News - Courtier Immobilier Montréal Yanick E Sarrazin https://yanicksarrazin.com/en/immobilier/category/news/ Plateau Mont-Royal, Outremont, Rosemont La-Petite-Patrie, Mile-End, Ville Marie Thu, 03 Jul 2025 18:06:58 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.5 https://yanicksarrazin.com/wp-content/uploads/2020/11/77174542_2673133149440852_8670214071997431808_n-60x60.png News - Courtier Immobilier Montréal Yanick E Sarrazin https://yanicksarrazin.com/en/immobilier/category/news/ 32 32 July 1: Moving in Quebec | Tips and Tricks https://yanicksarrazin.com/en/immobilier/real-estate-news/july-1-moving-in-quebec-tips-and-tricks/ Mon, 30 Jun 2025 18:06:00 +0000 https://yanicksarrazin.com/?p=78102 Quebec mores In Quebec, it has been customary for many years for the majority of leases to end on July 1. Although July 1st coincides with Canada Day, landlords have traditionally chosen this date to allow children to finish their school year without changing schools. This year, on the occasion of July 1st, our real […]

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Quebec mores

In Quebec, it has been customary for many years for the majority of leases to end on July 1. Although July 1st coincides with Canada Day, landlords have traditionally chosen this date to allow children to finish their school year without changing schools.

This year, on the occasion of July 1st, our real estate brokers and administrative team wanted to share their best tips and tricks for a successful move!

Things to remember

Change your property address:

Canada Post
RAMQ, SAAQ, your insurance company
Your financial institution
Service providers (Hydro Québec, Internet…)

Check elevator fee regulations:

If you live in a divided or undivided condominium, chances are you’ll need to reserve the elevator to facilitate your move. However, some condominiums charge a fee for this reservation. So it’s essential to find out in advance about the regulations in force in your building, to avoid any surprises on the big day.

Tips and tricks from our team

Veronica advises you to bring sufficient transport boxes to ensure that your valuables all have a designated place and can safely withstand the move! The trick is to use color coding to distinguish between items and their respective places in your new home.

Clara recommends one or more meditation sessions before the big day! Yes, moving has been proven to be one of the biggest sources of stress, so it can be very beneficial to take the time to rest and meditate in the days and hours before the movers arrive!

Frédéric advises you to reward the people who help make your moving day a successful and memorable one! Beers and pizzas are now a tradition for anyone who volunteers to help their loved ones on this big day! If you’re familiar with our team, you’ll know that Panzeria is our favorite address for succulent focaccia pizza and exquisite Italian dishes!

Finally, our team of real estate brokers recommends that you start by furnishing the kitchen, bathroom and bedroom. By prioritizing these essential rooms, you’ll quickly find your bearings and a certain comfort in your new home.

Happy moving to everyone!

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]]> Key interest rate cut to 2.75% : A great opportunity for the real estate market! https://yanicksarrazin.com/en/immobilier/news/key-interest-rate-cut-to-2-75-a-great-opportunity-for-the-real-estate-market/ Thu, 13 Mar 2025 14:02:49 +0000 https://yanicksarrazin.com/?p=72237 Montreal, March 12, 2025 – The Bank of Canada has announced a further 0.25% reduction in its key policy rate to 2.75%. This marks the seventh consecutive reduction since June 5, 2024. Source : Bank of Canada Further decline in response to trade tensions between Canada and the United States This decision comes in the […]

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Montreal, March 12, 2025 – The Bank of Canada has announced a further 0.25% reduction in its key policy rate to 2.75%. This marks the seventh consecutive reduction since June 5, 2024.

Source : Bank of Canada

Further decline in response to trade tensions between Canada and the United States

This decision comes in the context of growing trade tensions between Canada and the United States. Some economists predict that future tariffs imposed by the U.S. President, along with Canadian counter-tariffs, could put further pressure on inflation in Canada. This measure is largely intended to protect the Canadian economy from the impact of U.S. tariffs.

An opportunity for buyers and sellers!

