Montreal Real Estate Broker
End of dual agency: bill 5
End of dual agency : bill 5 – Key informations This article was updated on August 24, 2022.
Le Projet Terrasse St-Denis
Propriétés lumineuses à vendre dans Ville-Marie
Découvrez le projet Terrasse St-Denis : des copropriétés modernes dans un emplacement unique à deux pas du Centre-Ville. Résidez à proximité du Square Saint-Louis, du Parc La Fontaine, du métro Sherbrooke et du Quartier des Spectacles !
Espaces de vie vastes et lumineux, cuisines raffinées avec électroménagers haut de gamme et matériaux de qualité : les trois unités disponibles récemment rénovées disposent de toutes les commodités nécessaires pour vous charmer.
À l’étage supérieur de l’immeuble, au 343 Terrasse St-Denis, profitez des deux terrasses privées dont une sur le toit avec une vue impressionnante sur la ville ! Planifiez votre visite sur les lieux dès maintenant.
Vous désirez en savoir plus sur ces unités?
À propos de ces unités
Configuration
- Vastes unités contemporaines.
- Luminosité remarquable :
- puits de lumière.
- Fenestration abondante.
- Cachet d’origine préservé.
Matériaux
- Matériaux hauts de gamme.
- Planchers de chêne blanc.
Inclusions
- Cuisinière
- Plaque de cuisson
- Hotte
- Réfrigérateur
- Lave-vaisselle
- Laveuse et sécheuse
- Thermopompe
- Tous les luminaires
Espaces extérieurs
- Square Saint-Louis
- Parc La Fontaine
Stationnement
- L’unité du rez-de-chaussée profite d’un stationnement.
347 Terrasse St-Denis
345 Terrasse St-Denis (à venir)
343 Terrasse St-Denis
Un emplacement unique
Ces jolies copropriétés se trouvent dans un emplacement de choix , sur une rue paisible dans le quartier vibrant de Ville-Marie. À proximité se trouvent le métro Sherbrooke, le Square St-Louis, le Parc La Fontaine, le Quartier des Spectacles, ainsi que de nombreux autres plaisirs urbains !
Transport en commun
- Station de métro Sherbrooke
- Station de métro Berri-Uquam
- 29 Rachel
- 14 Atateken
- 15 Sainte-Catherine
- 55 boulevard Saint-Laurent
Écoles
- École primaire au Pied-de-la-Montagne
- École primaire Arc-en-Ciel
- Collège Salette
- École de danse contemporaine de Montréal
- Université UQAM
Walk Score : 93
Tous les déplacements peuvent se faire facilement à la marche.
Bike Score : 97
De nombreuses pistes cyclables et stations de BIXI à quelques minutes du Projet.
Espaces verts à proximité
- Square Saint-Louis
- Parc La Fontaine
- Parc de Bullion
Dans un rayon de 1 kilomètre
Pharmacies.
- Épiceries.
- Fruiteries.
- Charcuteries.
- Boulangeries.
- Fromageries.
- Dépanneurs.
- Restaurants.
- Bars.
Les incontournables du secteur
Cafés, restaurants et boutiques à perte de vue : les commerces sont nombreux dans Ville-Marie.
Un vaste choix de produits et de services vous sont offerts dans les alentours.
Voici un tour d’horizon de deux adresses à découvrir dans le secteur : Bouillon Bilk et le café-terrasse Osmo X Marusan.
Bouillon Bilk - Une institution culinaire
Situé sur le boulevard Saint-Laurent, Bouillon Bilk est un restaurant réputé de la métropole. Ayant ouvert ses portes en 2011, ce chic restaurant a été désigné par le cabinet d’architectes Yelle Maillé et offre un look épuré et minimaliste.
Que propose-t-on chez Bouillon Bilk ? Une belle carte de vins, ainsi qu’une diversité de plats combinant simplicité et complexité. Le menu change selon les saisons et est constitué d’une protéine (crabe, pintade, morue etc.) et d’un accompagnement. L’un de nos mets préférés? Les pâtes qui regorgent de saveur !
Pour un lunch entre amis ou un souper d’affaires, nous vous recommandons vivement cette expérience gastronomique hors pair !
- Bouillon Bilk est situé au 1595 boul. Saint-Laurent, dans Ville-Marie.
