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Dès le 15 décembre prochain, il sera plus accessible pour la population canadienne d’acquérir une propriété grâce à
Courtier Immobilier Montréal Yanick E Sarrazin
A new condo project for sale
- Here is The BoHo Project, new units with clean lines and contemporary decor finely thought by Hygge Immobilier.
Inspired by a feeling of Scandinavian well-being, Hygge Immobilier offers you vast and user-friendly living spaces to provide you with the greatest comfort
in your family nest. Combining noble materials with high quality finishes, this new construction is located in the vibrant neighborhood
Hochelaga-Maisonneuve where parks, markets and restaurants are nearby.
Opt for a Hygge lifestyle and be inspired by the available units.
Discover Unit 1
Discover Unit 6
About the condos
Materials
- Quartz counter (optional)
Ceramic backsplash (optional)
Melamine cabinets (optional)
Engineering floor
Inclusions
- Heat pump
Light fixture
Other (by unit)
Discover the project units still available
Living in a vibrant neighbourhood
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.
Public transport
125 Ontario, 139 Pie-IX, station Joliette, Station Pie-IX
Walk Score : 80
Many shops and metro stations within walking distance.
Bike Score : 90
Close to the beautiful Parc Maisonneuve and the bike paths of the neighborhood.
Green spaces nearby
Lalancette Park and Maisonneuve Park nearby.
Within a 1 km radius
- Grocery, butcher, cafes, restaurants, convenience store, pharmacy
HOMA’s must-sees
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.
La Place Valois
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.
Le Heirloom
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.
Lavigne fleuriste
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!
HYGGE Immobilier
Meeting with Émilie Cadieux, real estate developer for Hygge Immobilier
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».
Although the field of construction and real estate have long been reserved for men, the picture changes in 2021! However, being a general entrepreneur and real estate promoter is a beautiful challenge, which is to make my place and establish my credibility with everyone.”
- Being a general entrepreneur and real estate developer is a great challenge, I like the challenge of having to make my place and establish my credibility!
The name of my company comes from the Danish term Hygge, a place I love the architectural style of. Hygge is a feeling of well-being, of finding happiness in the simple things of life. If my clients can feel this feeling of comfort in their new property, it’s a mission I’ve accomplished a lot!”
Location of condos in Hochelaga-Maisonneuve (HoMa)
6 practical tips for moving with your pets - Key Information
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 real estate brokers offer you 6 tips that will hopefully make moving to your new property with your little pal easier.
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Our Real Estate Intern Bibi is ready for her move.
Get your pet used to packing boxes and other supplies in advance
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.
Contact your veterinarian
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.
Create a new necklace medal
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.
Prepare a first aid kit
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!
Keep a comfortable, secluded space for your pet
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.
Prepare your pet for a safe trip in your vehicle
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!
Questions about your move? Contact one of our real estate brokers!
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Real estate overbidding: how much should a buyer offer for a property?
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Multiple offers : 7 strategies to stand out from the competition - Important points
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 :
Do your research
Define 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.
Work with an experienced real estate broker
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.
Get a mortgage pre-approval and proof of funds
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.
Find out what conditions are important to the seller before you make an offer
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.
Introduce yourself and your projects
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!
Opt for short deadlines for the completion of requirements
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.
Consider upgrading your offer or accepting the 2nd rank
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.
Some additional tips from our real estate brokers
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.
Happy searching, and especially happy transactions!
Do you have any questions? Contact one of our real estate brokers
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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.
BEFORE: The search for the perfect property
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.
Mortgage pre-approval
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 :
Down payment
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.).
Additional fees
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.
HBP – Home Buyers' Plan
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.
Research criteria
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.
DURING
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
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.
The Promise to Purchase
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.
The inspection
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.
AFTER the acceptance of the offer to purchase
The transfer of the property
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 deed of sale
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.
Looking for a property in Montreal? Contact one of our real estate brokers.
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The real estate assistant : understanding the profesion - Key informations
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?
Administration & management
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.
Transaction
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.
Formation
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.
Organizational skills
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.
Our Operations 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.
Meet our administrative team members
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Raise in key interest rate - Key informations
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.
Why does the Bank of Canada increase the key interest rate?
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
How does the increase in the Key Rate affect mortgage interest rates?
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.
How does this affect current and future bank customers?
Existing customers
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.
Future customers
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.
What is the impact of the increase in the key interest rate on the real estate market?
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.
What would be your advice for today’s buyers?
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.
- Mahsa Mirzaie, BNC
- mahsa.mirzaie@bnc.ca
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Why buy with a real estate broker - Key information
Why deal with a broker for a real estate purchase
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.
A well regulated profession
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.
Project of law 5
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.
But in concrete terms, why do business with a real estate broker for a purchase?
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!
Meet our Montreal real estate brokers
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As of December 15, Canadians will find it easier to buy a home, thanks to two new reforms implemented by the federal government. These measures will raise the ceiling on mortgage loans and increase the repayment period on mortgage loans.