Although some economists predict that this economic uncertainty could put off investors, it represents a real opportunity for buyers. Indeed, a reduction in the key interest rate generally leads to a drop in mortgage rates, making monthly payments more affordable and facilitating the repayment of home loans.

What’s more, this situation can also be advantageous for sellers, since with a greater number of buyers, properties should sell faster.

In conclusion, while this period can be stressful for some, it also offers many advantages for both buyers and sellers.

Sources :

Bank of Canada. https://www.bankofcanada.ca/core-functions/monetary-policy/key-interest-rate/ 

La Presse. https://www.lapresse.ca/affaires/economie/2025-03-12/la-banque-du-canada-devrait-annoncer-une-baisse-de-taux-d-interet.php

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]]> 8 must-have decorating trends for 2025 https://yanicksarrazin.com/en/immobilier/real-estate-news/8-must-have-decorating-trends-for-2025/ Wed, 15 Jan 2025 15:41:13 +0000 https://yanicksarrazin.com/?p=68271 As a real estate team, it’s essential to stay on top of the latest trends in interior design. Embracing these trends can not only modernize a property’s appearance, but also increase its appeal and market value. Whether you’ve just bought a property or simply want to add value to your home before putting it up […]

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As a real estate team, it’s essential to stay on top of the latest trends in interior design. Embracing these trends can not only modernize a property’s appearance, but also increase its appeal and market value.

Whether you’ve just bought a property or simply want to add value to your home before putting it up for sale. Our team of Montreal real estate brokers presents 8 must-see decorating trends for 2025, to enhance your space and attract the maximum number of buyers.

Earthy colors

Earthy colors are making a comeback in decorating trends for 2025. Natural hues such as beige, sand and brown are essential choices for creating a warm ambience in your home. Among the leading colors, terracotta, which evokes the warmth of terracotta, will be particularly popular for interior design. This color brings a touch of character and conviviality to your property.

Coffee areas

If you’re looking for a suggestion for furnishing a small corner of your home, we strongly recommend opting for a stylish yet practical café area. It will add a touch of conviviality while optimizing your space.

Green: the trend color of the year

Green is this year’s star color, particularly popular in bathrooms and kitchens. If you prefer a more refined aesthetic, we recommend sage green. This color is a subtle, timeless hue that will enhance the decor of your property.

The return of the striped

Stripes are making a comeback in interior design. Whether in accessories or wallpaper, it’s establishing itself as an essential trend.

Our pro tip: stripes have the power to create an illusion of height and space, ideal for visually enlarging a room. This pattern is therefore recommended for adding a new dimension to small spaces.

Real plants

Whether natural or artificial, plants have always played an essential role in interior design, adding a touch of freshness and greenery. However, in 2025, real plants will be the preferred choice. Although their upkeep can sometimes prove tricky, we invite you to discover our article on 5 easy-to-maintain plants, for a green and welcoming interior all year round.

Creating a sophisticated office corner

Sophisticated corner offices will be ubiquitous this year. Interior design experts recommend deep colors such as navy blue or charcoal gray. In terms of decoration, materials such as leather, velvet and metallic accents will be at the heart of this trend. These will bring a touch of luxury and refinement to your workspace.

Limewash

Although limewash has gained in popularity since last year, it remains a strong trend and is set to continue to mark the coming year. This painting technique offers an elegant, timeless touch, ideal for enriching a minimalist decor. Our team of Montreal real estate brokers recommends applying it to an accent wall, choosing tone-on-tone shades to create a warm, harmonious atmosphere.

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]]> OACIQ and APCIQ: What’s the Difference Between these Two Key Real Estate Organizations? https://yanicksarrazin.com/en/immobilier/news/oaciq-and-apciq/ Fri, 15 Nov 2024 17:52:09 +0000 https://yanicksarrazin.com/?p=64992 L’APCIQ An association representing the real estate brokerage profession Although they both work in the real estate market, the APCIQ and the OACIQ are two very distinct organizations, with complementary roles and missions that make a significant contribution to the regulation of the real estate sector. To help you distinguish between them, our real estate […]

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L'APCIQ

An association representing the real estate brokerage profession

Although they both work in the real estate market, the APCIQ and the OACIQ are two very distinct organizations, with complementary roles and missions that make a significant contribution to the regulation of the real estate sector. To help you distinguish between them, our real estate brokers present these two little-known associations, which are essential to the smooth operation of the Quebec real estate market.

