of time will help reduce the anxiety and disruption of the move as the big day approaches and the packing starts to get heavy.
It’s a good idea to schedule a visit with your vet a few weeks before moving so you can do the following:
-Request a copy of your pet’s medical records if you move away from your current neighborhood or city and need to change veterinarians;
-Check that all vaccines are up to date;
-Discuss potential stress reduction tactics or supplements to help relieve your pet’s anxiety.
During the moving process, the doors may be left open and the movers may make many round trips to the home. Make sure your pet wears a collar with your updated contact information and cell phone number. Thus, in the event that your companion flees during the move, this will facilitate contact for his quick and safe return home. Whether you are moving to Villeray, Rosemont or Le Plateau, you must ensure that your cat or dog wears a tag issued by the City at all times, except in the case of a microchipped cat.
*Did you know? Nearly 1 in 3 animals are lost at some point in their life and
only 10% of animals lost without identification are reunited with their owner.
Reduce the stress of moving for you and your pet by having all of your pet’s necessities packed up and close at hand: their food (and treats), their favorite blanket and/or stuffed animal, and toys. In the event of an emergency, have your veterinarian’s contact information, duct tape and towels handy.
Don’t forget a roll of paper towels and disposable plastic bags to help with unexpected clean-ups!
Boxes, mountains of clothes, half-dismantled furniture… A move can quickly turn your once organized home into one big mess. Whether it’s a small room, a corner or even an open closet, having a place for your pet to retreat to when chaos overwhelms it is essential, especially for cats and dogs. Put its blanket, crate, or carrier somewhere comfortable, away from the hustle and bustle of the move, but not too far away that it can hear you.
The best place for your pet is in its crate or carrier located in the backseat and restrained by a seat belt. Make sure the straps are secure in case of an accident and that there are no objects or boxes that could fall and hurt your pet. You can put a blanket over your pet’s crate to reduce visual stimulation if you think this will help reduce their anxiety.
In order for your move with your pet to go smoothly, it is recommended to follow these 6 practical tips shared by your real estate brokers in Montreal. However, as far as possible, keeping your pet on the day of the move remains the best solution to limit the anxiety of this little being. The risk of leakage is also reduced. Why not contact a loved one to look after your companion for a day? Peace of mind and tranquility guaranteed!
Moving represents considerable anguish for humans and… their pets. Our team of real estate brokers offers you 6 practical tips to make your move with your four-legged friend go smoothly. Before the move, it is important to get your pet used to packing boxes and other supplies in advance, contact your veterinarian to ensure your pet’s record is up to date, and create a new tag for your pet’s collar. Address and telephone number must be entered there. Preparing a first aid kit with all of your pet’s necessities is also an important step before the move. On D-Day, keep a comfortable and isolated space for your pet and prepare your companion for a safe trip in your vehicle. However, keeping your pet on all fours on moving day remains the best solution to limit your beloved pet’s anxiety. We wish you a smooth move to your new home!
End of dual agency : bill 5 – Key informations This article was updated on August 24, 2022.
The TFSAPP – Key information Buying a home is an important investment that can lead to one of
Buyer’s Guide – Key informations Read our complete guide here First purchase in real estate Are you looking
Buying a home is an important investment that can lead to one of your best investments for life. There are many potential buyers, but there are also many who are having trouble getting the down payment they need for such a large real estate purchase, especially with rising property prices.
Since the last election campaign, the Liberal government, under the leadership of Justin Trudeau, had mentioned the possibility of introducing an RDSP. This registered program would be dedicated to first-time buyers under the age of 40 to help them access their first home. However, the idea of the RDSP was abandoned and replaced by the TFSAPP or tax-free savings account for first-time home buyers. The TFSAPP would be in place as of January 2023 and has certain features.
The tax-free savings account for the purchase of a first property (TFSAPP) is designed to help first-time buyers save for their down payment. The main idea is to help young people become homeowners through the housing frenzy. The TFSAPP combines a variety of TFSA (tax-free savings account) and RRSP (registered retirement savings plan) benefits.