In this article, our Montreal real estate brokers explain the main changes that will help Canadians acquire property.
Housing plan and mortgage reforms
In recent years, the dream of owning a home in Canada has become increasingly difficult for many Canadians, especially young adults. To remedy this situation, the federal government has announced the construction of 4 million new housing units, as well as the introduction of two mortgage reforms as of December 15, 2024, which are just some of the initiatives being put in place. Federal Finance Minister Chrystina Freeland has announced that these new measures are designed to create intergenerational equity. The new mortgage reforms consist of:
1. Increase the price ceiling from $1 million to $1.5 million for insured mortgages.
2. Extend eligibility for 30-year mortgage amortization to all first-time and newly built homebuyers.
“We’re raising the ceiling on insured mortgages to take account of property prices in more expensive cities. Also, people who buy a property have more time to repay their mortgage. […] These are measures aimed at creating equity between generations.” – Chrystina Freeland, Federal Minister of Finance
Price ceiling increased from $1 million to $1.5 million for insured mortgages
Mortgage loan insurance is mandatory when you want to buy a property with a down payment of less than 20% – the guarantee covers down payments between 5% and 20%. This guarantee allows Canadians to obtain a mortgage of up to 95% of the price of the property, at a reasonable interest rate, even if the down payment is lower. This will provide stability to the mortgage market, and also offers protection to the lender in the event that the buyer is unable to make mortgage payments.
At present, mortgage loan insurance applies only to properties of $1 million or less. However, as of December 14, 2024, mortgage loan insurance will be eligible for properties up to $1.5 million. The amount attributed to mortgage properties ranging from $1 million and under had not been modified by the Government of Canada since 2012. By increasing this limit, the federal government is adjusting the housing plan to current financial realities and market prices. This reform will enable more people to qualify for mortgage loan insurance.
30-year depreciation eligibility extended to all first-time buyers
As of December 15, anyone buying their first property or a newly-built property will be able to amortize their mortgage over 30 years. For a property to qualify as new construction, it must not have been used as a residence before. To qualify, you must meet one of the following criteria:
1. You have never previously purchased a property;
2. In the last four years, you have not occupied a property that you or your spouse owned;
3. You have recently experienced the end of a marriage or civil union. To this extent, the regulations adopt the Canada Revenue Agency’s approach to the Home Buyers’ Plan. This program allows you to withdraw funds from your Registered Retirement Savings Plan (RRSP) to buy or build a home.
These two reforms have two main objectives: (1) to enable buyers to reduce their mortgage payments on a monthly basis, thereby making home ownership more affordable, and (2) to encourage the construction of new buildings. To be considered a new property, the real estate must not have been occupied for residential purposes.
All in all, this adjustment in the housing plan is an opportunity for Canadians, and demand for real estate should increase dramatically. We invite you to contact our brokers today to start your search for your first property.
Sources :
Extended 30-year mortgage amortization. https://ici.radio-canada.ca/rci/fr/nouvelle/2104872/amortissement-hypotheque-trente-ans-elargi
Government of Canada. The Home Buyers’ Plan. https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html
How much do you need for a down payment? https://yanicksarrazin.com/en/immobilier/buyer-information/how-much-do-you-need-for-a-down-payment/
Mortgages: understanding them better for a real estate purchase https://yanicksarrazin.com/en/immobilier/buyer-information/mortgages-understanding-them-better-for-a-real-estate-purchase-2/
Ottawa gives first-time buyers another boost. https://ici.radio-canada.ca/info/breve/10608/changements-prets-hypothecaires-premiers-acheteurs
The Boldest Mortgage Reforms in Decades. https://www.canada.ca/en/department-finance/news/2024/09/the-boldest-mortgage-reforms-in-decades.html
The real estate broker assistant : understanding the profesion - Key informations
The real estate broker has well-known responsibilities and tasks. However, he can be accompanied and work in close collaboration with an assistant who has a central role in the real estate transaction, but whose tasks are often overlooked. How is an assistant essential in a real estate team?
Administration and management
The Real Estate Broker 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 put together the various client files and ensure the compliance of the documents received during the real estate transaction process. This is an important step because the documents must be completed according to the Real Estate Brokerage Act.
Maintaining client databases and preparing information for market analysis are also among the many tasks associated with working as a broker assistant.
Transaction
The job of a real estate broker assistant also includes composing and preparing communications necessary for transactions, as well as managing calls and inquiries from prospects and clients. The assistant can get in touch with sellers and buyers in order to convey the necessary information to the real estate broker. When marketing properties, the real estate broker assistant will work with the broker to ensure the smooth running of the real estate transaction.
Training
In order to become an assistant to brokers, it is recommended to have knowledge of real estate and to be passionate about this environment. Training is also available to learn more about the real estate lexicon in Quebec and the various Centris IT tools to know (Immocontact, Matrix, Prospect, Instanet Forms, Seizure), Ezmax and EZSign.