Osmo X Marusan - Un café tendance d'inspiration japonaise
Communément appelé Café Osmo, ce café au look industriel de la rue Sherbrooke ouest est l’un des projets de MDT Mobilier et est spécialisé dans la cuisine japonaise. Sandos japonais, ebbi curry : les plats sont goûteux et diversifiés. Cet espace parfait pour travailler offre également du café d’une diversité de torréfacteurs pour le bonheur des caféinophiles.
Le soir, l’ambiance se transforme en club social : sakés, vins d’importation privée et DJ sont au rendez-vous ! Pour des séances de travail en journée ou des soirées conviviales entre amis, le Café Osmo est le lieu rêvé à découvrir !
Osmo X Marusan est situé au 6230 rue Saint-Hubert, dans Ville-Marie.
Emplacement de ces copropriétés dans Ville-Marie
Vous êtes intéressé par le Projet Terrasse St-Denis? Contactez-nous !
6724 rue Chambord
| Upscale contemporary property on two floors|
Two-storey property for sale in Rosemont-La Petite-Patrie
Chambord Street welcomes you in this unique project: a property on 2 floors realized by the firm Architecture InForm. This building dating from 1924 has been completely renovated with high-end materials. Showcasing the work of artisans from Quebec and Canada was a key factor in this project.
From the moment you enter this unit, an inviting feeling of well-being is felt. Monochromatic design contributes to this feeling of comfort. Indeed, the choice of pale colors, light wood materials, as well as the linear gas fireplace breathe a minimalist and soothing atmosphere. From white oak flooring to Russian cherry wood kitchen cabinets, the materials of this property focus on beauty, as well as quality.
The particularity of this property ? A kitchen and a dining room on the mezzanine. This architectural choice has been strategically designed in order to easily access the two private terraces of the property. These terraces offer stunning views of Mount Royal !
But the central point of the unit is the floating steel staircase with clean lines that intelligently links the ground floor to the mezzanine. It lets in an abundance of natural light. This generous light penetrates the entire property thanks to the impressive windows.
A place to recharge your batteries and find your anchor while being at the heart of urban life: 6724 Chambord Street is where it is possible.
Want to know more about this property ?
About this unity at the heart of the Petite-Patrie
In a space signed Architecture InForm, the Chambord Project combines two floors designed with high-end materials. Cherry wood kitchen, porcelain bathroom, large walk-in closet, doors and custom glass panels: this property promotes quality and has been finely thought out. Its inviting interior design offers an oasis of serenity by the flooding of natural light through the unit.
A getaway in the heart of Rosemont-La Petite-Patrie !
Configuration
- Architect project
Contemporary unit on 2 floors
Third floor of the building
Abundant fenestration
Storage space
Materials
High quality materials.
White oak floors
Aluminium doors and windows
Steel staircase with clean lines
Cooking in Russian cherry
Main bathroom with porcelain tiles
Bespoke glass doors and panels
Heated floors in both bathrooms
Inclusions
- Poêle à gaz Bosch
Hotte intégrée haute performance
Réfrigérateur intégré Bosch
Lave-vaisselle GE
Toutes les lumières
Outdoor spaces
- 2 cedar terraces on the roof
overlooking Mount Royal and downtown
Possibility of installing a summer kitchen
Parking
- 1 private and heated garage
A peaceful neighborhood
Located in the centre of the island, Rosemont-La Petite-Patrie is one of the favorite boroughs of Montrealers and the third most populous of the metropolis. Its residents especially appreciate the neighborhood for its balance between residences, shops and green spaces. There are more than a hundred green alleys, community gardens and citizen initiatives. The community is very committed to greening.
La Petite-Patrie is part of this district. This area boasts many primary and secondary schools, libraries, shops and parks.
La Petite-Patrie is full of green spaces like the well-known Père-Marquette park. Built on an old quarry, this park has all the amenities for any sporting activity and is well appreciated by all! Get together and spend pleasant moments together: this is the beauty of La Petite-Patrie.
Public transport
- Beaubien metro station
Fabre metro station
13 Christopher Columbus
18 Beaubien
95 Bélanger
45 Papineau
Schools
- Sainte-Ambroise primary school
Sainte-Arsène primary school
École primaire Saint-Étienne
Madelaine de Verchère School
École secondaire Père-Marquette
Walk Score : 75
Many services and shops within walking distance
Bike Score : 86
Many bike paths and BIXI stations just minutes from the Project.