In this form of savings, an individual can contribute up to a maximum of $8,000 per year, for a maximum accumulation of $40,000. These contributions are tax-free and the accumulated income is tax-free, so there is nothing to pay back over the years. Withdrawals from the purchase of a property are then also non-taxable.
In order to access and benefit from the TFSAPP, certain eligibility criteria must be met:
-You must be a Canadian citizen and resident 18 years of age or older.
-There is no maximum age limit for opening an account.
-You must not have acquired a property when opening an account or four years before opening it. It must therefore be a first real estate purchase.
The TFSAPP also has certain features:
-The maximum contribution per year is $8,000.
-Unused contributions cannot be transferred to the following year.
-The maximum TFSAPP limit is $40,000.
-Like an RRSP, contributions are fully tax deductible. This increases the ability to save.
-Withdrawals related to the purchase of a property are non-taxable.
-These non-taxable withdrawals will be used to purchase a single property for life.
-If a withdrawal is made and has a purpose other than the purchase of real estate, the amount of the withdrawal will then be taxable.
-It is not possible to withdraw from the TFSAPP and HBP (home buyers’ plan) for the same property.
-The money can be invested in a TFSAPP for up to 15 years or until the age of 71. If this maximum period is reached, the account must be closed and the total amount of the accumulated money transferred to an RRSP.
The TFSAPP then presents certain constraints, but also significant advantages for a first-time buyer.
In 1974, Pierre Elliott Trudeau, the former Prime Minister of Canada and father of Justin Trudeau, introduced a similar program to help young people become homeowners. The REEL, or home savings program, was abolished after 10 years.
In Canada, there is currently a similar program, the HBP or home ownership program. The HBP allows you to acquire or build real estate by making withdrawals from your RRSPs. The limit is $35,000.
The arrival of this new savings program, the TFSAPP, is very recent. The announcement was made in the last federal budget in April 2022. Many questions arise and additional rules regarding this savings account are still unknown. With its implementation scheduled for January 2023, the subtleties of this form of savings will be better known and we will have a clearer picture of this new savings program for first-time home buyers.
Scheduled for 2023, the tax-free savings account for the purchase of a first property (TFSAPP) is designed to help first-time buyers through the housing frenzy to save for their down payment. The TFSAPP has many advantages, such as improved ability to save, with fully tax-deductible contributions and non-taxable withdrawals on the purchase of your first home. In addition, the maximum TFSAPP limit is raised to $40,000, for a maximum annual contribution of $8,000. The TFSAPP has many advantages, but also many questions about its application. More information will be revealed over the next year in order to gain a better understanding of the TFSAPP.
End of dual agency : bill 5 – Key informations This article was updated on August 24, 2022.
The TFSAPP – Key information Buying a home is an important investment that can lead to one of
Buyer’s Guide – Key informations Read our complete guide here First purchase in real estate Are you looking
In a seller’s market, the number of properties for sale is not sufficient to meet the demand. It is not uncommon for more than one buyer to be interested in the same property, and this is even more the case in the more desirable areas of the city of Montreal. As a buyer, you can sometimes find yourself in a multiple offers situation and overbidding, which can seem tricky and even discouraging. However, there are several strategies to consider in this situation to increase your chances of winning.
Here are 7 that can help you :
ItDefine what criteria are really important to you when you begin your search for a new property. If your criteria are not well defined, you may not have enough time to evaluate the neighborhood and the characteristics of the properties (neighborhood schools, number of rooms needed, maximum budget, etc.). By having clear criteria, you will reduce stress and focus on the opportunities that really meet your needs.
In a multiple offer situation, the selling price is usually higher than the asking price. A real estate broker who knows the Montreal market well will be able to advise you on the price at which a property should sell and help you set the right price for your offer.
His knowledge of neighborhoods, recent transactions and the legal aspects of a real estate transaction will give you access to all the information you need to make informed decisions. In addition, he will be able to put his network of trusted professionals (appraisers, mortgage brokers, notaries, etc.) at your disposal so that you will be ready when the time comes to fulfill the conditions of your promise to purchase.