The Association professionnelle des courtiers immobiliers du Québec (APCIQ) is a non-profit organization that brings together over 15,000 real estate brokers, representing nearly 92% of professionals in Québec. Its primary mission is to support, train, inform and defend its members. Moreover, the APCIQ provides its members with a range of tools and resources aimed at collecting and analyzing relevant information on the real estate sector.

Supervision and development of the real estate brokerage profession

Representing the majority of real estate brokers in Quebec, its members benefit from a wide range of services, including continuing education, market analysis, legal support, and marketing and public relations tools. It also plays a role in promoting and structuring the profession, by implementing initiatives to enhance its image. 

Created by the merger of three real estate boards

Experienced real estate brokers in Montreal remember the APCIQ by its former name, the Greater Montreal Real Estate Board (GMREB). Indeed, the APCIQ, founded in 2019, is the result of the merger of three regional boards: the CIGM, the Chambre immobilière de Québec (CIQ) and the Chambre immobilière des Laurentides (CIL). The aim of this association was to unite real estate brokers under a single provincial associative model. In order to centralize the promotion and protection of the profession.  As mentioned by co-founder Christiane St-Jean, the APCIQ is now in a position to speak with a single voice to better address the various issues facing this function, so that the discourse remains coherent, unique and credible in the eyes of all.

In short, the APCIQ is the body that oversees and supports the professional development of real estate brokers, while actively representing their interests within the real estate sector, in order to guarantee standards-compliant practice and ensure the defense of their rights in a constantly evolving market. In an economy where real estate transactions are becoming increasingly complex, it is crucial that brokers, who accompany their customers throughout the process, can feel protected by a competent entity that understands the challenges of the Quebec real estate market.

L'OACIQ

An organization dedicated to consumer protection

The Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) plays a crucial role in protecting the public in real estate transactions. As an independent authority, the OACIQ is responsible for regulating and supervising the real estate brokerage profession in Quebec. It scrupulously ensures that real estate brokers comply not only with the laws and regulations in force, but also with the ethical standards established to ensure transparent, ethical and rigorous professional practice. In so doing, the OACIQ guarantees the safety and protection of individuals, whether buyers, sellers or tenants, by ensuring that their interests are always taken into account and defended in every real estate transaction.

Services for the general public

The organization offers a variety of tools, as well as a public assistance service available to both buyers and sellers. On their website, several means of communication are available to reach them. Finally, the OACIQ also requires real estate brokers to contribute to the Fonds d’indemnisation du courtage immobilier and to professional liability insurance, two measures designed to protect consumers.

In short, the APCIQ focuses on representing and supporting real estate brokers in the exercise of their profession, while the OACIQ’s mission is to protect the interests of the public and ensure that brokers’ practices comply with legal standards. Finally, the OACIQ and the APCIQ are two complementary organizations, each with a distinct but essential role to play in the smooth operation of the real estate sector in Quebec.

L’article OACIQ and APCIQ: What’s the Difference Between these Two Key Real Estate Organizations? est apparu en premier sur Courtier Immobilier Montréal Yanick E Sarrazin.

]]> Drop in Key Interest Rate to 3.75%: An Opportunity for Buyers and Sellers! https://yanicksarrazin.com/en/immobilier/news/reduce-the-key-interest-rate-to-3-75-an-opportunity-for-buyers-and-sellers/ Wed, 23 Oct 2024 14:22:06 +0000 https://yanicksarrazin.com/?p=63386 Table des matières Montreal, October 23, 2024 – Today, the Bank of Canada announced a substantial cut in its key interest rate to 3.75%. This 50-point cut will help reduce inflationary pressures and bring us progressively closer to the desired 2% target. The Impact of the Key Interest Rate Drop on the Quebec Real Estate […]

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Table des matières

Montreal, October 23, 2024 – Today, the Bank of Canada announced a substantial cut in its key interest rate to 3.75%. This 50-point cut will help reduce inflationary pressures and bring us progressively closer to the desired 2% target.