Green spaces nearby
- Parc du Père-Marquette
Parc-école Saint-Ambroise
Montcalm Park
Turin Park
Parc Le Prévost
Within a 1 km radius
- Jean Talon Hospital
Pharmacies
Grocery stores
Fruiteries
Deli meats
Bakeries
Fromageries
Wreckers
Restaurants
Bars
The essentials of the sector
- Cafés, restaurants and shops as far as the eye can see: there are many shops in La Petite-Patrie.
A wide range of products and services are available in the surrounding area.
Here is a tour of two gourmet addresses to discover in the area: La Belle Tonki and vinvinvin.
La Belle Tonki - Delicious fusion cuisine
Combining Cambodian and Vietnamese fusion, La Belle Tonki is a restaurant offering vegan dishes served with a touch of originality. Having opened its doors in 2020, La Belle Tonki is the work of two childhood friends, the two named Michael, who acquired the restaurant of Michael’s mother. Since then, this dynamic restaurant has grown in popularity and is greatly appreciated by the residents of the area.
If you have the pleasure of spending an evening there, you will notice the diversity and originality of the dishes. From revisited poutines to delicious Pho soups: you’ll be spoilt for choice!
From ‘asian comfort food’ to its best and a real must-see in the neighborhood!
- La Belle Tonki is located at 1335 rue Beaubien Est
in Rosemont-La-Petite-Patrie.
vinvinvin - Friendly nature wine bar
vinvinvin is a natural wine bar from organic and biodynamic agriculture. A wide selection of wines, as well as snacks are offered. In a friendly and trendy atmosphere where neighborhood life resonates, combine your beverage with oysters, poultry liver mousse or any other succulent menu.
Perfect for a 5 to 7 with friends or a romantic evening, vinvinvin will surely charm you with its wide range of natural wines, local beers and distinguished spirits!
A neighborhood ‘’must’’ to try!
vinvinvin is located at 1290 rue Beaubien Est in Rosemont-La-Petite-Patrie.
Location of this unique property in Rosemont-La Petite-Patrie
Interested in the Chambord Project? Contact us !
Meet our real estate brokers
Jacynthe Roy
Broker in Charge of the Listings & Residential Real Estate Broker
About Jacynthe Roy
Broker in Charge of the Listings Residential Real Estate Broker
Having started her career in customer service, Jacynthe has always maintained a marked interest for human relationships. Her passion for real estate developed during the construction of her property where she supervised and ensured an important management role. This project of hers led her to obtain her real estate license. In 2017, she decided to join RE/MAX, a banner she particularly admired for their values, their training and the many ressources they offered to their brokers and clients.
As a mother of a little boy, Jacynthe easily understands the needs and the challenges that families may face. In fact, helping families find a home that answers their needs as well as supporting young professionals who wish to acquire a property are her main sources of motivation.
Offering the highest quality standards and learning new trends in real estate are Jacynthe’s main goals in her unique service offer. Combining leadership, proactivity and many years in real estate, Jacynthe is a great ally within our team. She will offer you an unparalleled experience with her active listening, personalized coaching and transparency that will immediately put you in confidence.
RE/MAX Award of Excellence
A few properties for sale with Jacynthe Roy Real Estate Broker
Montréal
Two or more storey
4
3
1942
2054.83 sq/ft
Montréal
Apartment
1
1
1998
754 sq/ft
End of dual agency : bill 5 - Key informations
This article was updated on August 24, 2022.
Bill 5
Given the current overheated real estate environment and in the interest of better protecting buyers in a real estate transaction in Quebec, Bill 5 was passed by the National Assembly. This amendment to the Real Estate Brokerage Act was adopted on June 10, 2022. Bill 5 involves various tax measures, but also measures related to the real estate market. It prohibits, among other things, the dual agency of a real estate broker with a buyer and a seller for a residential immovable, as well as the verbal brokerage contract. These measures would then avoid a potential conflict of interest.
With the arrival of this new law, many questions arise. What exactly does this law consist of? What are the benefits for buyers? Does it have any exceptions regarding its application? What are the advantages of the brokerage purchase contract for buyers? What is the opinion of our team’s real estate brokers regarding this important change?