It is important to know that in a multiple offer situation, you will not be able to know the conditions offered by the other buyers, including the price. Although the seller’s broker must advise you of the number of offers, no other element can be mentioned.
In order to demonstrate your intentions and commitment to the seller, it is strongly recommended that you obtain a mortgage pre-approval from your financial institution in addition to your down payment. This letter will demonstrate to the seller that you are not financially locked in. You can also obtain a proof of funds which will further reassure the seller.
The price is not the only element considered at the time of a purchase. In fact, other clauses such as the occupancy date play a major role in the sellers’ decision. If you are flexible with the date of signing or taking possession, or with inclusions/exclusions, talk to your broker or the seller’s broker (if you are buying alone). They will be able to give you more details on the sellers’ expectations.
The more your terms accommodate the seller’s preferences, the more likely you are to get their attention. There is also the option of making an offer not conditional on an inspection. Although this option is more risky, it is best to discuss it with your real estate broker first.
If the seller wants 48 or 72 hours, do not try the option of reducing the time to 24 hours. This may have a negative effect, rushing the seller who is receiving multiple offers.
Sellers are often emotionally attached to their property, they often want to know the next people who will live there and their plans. By taking the time to write a presentation letter, prepare a video or a photo collage, you increase your chances of showing that you are the ideal buyer. Don’t forget to present your family, your projects or your background, they might recognize themselves in you!
It is suggested to set deadlines as short as possible, while remaining realistic. A serious and ready buyer should have all the information ready in case of an accepted offer to start the process. Consult your inspector in advance to find out the minimum notice period he needs, or your bank or mortgage broker for financial approval deadlines.
If you find the property of your dreams or are looking for a home in an area where listings are scarce, discuss with your broker the option of increasing your offer. Offering your highest price may get you the property you want. If your offer is not accepted, and you have a strong interest in the property, you can put in a second offer. This option ensures that your offer will be accepted if the initial offer falls through.
The Montreal market is as active as ever and properties are selling at a record pace. It is therefore strongly suggested to act quickly. Don’t wait for the visit to see the street or the area of the property. Come by during the day and evening to see the façade and exterior, and if there is an alley, visit it. Respect the seller’s requests regarding the deadline for submitting offers.
If you choose a real estate broker, take the time to check out the reviews of buyers and sellers on Google, to see what they thought of the service offered. After all, it’s people like you who will give you a real idea of what to expect.
Choosing a team of real estate brokers can be more advantageous since you benefit from the expertise of several professionals constantly. Consult our article on the reasons to choose a real estate team to learn more.
Happy searching, and especially happy transactions!
Selling before buying or buying before selling? – Key Information Should I sell my property before buying one or buy before selling my current property?
Prohibition on the Purchase of Residential Property by Non-Canadians Act The Government of Quebec outlined many housing measures in its last budget. These measures included
End of dual agency : bill 5 – Key informations This article was updated on August 24, 2022. Bill 5 Given the current overheated real
The Promise to Purchase is addressed by the potential buyer of the real estate, to the seller of this one, following a conclusive visit which gives him desire to make the acquisition.
However, the Promise to Purchase is nonetheless of great importance since it constitutes a formal commitment between the seller and the buyer. In fact, the seller undertakes to write down everything he knows about his property, while the buyer ensures, for example, that he has the financial means to purchase the property.
It is also in this document that you will indicate to the seller that you are inclined to purchase their property, as well as the conditions under which you wish to do so.
The clearer and more detailed the Promise to Purchase, the less open to interpretation. Some of the information it should contain includes:
For information purposes, we used a Promise to Purchase for a mainly residential building of less than 5 units excluding condominiums.
In a residential property transaction, both parties (buyers and sellers) must know their identities. This is the first section of the Promise to Purchase. On the left is the identification section for buyers and on the right for sellers.
In this section, we find the identity of the real estate broker representing the buyer, as well as his license number and the real estate agency he works for, if applicable.
A description of the property to be purchased, including the complete address, cadastral designation, dimensions and area.