The Impact of the Key Interest Rate Drop on the Quebec Real Estate Market

This further reduction in the key interest rate will have an impact on the economy as a whole, as well as on the Quebec real estate market. More specifically, mortgage rates are set to fall, which will be of great benefit to homebuyers. This change could make home ownership easier.

As for sellers, lower interest rates will encourage them to sell their properties. Indeed, with a greater number of potential buyers able to obtain mortgage loans, this could enable them to sell their property more quickly.

Source : Banque du Canada

In short, this significant reduction will benefit buyers and sellers alike. According to some economists, further changes are likely in the coming months. We invite you to keep up to date with the latest real estate news by following our various articles on the subject.

Sources

Banque du Canada. https://www.banqueducanada.ca/grandes-fonctions/politique-monetaire/taux-directeur/ 

La Presse. https://www.lapresse.ca/affaires/marches/2024-10-22/taux-directeur-de-la-banque-du-canada/une-baisse-de-75-points-apparait-sur-les-radars.php# 

Le Devoir. https://www.ledevoir.com/economie/814337/baisse-taux-directeur-quel-impact-marche-immobilier 

Le Journal de Montréal. https://www.journaldemontreal.com/2024/10/22/grosse-baisse-des-taux-dinteret-a-venir 

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]]> Provident Fund, Maintenance Booklet and Inspector Certification for the Real Estate Sector: Bill 16 https://yanicksarrazin.com/en/immobilier/news/provident-fund-maintenance-booklet-and-inspector-certification-for-the-real-estate-sector-bill-16/ Wed, 09 Oct 2024 16:42:00 +0000 https://yanicksarrazin.com/?p=62910 Table des matières On December 5, 2019, the provincial government adopted a major reform of the Régie du logement, marked by Bill 16. This initiative aims to regulate several aspects of the real estate sector, including building and divided co-ownership inspections, while revising the name and amending the Act respecting the Régie du logement and […]

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Table des matières

On December 5, 2019, the provincial government adopted a major reform of the Régie du logement, marked by Bill 16. This initiative aims to regulate several aspects of the real estate sector, including building and divided co-ownership inspections, while revising the name and amending the Act respecting the Régie du logement and the Act respecting the Société d’habitation du Québec. It also makes changes to various legislative provisions relating to municipal affairs. The main objective of these reforms is to strengthen the protection of home buyers, co-owners, tenants and landlords. Although the bill was passed in December 2019, its implementation is spread over a three-year period, allowing for a gradual roll-out of the various regulatory measures.

In this article, our Montreal real estate brokers present the new measures underway and those to come.

Future Measures

Real estate regulations governing contingency funds

According to a survey conducted in 2015 by the Regroupement des gestionnaires et copropriétaires du Québec, the Association des professionnels de la construction et de l’habitation du Québec, and the Fédération des chambres immobilières du Québec, it appears that the majority of condominium administrators feel that the amount available in the contingency fund is insufficient. To remedy this situation, a new real estate regulation will require boards of directors to conduct a study every five years to assess the sums to be allocated to the contingency fund. Annual contributions to the fund will be based on the results of this study. The analysis must be produced by an accountant, engineer, chartered appraiser, architect or professional technologist.

This study will be mandatory from the first day following the first 3 years of the new standard’s implementation. In fact, the two main mortgage lenders, National Bank and Desjardins, recently announced that they will no longer finance buyers of divided co-ownerships without a contingency fund.