Implications of the prohibition of dual agency
As mentioned previously, Bill 5 prohibits a real estate broker from representing a buyer and a seller at the same time in a transaction involving a residential immovable property. A real estate broker is licensed by the Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ). The broker works with his client, must protect his interests and ensure loyalty. Respect for confidential customer information is essential. In a case of dual agency, these obligations cannot always be fulfilled and can give rise to major conflicts of interest, hence the importance of the establishment of this law.
The real estate broker must then represent only one part of the transaction (the buyer/the seller or the tenant/the lessor), thus ensuring a fairer treatment vis-à-vis the buyer.
The prohibition of dual agency is also combined with the prohibition of the verbal purchase brokerage contract. A written purchase brokerage contract must then be established between the buyer and the real estate broker in order to formalize the transaction.
If a case of dual agency occurs, i.e. a real estate broker is bound by a sale brokerage contract and a purchase brokerage contract, he must then notify the buyer in writing as to the termination of the purchase contract. As soon as this writing is sent, the termination of the purchase contract takes effect. The broker will then have to recommend a new real estate broker to this buying client. However, the buying client can choose not to be represented by anyone and make the decision they desire for the rest of the real estate transaction. If this is the case, the real estate broker must grant him fair treatment.
The concept of fair treatment is fundamental here. The real estate broker must inform the unrepresented buyer with objectivity. Indeed, the broker must demonstrate the accuracy of the information transmitted and indicate to the buyer any adverse elements concerning the desired property. However, the representation of the buyer and the defense of his interests are not possible without the signature of the purchase contract. In this case, the real estate broker will work in collaboration with the broker-seller.
Dual agency exceptions
It should be noted that the OACIQ will establish certain exceptions with regard to compliance with the law of double agency. For example, for certain regions of Quebec that would be underserved, real estate brokers in that region would be authorized to represent buyers and sellers. Additional exceptions are expected in the coming months.
New real estate broker roles in a transaction
Broker-Seller: The broker-seller is the real estate broker who is bound by a Brokerage Sale Contract (BSC) with a seller. Since the broker has a signed contract, he must represent his client’s interests.
Broker-Buyer: The broker-buyer is the real estate broker who is bound by a Brokerage Purchase Contract with a buyer (BPC). He can therefore represent the buyer and must defend his interests.
Broker-Collaborator: The broker-collaborator is the real estate broker who accompanies the buyer in the transaction, but is not bound by a brokerage purchase contract (BPC). As mentioned above, the broker-collaborator must work in collaboration with the broker-seller and cannot represent the buyer and his interests.
Brokerage purchase contract: what are the benefits for buyers?
Among the new obligations of this law, the brokerage purchase contract became mandatory as of June 10, 2022. In order to formalize the agreement between the buyer and the broker, the purchase contract must be signed by both parties. Signing this type of brokerage contract has many advantages for buyers:
- Representation: the buyer can be represented by the real estate broker and the latter can defend his interests.
- Personalized service: the buyer benefits from the custom search carried out by the broker (such as the creation of a portal of properties to visit). The buyer will also be better protected with regard to his personal information and interests.
- Access to comparables: the buyer has access to market comparables obtained by the real estate broker’s expertise and the tools at his disposal.
- Advice: The buyer receives advice and recommendations based on their needs and criteria throughout the purchase process. This advice will allow him to have a better knowledge of the situation (for example: are we in a situation of multiple offers) and in the real estate market more generally.
- Negotiation: the buyer is represented by his broker during the negotiation. The real estate broker’s negotiation skills will allow the buyer to acquire the desired property at a fair price and to stand out in multiple offers.
- Writing the promise to purchase: the buyer is advised by the broker on the conditions and clauses to be added to the promise to purchase in order to be further protected and distinguished.
Dual agency exceptions
The OACIQ has established certain exceptions regarding compliance with the dual agency law.
-For certain areas of Quebec that would be underserved, real estate brokers in that area would be allowed to represent buyers and sellers.
-A seller and a buyer can be represented by two brokers from the same real estate agency.
-For residential buildings with more than 5 units and commercial buildings, the brokerage purchase contract is not mandatory. The end of dual agency does not apply here.