This is the section where you will find the price conditions. This is where you indicate the price you think is fair to purchase the property you want. Your offer can be lower, equal or higher than the seller’s asking price. You must also indicate the amount of the deposit if applicable.
You must now enter the details of your payment method. If you left a down payment in section 4.3, you will need to re-enter it in section 5.1.
The total of the amount indicated in sections 5.1 (if applicable) and 5.2 represents your down payment.
If you are proceeding with a mortgage loan, you must indicate the details in this section: the amount, the conditions and the deadline for obtaining your financing.
We invite you to understand clause 6.3.
The seventh part of the Promise to Purchase deals with the declaration and obligations of the buyer. Also, if the buyer is related to the agency or broker representing him, this is where it should be reported.
It is in clause 8 that you must indicate if you wish to have the building or property in question inspected. Be aware that there is a possibility to cancel an offer to purchase following the inspection.
When you use a real estate broker, he can send you all the documents related to the sale of the property available on the Centris platform. When you write your promise to purchase, if all the documents you wanted to see were available online and you are satisfied, there is no need to fill out this clause.
The tenth section deals with the obligations of the seller to the buyer in the transaction.
The eleventh section refers to obligations that are common to both buyers and sellers, particularly in relation to the date of the deed, including the day the buyer will take ownership of the property, the date of occupancy of the premises, apportionments, payments and inclusions and exclusions of property.
Do not hesitate to ask your real estate broker any questions you may have before signing the Promise to Purchase. Make sure that all the conditions are included, as well as the possession and notary dates.
This is where you can indicate any general conditions that you would like to add to your Promise to Purchase.
Common examples would be, a notice of non-renewal of a tenant’s lease while the property is rented, repair of a non-functional included item, etc.
When there are schedules to be attached to the promise to purchase, you must indicate them here.
For example, when you are financing the purchase of your property, you must complete the financing annex.
This is where you indicate to the seller the time frame you are allowing him to respond to your offer.
We invite you to respect the deadlines requested by the seller if necessary.
When you have gone through your promise to purchase with your real estate broker, and you have included all your conditions, this is where you should sign!
You will also find a section for the seller’s response. He will indicate whether he accepts or refuses the promise to purchase.
Once the Promise to Purchase is handed over to the seller, 3 options are available to him:
Upon acceptance of your offer, you must fulfill the conditions set out in the Promise to Purchase in a timely manner. The most common conditions are to obtain the necessary financing and the inspection of the property by a recognized expert.
Even if your offer meets all of the seller’s conditions, the seller can refuse your Promise to Purchase. If you are interested in the property, there is nothing to stop you from proposing a new Promise to Purchase to the seller.
Here, the seller refuses your offer, but may accept it under certain conditions. This could be a different price, or elements that he wants to exclude or modify. In turn, you can accept, refuse or respond with a counter-offer.
It is also in the Promise to purchase that the acceptance period that you require from the seller in the event that he accepts your offer will appear. In some cases, the seller may ask for a deadline to be met.
Note that if your Promise to Purchase is accepted by the seller, it becomes an irrevocable contract that obliges you to purchase the property for which you have made an offer.
In the event that the seller receives multiple bids, the broker representing the buyers must present all bids received within a reasonable period of time following their receipt, without preference (e.g., the broker may not present the highest bids first, without considering their order of receipt).
The listing broker (i.e. the seller’s broker) must then present to his client all the Promises to Purchase received and advise him so that the latter can make the most judicious decision possible according to his needs and expectations and/or make a counter-proposal to one of the potential buyers.
If all the conditions of your Promise to Purchae are met, your commitment to the seller is irrevocable. However, if one of the conditions mentioned in your Promise to Purchase cannot be fulfilled (for example, financing), this will render your document null and void.
It is also important to note that there are different formats for the Promise to Purchase, depending on the type of property you wish to purchase. In fact, these differences in content are intended to accentuate the particularities of the types of housing that exist. It is therefore important that you ensure that your real estate broker sends you the right document when you wish to make an offer to purchase.