Condominiums required to keep a maintenance logbook

In Canada, there are currently no regulations requiring condominium boards of directors to keep a maintenance logbook. However, Bill 16, proposed by the provincial government, aims to impose this obligation on boards of directors. The building’s maintenance book will have to be updated every five years (or 10 years for buildings with 8 condos or less). The logbook must identify major maintenance work on the building’s common areas, the dates on which it was carried out, and the inspections performed. This information must be updated annually. The maintenance book must be produced by a professional such as an engineer, chartered appraiser, architect or professional technologist. In addition, syndicates of co-ownership will be required to maintain an up-to-date property condition certificate, and to provide a copy to any co-owner who requests it. These new regulations should come into force by the end of the year.

Creation of a public directory of home inspector certificate holders

At the moment, the profession of home inspector is not governed by any specific regulations. No training or license is required to exercise this profession. However, the new reform underway will introduce a new certificate for building inspectors, to be issued by the Régie du bâtiment du Québec. A public register will also be set up to identify holders of this certification. This initiative is designed to boost buyer confidence by giving them access to qualified building inspection professionals.

Measures in progress

Creating certificates of location

This new bill requires real estate developers to provide syndicates of divided co-ownership with certificates of location, as well as all available plans and specifications.

Protecting buyers' deposits

Builders and developers must protect deposits paid by purchasers of fractional co-ownership. This obligation applies to preliminary contracts signed on or after January 10, 2020.  Down payments requiring protection may be secured by a guarantee plan, insurance or a surety bond. Moreover, if a unit has not been delivered by the due date, developers and builders will be required to return the deposit to residential buyers. The date may refer to a specific date or to a period extending over several months (for example, autumn 2024). On the other hand, a clause in a preliminary contract could provide for the possibility of this date being changed due to unforeseen circumstances, if all parties agree.

Governance

Boards of directors must inform co-owners of their decisions within a reasonable period of 30 days. In addition, board members will have to consult the general meeting of co-owners before setting a special assessment or hypothecating the syndicate’s claims. In the event of disagreement, the court may set aside decisions made by the board of directors.

We invite you to keep abreast of the new measures introduced by the provincial government. These provisions are designed to strengthen the protection of home buyers, co-owners, tenants and landlords. Contact our real estate brokers today to learn more about Bill 16.

Sources : 

Condos: No Contingency Fund, No Mortgage. https://www.journaldemontreal.com/2024/09/19/condos-pas-de-fonds-de-prevoyance-pas-dhypotheque 

Divided and Undivided Co-ownership: How to Differentiate them? https://yanicksarrazin.com/immobilier/information-immobiliere/copropriete-divise-et-indivise-comment-les-differencier/  

How to choose your Home Inspector? https://yanicksarrazin.com/immobilier/information-immobiliere/comment-choisir-son-inspecteur-en-batiment/ 

Quebec gets tough on Condo Maintenance. https://www.journaldemontreal.com/2024/09/13/quebec-se-montre-plus-severe-pour-lentretien-des-condos. https://www.journaldemontreal.com/2024/09/13/quebec-se-montre-plus-severe-pour-lentretien-des-condos 

Measures applicable to divided co-ownership (condos) for owners and builders.  https://www.quebec.ca/habitation-territoire/achat-vente/condos-coproprietes/mesures-coproprietes 

Modernization of housing legislation. https://cdn-contenu.quebec.ca/cdn-contenu/adm/min/affaires-municipales/publications/habitation/BRO_PL16_DocumentBref.pdf

L’article Provident Fund, Maintenance Booklet and Inspector Certification for the Real Estate Sector: Bill 16 est apparu en premier sur Courtier Immobilier Montréal Yanick E Sarrazin.

]]> The Plateau-Mont-Royal amends its Zoning By-law (01-277). https://yanicksarrazin.com/en/immobilier/news/the-plateau-mont-royal-amends-its-zoning-by-law-01-277/ Thu, 21 Mar 2024 15:24:59 +0000 https://yanicksarrazin.com/?p=56831 The Plateau-Mont-Royal amends its Zoning By-law (01-277) In the midst of a housing crisis, the Plateau-Mont-Royal borough in Montreal has recently announced the adoption of a draft regulation amending its Urban Planning Regulation (01-277). These measures aim to strengthen the protection of the rental housing stock, in the face of growing pressures exerted by various […]

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The Plateau-Mont-Royal amends its Zoning By-law (01-277)

In the midst of a housing crisis, the Plateau-Mont-Royal borough in Montreal has recently announced the adoption of a draft regulation amending its Urban Planning Regulation (01-277). These measures aim to strengthen the protection of the rental housing stock, in the face of growing pressures exerted by various factors, notably the conversion of plexes into cottages.