Summary
Bill 5 was adopted by the National Assembly and involves changes to the law on real estate brokerage. These changes have been in effect since June 10, 2022. Among other measures, this new law prohibits the dual agency of a real estate broker with a buyer and a seller for a residential building. It also indicates that in order to formalize a transaction, a written brokerage purchase contract must be established between the two parties. Certain exceptions to this dual agency will be granted, such as in small regions of Quebec where there is a deficit of real estate brokers. It also states that in order to formalize a transaction, a written brokerage purchase contract must be established between the two parties. With the mandatory purchase brokerage contract, this reduces potential conflicts of interest that can arise when a real estate broker represents a buyer at the same time as a seller. In addition, this provides additional protection to the buyer, strengthens the relationship of trust and loyalty between the two parties.
*The use of the pronoun “He” was used to lighten up the text.
Questions? Contact one of our real estate brokers to enlighten you on the subject.
5282 - 5290 AVENUE PAPINEAU, PLATEAU-MONT-ROYAL, H2H 1W2
LOT AREA: 4,128 SF
NUMBER OF ROOMS : 27
YEAR BUILT : 1925
GOLDEN OPPORTUNITY IN THE HEART OF THE PLATEAU. For investor or owner occupant. Quintuplex with high potential income and many recent renovations. Modern kitchens and bathrooms. Washer-dryer installations. Wooden floor. A few steps from Laurier Park and the charming shops of Laurier Avenue. Don’t miss this opportunity!
Pierre Viens
Residential and commercial real estate broker
Cell : 514 886-6270
E-mail : pierreviens@hotmail.com
Does this income building with high potential income interest you?
VISIT BLOCKS (appointment only):
– Saturday, July 9th from 1:30 to 2:30 pm
– Sunday, July 10th from 1:30 to 2:30 pm
– Monday, July 11th from 5pm to 6pm
A new certificate is currently on order.
Global discount rate 2022-2023 : 4,02%
**At the seller’s request, the inspector must be chosen by mutual agreement. The inspector must be a member of a professional order or a recognized association; he must hold valid professional liability insurance in an amount greater than the purchase price. The inspector must hold a level 1 certificate for the use of a thermography device.
Land dimensions 28′ X 147′ à
Field’s surface 4,128 sq. ft.
Parking (total)
Aisle : 6
Zoning Residential
Sale without legal warranty of quality, at the buyer’s risk and peril.
Electricity
Wall-mounted heat pump
Municipality
Municipality
For all units (5): Washer, dryer, dishwasher and wall mounted heat pump.
Window treatments, furniture and personal effects of tenants
ASSESSMENT (2022)
TAXES
- (2022)
- (2022)
GROSS YEARLY REVENU (POTENTIAL)
ANNUAL EXPENSES
Contact Pierre Viens - Residential and commercial real estate broker
SEE MY PROPRETIES FOR SALE
Montréal
Two or more storey
4
3
1942
2054.83 sq/ft
Montréal
Apartment
1
1
1998
754 sq/ft
Montréal
Triplex
3
2
1943
3251 sq/ft
6 practical tips for moving with your pet - 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 Brokers Team offers 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!
See other real estate news
Buyer Information
The FHSA or the Tax-Free First Home Savings Account
The FHSA – Key information Buying a home is an important investment that can lead to one of
Buyer Information
Buyer’s Guide | Montreal Real Estate
Buyer’s Guide – Key informations Read our complete guide here First purchase in real estate Are you looking
Meet our real estate brokers in Montreal
Jade Boudrias
Residential real estate broker
About Jade Boudrias
Real Estate Broker
Graduated with a bachelor’s degree with a major in economics from the University of Montreal and a certificate in corporate finance, specializing in real estate investment strategy from HEC, Jade was immersed in the world of real estate very early on.
Upon completing her studies, she worked over 10 years as an assistant for a renowned real estate broker. During this time, she learned about the complex world of real estate. Preparing client files, ensuring the conformity of the documents received and managing several transactions at the same time: her tasks are numerous and require a sense of organization. Through her many years in real estate, Jade was then able to explore the various aspects of the real estate world.
However, it’s her constant interest for learning, her desire to be stimulated and to be present on the field that inspires her to become a real estate broker. Jade enjoys helping the clients she accompanies and wishes to make a real difference in their decision-making through the advice and expertise she provides them. As she says so well, “Making people happy is what makes me happy”.
Hardworking, meticulous and organized are among Jade’s greatest qualities. She does her job with passion. Her clients recognize her authenticity and easily build a relationship of trust. Jade’s many years in the real estate world have given her expertise, as well as remarkable diligence, giving her a notable place in our team.