End of dual agency : bill 5 – Key informations This article was updated on August 24, 2022. Bill 5 Given the current overheated real
The TFSAPP – Key information Buying a home is an important investment that can lead to one of your best investments for life. There are
Buyer’s Guide – Key informations Read our complete guide here First purchase in real estate Are you looking for a property? You are getting ready
Are you looking for a property? You are getting ready to make your first real estate investment and are looking for information and advice on the steps and procedures to follow to complete this major project.
Our team of real estate brokers has prepared a summary document, inspired by the OACIQ Buyer’s Guide, which outlines the main steps to follow in order to carry out your project in complete confidence.
Here is a summary of the main topics covered in this buyer’s guide.
The first important step is to establish your budget. Indeed, it is important that it takes into account your lifestyle, your daily expenses, your payments, your debts, while taking into account your medium and long term objectives.
This way, you will know exactly what budget you can allocate to the purchase of a property, in addition to directing your search in the right direction, towards homes that respect your budget limit.
It will then be important to have a mortgage pre-approval that assesses your ability to borrow from the bank. This document will be given to you by a mortgage broker, who will probably use one of the following two ratios :
You will then need to determine the amount of your down payment, which is the amount you will have to pay when you purchase the property. This amount will then be deducted from the purchase price of the property. This amount will depend on the type of property you are purchasing (divided co-ownership, undivided, income property, etc.).
As a real estate buyer, you should also set aside a preventive amount to cover the inspection, notary fees, transfer duties and all other expenses related to the acquisition of a property, as well as any unforeseen circumstances that may arise.
Also note that if this is your first real estate purchase, the HBP (Home Buyer’s Plan) may be of interest to you! Consult our guide to find out more about it.
Also, be sure to define your search criteria, the geographic area you are looking for, the type of neighborhood you want to live in, your needs, restrictions, etc. A detailed sheet in our buyer’s guide will help you narrow down your search criteria.
Contact one of our real estate brokers to help you establish your criteria.
If you wish to do business with a professional in the sector, discover our real estate brokers in Montreal who will be pleased to accompany you in your steps. Real estate professionals are protected by the Real Estate Brokerage Act, which, as mentioned by the OACIQ, will help protect you during your transaction.
In addition, real estate brokers generally have a network of contacts that will allow you to surround yourself with the best experts in each of the fields necessary for a successful transaction: mortgage broker, notary, inspector and others.
The Seller’s Declaration is the document in which the seller records all the information he or she is aware of about his or her property that may help future buyers make up their minds about the property, including any defects or irregularities in the location.
Have you found the perfect home? Now it’s time to write the Promise to Purchase (PTP), the official and mandatory document that tells the sellers that you want to buy their property. It is in this document that you indicate the price at which you wish to purchase the property as well as the conditions of your offer. The Promise to Purchase is a negotiating tool between the parties and is therefore negotiable.
Although you may decide not to ask for a building inspection before signing the promise to purchase, your broker must recommend it! More information on this subject can be found in our guide for buyers.
Once the Promise to Purchase is accepted, the next step is to formalize the transaction. The two main components of this step are the title examination and the deed of sale. The transfer of the property requires the involvement of a notary. Again, your real estate broker plays a crucial role in ensuring that the required documents are available.
The final step in the transaction is the drafting and signing of the deed of sale, in order to make the purchase of the property official. The notary will specify, among other things, the clauses and conditions essential to the protection of your rights.
End of dual agency : bill 5 – Key informations This article was updated on August 24, 2022. Bill 5 Given the current overheated real
The TFSAPP – Key information Buying a home is an important investment that can lead to one of your best investments for life. There are
Buyer’s Guide – Key informations Read our complete guide here First purchase in real estate Are you looking for a property? You are getting ready
The real estate broker has well known responsibilities and tasks. However, he or she can be accompanied and work closely with an assistant who has a central role in the real estate transaction, but whose tasks are often unknown. How is an assistant essential in a real estate team?