Plateau Mont-Royal: The end of plex conversions to cottages ?

Indeed, among the key changes brought about by this draft regulation is the prohibition of changing the use of a dwelling and merging two dwellings in a duplex or triplex. This decision aims to preserve the integrity of residential buildings and prevent the conversion of dwellings into commercial spaces or single-family homes, which could reduce the availability of accessible rental housing.

An important step in this process is the holding of a public consultation assembly, scheduled for April 9th of 2024. This meeting will allow residents, property owners, stakeholders in the real estate sector, and other stakeholders to learn about the proposed changes and share their comments, concerns, and suggestions.

A response to the housing crisis

In conclusion, the new measures to protect the rental housing stock announced by the Plateau-Mont-Royal borough aim to respond in a proactive and strategic manner to the housing crisis.

For more information about this subject, click here.

Sources :

Ville de Montréal 
https://montreal.ca/actualites/le-conseil-darrondissement-du-plateau-mont-royal-du-11-mars-en-bref-66553?fbclid=IwAR3XRG1g2edD6RD5X8GCU5MkzwYSsbrWtmgfNXVDSj8CyS7qy-OL4lw-CkU

A few properties for sale in
Le Plateau-Mont-Royal

Open house
14
Montréal, Apartment
3430, Rue Masson, app.301, Rosemont/La Petite-Patrie (Montréal)
2
1
2018
782sq/ft

485 900$

Open house
14
Montréal, Apartment
3430, Rue Masson, app.301, Rosemont/La Petite-Patrie (Montréal)
2
1
2018
782sq/ft

485 900$

23
Montréal, Apartment
5620, Rue De La Roche, app.408, Rosemont/La Petite-Patrie (Montréal)
2
2
2019
679sq/ft

575 000$

19
Montréal, Apartment
6602A, Rue St-Dominique, Rosemont/La Petite-Patrie (Montréal)
2
1
1914
71.37sq/ft

450 000$

37
Montréal, Quintuplex
5558 - 5566, 10e Avenue, Rosemont/La Petite-Patrie (Montréal)
3
1
1925
2573sq/ft

2 149 000$

43
Montréal, Two or more storey
5800, Av. des Chênes, Rosemont/La Petite-Patrie (Montréal)
3
2
1945
6745sq/ft

1 350 000$

1
Montréal, Vacant lot
5972Z, 2e Avenue, Rosemont/La Petite-Patrie (Montréal)
7658sq/ft

1 495 000$

20
Montréal, Apartment
790, Boul. Rosemont, app.306, Rosemont/La Petite-Patrie (Montréal)
2
1
2010
825sq/ft

625 000$

L’article The Plateau-Mont-Royal amends its Zoning By-law (01-277). est apparu en premier sur Courtier Immobilier Montréal Yanick E Sarrazin.

]]> The FHSA or the Tax-Free First Home Savings Account https://yanicksarrazin.com/en/immobilier/news/the-tfsapp-or-the-tax-free-savings-account-for-the-purchase-of-a-first-property/ Fri, 23 Jun 2023 18:23:52 +0000 https://yanicksarrazin.com/?p=26060 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. […]

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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

What are the steps when buying a property?

-Have a written agreement to buy in Canada
-Be considered a first buyer (of a first property)
-Make the withdrawal of the CELIAPP 30 days after the purchase of the property, thus following the passage to the notary
-Closure of FHSA must occur on December 31 of the following year of the first eligible withdrawal

What happens if you don’t buy a property?