Client Testimonials
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A few properties for sale
Montréal
Loft / Studio
1
1
2005
702.63 sq/ft
Montréal
Two or more storey
4
3
1942
2054.83 sq/ft
Montréal
Apartment
1
1
1998
754 sq/ft
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The FHSA - Key information
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 FHSA or tax-free savings account for first-time home buyers. The FHSA would be in place as of April 2023 and has certain features.
The FHSA : what does it consist of?
The Tax-Free First Home Savings Account (FHSA) 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 FHSA 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.
Its eligibility criteria
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.
Its characteristics
The FHSA also has certain features:
-The maximum contribution per year is $8,000.
-Unused contributions can be transferred to the following year.
-The maximum FHSA 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.
-The HBP (home buyers’ plan) and FHSA can be combined to purchase your first home.
-The money can be invested in a FHSA 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.
–If you want to purchase a property with your spouse, you can combine the accumulated amount of your FHSA with another FHSA account for the down payment.
The FHSA then presents certain constraints, but also significant advantages for a first-time buyer.
What types of investments can you hold in a FHSA?
Other products will be offered over time. Here are the ones currently known:
-Stocks, options and bonds
-Savings deposits
-Exchange Traded Funds (ETFs)
-Cash
The FHSA: questions remain
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 FHSA, 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 April 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 First Home Savings Account (FHSA) is designed to help first-time buyers through the housing frenzy to save for their down payment. The FHSA 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 FHSA limit is raised to $40,000, for a maximum annual contribution of $8,000. The FHSA 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 FHSA.
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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
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.
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 team of 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.
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!
Do you have any questions? Contact one of our real estate brokers.
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Chez Piétine - Key informations
An Outremont institution
Nearly 40 years after their opening, Chaussures Piétine still retains its loyal clientele in the Outremont neighborhood, while also reaching out to fans of the shoe store concept for young children, who travel from all over the city to receive the judicious advice of the owner, Nadielle Kutlu, regarding their little ones’ needs.
Located on the charming Querbes Avenue, near the Laurier West intersection, Chez Piétine offers a concept and exclusive products that have been delighting consumers for several generations now. It is with a real passion and contagious joy that Nadielle welcomed us in the boutique she now owns, to share a little piece of her knowledge.
Renowned brands
Offering high quality European brands such as Ricosta, Pom d’Api, Petit Nord and many others, Chez Piétine takes its mission to heart to offer children quality shoes, comfortable and above all, adapted to kids’ little feet! Without being trained podiatrists, Nadielle and her employees are passionate enough about the field to advise parents to the best of their knowledge when they are looking for an adapted and comfortable model… while being, let’s face it, very cute!
Even real estate brokers are shoe lovers
Danièle Papazian, a real estate broker on our team, is an avid fan of the boutique where she has brought her children since they were very young in order to offer them shoes that are adapted to their needs, and of a style that is both sought-after and unique in its kind. The great attention paid to the choice of products and the materials used to make them is one of the points of differentiation that Danièle mentions when she talks about the Outremont boutique. Apple leather, recycled materials, soft, comfortable and non-toxic, the employees at Piétine make it their duty to select items whose materials are suitable for the particular needs of infants whose first steps are an important stage of development, as well as for children of school age.
Rain boots, sandals, booties, athletic shoes and slippers, Piétine offers a wide selection of carefully chosen products that meet the highest standards of comfort.
Innovating through change
If the pandemic was a brake on the development of the business model of many, this business, which has become an institution in the Outremont neighborhood, took advantage of it to reinvent itself, while continuing to offer the outstanding service for which they are known to their loyal customers.
In the summer of 2021, the store installed a large outdoor carpet to accommodate customers in a sanitary manner, while allowing toddlers to enjoy the space to walk, run and try on their new shoes! Nadielle Kutlu also offered its in-home services to customers who needed precise advice on the size, style or comfort their little ones needed, a problem exacerbated by the closure of physical stores, leaving parents with no option but to order their toddler’s first pair of sneakers online.
If you don’t know this charming neighborhood business, which has become a real institution over the decades, the boutique Chez Piétine is definitely worth a visit for all new parents and lovers of quality and adapted products who want to spoil their little ones with original shoes of unbeatable quality.
The Piétine boutique is located on 111 Querbes Avenue in Montreal.
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