The Real Estate Broker’s Assistant will take care of various administrative and management tasks for the real estate brokers on the team. In fact, with the collaboration of the real estate broker, the assistant will assemble the various client files and ensure the conformity of the documents received during the real estate transaction process. This is an important step since the documents must be completed according to the real estate brokerage law.
Updating client databases and preparing information for market analysis are also among the many tasks associated with the Broker Assistant job.
The work of a Real Estate Broker’s Assistant also involves composing and preparing communications necessary for transactions, as well as managing calls and information requests from prospects and clients. The assistant may contact sellers and buyers to pass on the necessary information to the real estate broker. During the marketing of properties, the Real Estate Broker Assistant will work with the broker to ensure that the real estate transaction runs smoothly.
In order to become a Broker’s Assistant, it is recommended to have knowledge in real estate and to be passionate about this field. Training is also available to learn more about the lexicon of real estate in Quebec and the various Centris computer tools to know (Immocontact, Matrix, Prospect, Instanet Forms, Saisie), Ezmax and EZSign.
The organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) is the authority on real estate brokerage in Quebec. It is an important resource that has a lot of relevant information to know and can be very useful for the training of a broker’s assistant.
As mentioned earlier, the real estate assistant plays a fundamental and important role in a real estate team. She must have a sharp sense of organization and outstanding customer service. The ability to manage numerous files at the same time, as well as a high level of professional rigor, must also be part of their skills.
The real estate broker’s assistant must therefore be in perfect synergy with the real estate broker, as she follows everything the broker undertakes at each step of the real estate transaction process. The broker’s assistant is therefore a fundamental pillar for the real estate brokers on the team.
The YE/SARRAZIN Team is fortunate to be surrounded by several real estate broker assistants who also hold their real estate broker’s licenses. Thus, our operations team has a wide range of real estate knowledge. This diversity of knowledge and skills brings a lot of rigor to the team’s files.
The Real Estate Broker Assistant has very specific tasks and follows the brokers in the administration and management of the various client files. Her tasks are numerous, ranging from updating client files, writing various communications to making calls with sellers or buyers during the real estate transaction. There is no specific training to become a broker’s assistant. However, a basic knowledge of real estate and a passion for this field are required. A strong sense of organization and unparalleled customer service are also qualities to have for a real estate broker’s assistant.
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In our current context of pandemic and real estate market overheating, the threat of an increase in the key interest rate has been hovering for several months. Recently, the Bank of Canada raised the rate to 0.50%. This interest rate had not increased since the beginning of the COVID-19 pandemic in 2020.
Many questions and uncertainties remain about the impact of this rate fluctuation on the real estate market. To shed some light on the key interest rate and its influence on the real estate market, we spoke with Mahsa Mirzaie, Director of Mortgage Development at National Bank.
The objective of raising the key interest rate is to curb inflation around the world by reducing borrowing costs and encouraging savings. It is important to understand that at the beginning of the pandemic, the key interest rate was reduced three times to reach 0.25% to stimulate the economy. This rate, reached in March 2020, had never been so low, allowing the economy to recover.
Source : la Banque du Canada
When central banks raise their interest rates, the base rate of chartered banks (such as the National Bank of Canada, the Bank of Montreal, the Royal Bank of Canada) also increases, because it costs them more to finance themselves. The consequence is that several bank products with interest rates increase, such as mortgage interest rates, rates on credit margins, and other products with variable interest.
Customers that already have a fixed-rate mortgage, the interest rate will not be affected by this increase until their mortgage is renewed. The rate is set for the duration of the contract. When the contract is renewed, the new rates take effect.
Customers that already have their mortgage with a variable interest rate will have to expect a rise as fast as the following month.
Now, for customers who are currently looking for a mortgage, it is recommended to do a pre-approval with rate guarantee as soon as possible. Indeed, despite the fact that there has been a first increase in the key interest rate, according to the forecasts, future increases in interest rates are to be expected. We must then protect ourselves against them.
According to Yanick E. Sarrazin, the team’s chief real estate broker, although the real estate market has been very interesting for several years, it should not be forgotten that the evolution of this market depends on the relationship between supply and demand. A disparity therefore creates an upward or downward impact on property prices.