After the maximum period of 15 years, you have two options. You can withdraw the full amount accumulated in your FHSA, but it will be taxed. The second option is to transfer FHSA amounts to your RRSP or RRIF (Registered Retirement Income Fund) without tax impact without affecting your RRSP contribution room.

How do I open a FHSA account?

The FHSA account is available in the various banks across the country. It’s a simple process to open an account. Make an appointment with your bank advisor, in person at the branch, by phone or virtually.

Available in 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 for the purchase of your first property.

Consult other real estate news

Questions ? Contact one of our real estate brokers

L’article The FHSA or the Tax-Free First Home Savings Account est apparu en premier sur Courtier Immobilier Montréal Yanick E Sarrazin.

]]> Lease renewal : what you need to know https://yanicksarrazin.com/en/immobilier/news/lease-renewal-what-you-need-to-know/ Fri, 31 Mar 2023 19:28:12 +0000 https://yanicksarrazin.com/?p=38953 Lease renewal : the important points As the deadline for lease renewal approaches, it is appropriate to point out a few details of the law governing the conditions of the lease. In a residential context, whether by an individual or through a real estate broker, the lease is a written contract that defines the terms […]

L’article Lease renewal : what you need to know est apparu en premier sur Courtier Immobilier Montréal Yanick E Sarrazin.

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Lease renewal : the important points

As the deadline for lease renewal approaches, it is appropriate to point out a few details of the law governing the conditions of the lease.

In a residential context, whether by an individual or through a real estate broker, the lease is a written contract that defines the terms and conditions of the rental of a property (apartment, condo, house) between an owner (landlord) and a tenant. It is therefore binding on both parties and the terms must be respected.

Thus, if a landlord wishes to make changes to the lease, certain rules must be respected within the legal framework of the Tribunal Administratif du Logement (TAL).

Our real estate brokers have taken their pen to enlighten you on the subject.

What is a lease renewal ?

A lease renewal, commonly referred to as a lease rollover, occurs automatically without the landlord or tenant having to exchange any notice. However, it is different if the landlord decides to change the terms of the lease or increase the rent.

In this case, the landlord must respect certain deadlines, depending on the length of the current lease.

See the table below for the deadlines.

Lenght of the leaseTime limit for the notice of renewal of the lease
12 months or more3 to 6 months before the end date of the lease
Less than 12 months1 to 2 months before the end date of the lease
Indefinite term1 to 2 months before the desired modification date

Considering that in Quebec the majority of leases end on June 30th and start on July 1st, some tenants have already received notices since January 1st, since the landlords have until March 31st to manifest themselves.

The contents of a notice of lease renewal and the tenant's options

The notice must be in writing and clearly state the proposed changes to the renewal of the lease, whether it is the rent or other terms of the lease, such as the term of the lease or the removal of the right to use the yard or parking lot.

The notice must also state the time limit for the tenant to refuse the requested changes, which is 1 month from the date of receipt of the notice. The notice must be dated and signed by the landlord.

In the case of a rent increase, the law allows the landlord to choose among three formulations: the proposed new rent in dollars, the increase in dollars or the percentage of the current rent.

Following receipt of this notice, the tenant has several options available to him or her:

– Accept the new agreement.
– Refuse the changes.
– Do not renew and vacate the unit at the end of the lease.

If the tenant does not respond to the notice, the law considers the changes to be accepted.

The right to maintain the premises

The right to maintain the premises is the law that establishes that a tenant may remain in his or her dwelling as long as he or she wishes; however, he or she must respect all the conditions of his or her current lease. This law allows the tenant to refuse the changes required by the landlord and still remain in the unit.

If the tenant decides to refuse the changes proposed by the landlord, he or she must respond to the notice by clearly indicating this. The same applies if the tenant wishes to leave the unit at the end of the lease. If the tenant refuses, the landlord has the right to request a hearing at the Tribunal Administratif du Logement in order to counter this refusal.