The Quebec Real Estate Brokerage Self-Regulatory Organization (OACIQ) is the authority for real estate brokerage in Quebec. This is an important resource that has a lot of relevant information to know and can be very useful in training a broker Assistant.
Sense of organization
As mentioned previously, the real estate broker assistant plays a fundamental and significant role within a real estate team. She must be endowed with a keen sense of organization and unparalleled customer service. The ability to manage many files at the same time, as well as a high professional rigor should also be part of her skills.
The real estate broker’s assistant must therefore be in perfect synergy with the real estate broker, because the latter follows everything the broker undertakes at each stage of the real estate transaction process. The broker assistant is then a fundamental pillar for the real estate brokers on the team.
Our operations team
The YE/SARRAZIN Team is fortunate to be surrounded by several assistants to real estate brokers who also hold their real estate broker’s licenses. Thus, our operations team has a wide variety of real estate knowledge. This diversity of skills therefore brings a lot of rigor to the team’s files.
The real estate broker assistant has very specific tasks and follows brokers in the administration and management of various client files. The assisant’s 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 knowledge base in real estate and a certain passion for this field are required. A keen sense of organization and unmatched customer service are also qualities to have for a real estate broker assistant.
*It should be noted that the use of feminine for the term “assistant” has been used in order to simplify the text.
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Cost of buying a home - Key informations
Buying a property with a real estate broker is an important event in anyone’s life. However, it requires many additional costs to the house itself. A budget must therefore be planned for this important transaction. Here is a summary of the costs for a buyer when purchasing a home.
Pre-purchase inspection fees
When buying a property with or without a real estate broker, it is important to hire a home inspector who will assess the condition of the property in question. It is recommended that the inspector be part of a professional order. It should be noted that there is no Order of Inspectors. However, there are associations like the Association of Building Inspectors of Quebec (ABIQ) or orders like the Order of Architects or the Order of Engineers of Quebec in order to find the appropriate inspector for the type of property to inspect. Thus, this provides additional protection for the buyer. The cost for the inspection will vary depending on the size of the property, its age and dimensions.
The inspector will be able to determine whether the property presents problems that were not observed during the brief visit to the building. With the pre-purchase inspection, the inspector can also detect hidden defects. The inspector will then make his written report. Depending on the results of the inspection report, if these prove to be problematic, then the buyer may revise the price of the property downwards or even withdraw from the offer to purchase. For more information on withdrawing from an offer to purchase after an inspection, please read our blog article on the subject.
The notary fees
Once your offer has been accepted with your real estate broker on your desired property, you must book a a notary to formalize the real estate transaction. The choice of the notary is determined by the buyer. The cost of the notary’s fees will depend on different factors like region, number of homes, type of property etc.
The notary will prepare the deed of sale, the deed of mortgage loan and will publish the deed of cancellation with the Land Regime. Land tenure is a report that determines property rights. The act of radiation in the Land Regime then allows the removal of the right to property. The notary then formalize the sale of the property.
Taxes
Taxes will vary depending on the value of the property and the area in which the property is located.
Property transfer duties
After the notarized deed of sale, the new buyer must pay property transfer duties to the municipality. The amount of the duties will depend on the value of the property. Indeed, a percentage will be imposed on different price brackets.
For the first $ 50,000 bracket : 0.5%
For an amount of $ 50,000 to $ 250,000: 1%
For a bracket of $ 250,000 or more: 1.5%
For a bracket of $ 500,000 or more (in Montreal): 2%
Property transfer duties are compulsory and payable only once after the deed of sale has been notarized.
School and municipal taxes
School and municipal taxes are taxes that must be paid each year. The municipal tax period begins on January 1st and ends on December 31st inclusive. The school tax period begins on July 1st and ends on June 30th inclusive.
These taxes help, among other things, finance various services such as road maintenance and repair, heating of schools and public transport. When buying a property, the future owner becomes aware of these amounts.
The school tax statement indicates the amount to be paid annually. It also shows the evolution of the value of the property in recent years. The municipal tax bill details the amounts imposed by the municipality and the borough. It is the notary who will calculate the amount of taxes to be paid at the time of the transaction for the new buyer. Your real estate broker can help you and explain the intricacies of these fees.
Additional charges
In Quebec, when the seller of the property is accompanied by a real estate broker, it is important to know that the compensation of the broker-collaborator is generally paid by the seller.
The purchase of a property involves many other costs following the notary. In fact, these costs can range from moving, to renovating the property, buying appliances and home insurance. However, these costs are necessary to acquire the dream property.
Buying a property with or without a real estate broker involves different costs. These costs range from the down payment, pre-purchase inspection fees, notary fees, taxes (property transfer duties, school and municipal taxes), as well as other additional costs that may be payable following the acquisition of the new property.
The down payment
In addition of various fees, the down payment is a portion of the amount you will need to take out of your savings to acquire the desired property. The mortgage loan insurance, commonly known as a mortgage, will then pay off the remaining balance of the property.
For more information on down payments in Montreal, please read our down payment blog article.
Contact one of our real estate brokers for your questions about the costs related to the purchase of a property
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