Higher rates are expected to result in fewer buyers, which could reduce or stagnate future increases in property values. Some may think that this could lower the price of houses in Montreal. Mr. Sarrazin’s opinion differs since the average prices of properties in Montreal have not witnessed a loss in value in the past decades. Indeed, Mahsa Mirzaie, adds that it would be unlikely unless we find exorbitant rates at 5-6% as those before the year 2000.
Historically speaking, real estate remains a good investment in the long term considering that properties increase in value over time.
However, many are wondering whether it is better to acquire a property right now or to wait, given the situation. From an investment point of view, it would be wiser not to wait to purchase a property given that the prices of properties have always seen an increase, strong or weak.
That being said, a mortgage broker understands that each individual’s situation varies. The financial stability of the buyer is a key element, hence the importance of a mortgage broker assessing one’s financial situation. This analysis can then provide an overall picture of the individual’s income, borrowing capacity and repayment capacity.
Once the financial analysis is done, it is also important to target the objective of the purchase, as the strategy to adopt will be different. For example, is the purchase for a primary residence? There will then be no tax impact on the sale unlike a purchase of a rental property, in this case, the strategy of cash damming will be interesting.
Since it can take a long time to acquire the desired property, it is recommended to do a pre-approval with guaranteed rates with the longest period possible. This then ensures no fluctuation of the rate for a fixed period.
Depending on the objectives of your real estate purchase, there are multiple strategies and can be complex, hence the importance of getting in touch with a mortgage broker who will advise you and guide you towards the right direction.
This article was written in partnership with Mahsa Mirzaie, mortgage development manager at National Bank.
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The purchase of a property is without a doubt a very important step in the life of many people. Visits, offers, counter-offers, negotiations, legal paperwork, etc., the purchase of a house is a complex process that requires a lot of time, research and energy.
Indeed, finding the property that will make your heart beat faster while meeting the criteria, desires and needs you have set for yourself can be a considerable task. Working with an experienced real estate broker who is an expert in the areas you are considering for the purchase of your property can be a smart move that will not only reduce your mental load, but also put part of your real estate project in the hands of a seasoned expert and enthusiast.
It should also be noted that real estate brokers in Québec hold an official permit issued by the Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ), which provides them with guaranteed expertise, in addition to requiring them to abide by strict rules governing their profession and protecting you as a consumer.
Finally, with Bill 5, amending the Real Estate Brokerage Act, a broker can no longer represent both the seller and the buyer. This double representation could indeed lead to certain problems, notably major conflicts of interest. With the amendment of this law, the buyer benefits from greater protection and guaranteed loyalty on the part of his broker as well as a better defence of his own interests.
1. As an expert in the real estate market, working with a real estate broker will allow you to buy the property you are looking for at a fair price, according to the state of the market, thanks to the comparative analysis of the property carried out beforehand by the broker.
2. A real estate broker working with a team of industry experts will also be able to assist and guide you in completing the various legal documents required to purchase (and sell) a property, including the Promise to Purchase, the Seller’s Declaration and the Notarial Act.
3. In the same vein, your real estate broker will be able to accompany you and advise you with the professionals you will meet along the way, notably the mortgage broker, the inspector and the notary, in addition to having a negotiating strength that will set you apart from other potential buyers.
4. Your real estate broker’s references and contacts, regarding the professionals mentioned above, could also be useful to you. Indeed, depending on the sector you are looking for, your broker will be able to recommend experts whose specific knowledge will make the difference (especially regarding the inspection of the property) in the buying process.
Finally, doing business with a real estate broker is free for the seller since the fees paid for his services are assumed by the seller of the residence the buyer is purchasing (to pay for the services of the listing broker and the collaborating broker. The amount of the commission is included in the Promise to Purchase, which is signed by both parties to the transaction).
Are you looking for your dream property? You wish to sell your home to start a new chapter in your life? Do not hesitate to contact one of our real estate brokers, it will be our pleasure to accompany you and guide you through the different steps of your process!
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