Rent Setting in the Tribunal Administratif du Logement

In the case of a dispute over proposed changes, the tenant and landlord can meet to try to reach an amicable compromise. However, the landlord may also apply to the Tribunal Administratif du Logement (TAL) to set the rent or to have the TAL rule on the disputed change. The landlord has one month after receiving notice of the tenant’s refusal to apply to the TAL to set the rent. If the landlord does not do so, the lease will be renewed under the same conditions as before.

The TAL will then determine the appropriate rent amount, taking into account the standards set out in the Rent Determination Regulation. In accordance with the regulation, the TAL will take into consideration various operating expenses such as municipal and school taxes, insurance premiums, electricity and gas costs, maintenance expenses, and repairs and improvements made to the unit. All of these expenses allow the TAL to adjust the rent in a fair and equitable manner.

In this case, it is the landlord’s responsibility to provide supporting documentation to the TAL to substantiate the expenses that justify a rent increase.

Repossession of a dwelling by a landlord

There is only one exception to the right to maintain a dwelling: repossession by the owner.
A landlord may take back one of his dwellings to house himself, his children, parents or any other relative or ally of whom he is the main breadwinner. They may also take back a unit to house a spouse for whom they remain the primary supporter after separation, divorce or dissolution of a civil union.

In order to take over a dwelling, the landlord must notify the tenant in writing and respect certain deadlines depending on the length of the current lease. In the case of a lease of more than 6 months, the landlord must send a notice to the tenant 6 months before the end of the lease. In all cases, the repossession is only effective at the end of the lease. If the tenant does not respond, it is considered a refusal to vacate the unit, so the landlord must apply to the TAL within one month of the refusal or expiration of the tenant’s response time to request repossession of the unit.

The landlord may therefore repossess his or her unit through this process EXCEPT if the tenant is a person over 70 years of age, has been occupying the property for more than 10 years, and has an income at or below the maximum income eligibility for low-income housing. The exception to this is if the owner is himself a person over 70 years old, wishing to take over his property to house himself or a person of that age.

You are an owner or a tenant ? Contact our real estate brokers to enlighten you on the subject.

Read more from our real estate blog

L’article Lease renewal : what you need to know est apparu en premier sur Courtier Immobilier Montréal Yanick E Sarrazin.

]]> Prohibition on the Purchase of Residential Property by Non-Canadians Act https://yanicksarrazin.com/en/immobilier/news/prohibition-on-the-purchase-of-residential-property-by-non-canadians-act/ Wed, 29 Mar 2023 11:00:58 +0000 https://yanicksarrazin.com/?p=34081 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 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 […]

L’article Prohibition on the Purchase of Residential Property by Non-Canadians Act est apparu en premier sur Courtier Immobilier Montréal Yanick E Sarrazin.

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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 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. 

Why introduce a Prohibition on the Purchase of Residential Properties by Non-Canadians Act?

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. 

What is this new law?

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. 

To whom does the prohibition on the purchase of residential buildings apply?

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. This also includes publicly traded companies and entities that are not subject to federal and provincial laws and controlled by a non-Canadian.

Who could be exempted from this prohibition on the purchase of residential properties by non-Canadians?

– Canadian citizens

– Permanent residents 

– Foreign students who are going to obtain permanent residence: the latter must meet the following criteria: during the 5 years preceding the purchase, the buyer must have filed his tax returns in accordance with the Income Tax Act. During this same period, he must have been present on Canadian soil for a minimum of 244 days. In addition, the coveted property must not exceed $500,000.

– Persons holding a work permit must meet the following criteria: their work permit must be valid for 183 days or more from the date of purchase. In addition, they must not have purchased more than one residential building.

– A non-Canadian purchasing a property with their Canadian spouse/common-law partner

– People fleeing an international crisis

What types of residential buildings are covered by this act?

– Individual houses

– Semi-detached houses

– Condominiums (divided and undivided)

– The duplexes

– The triplex

– Other similar properties

These residences are primary residences. Secondary residences, as well as vacant land zoned for residential or mixed use, would be excluded from this prohibition. Non-Canadians could then purchase the land and use it for any purpose, such as residential development.

What are the penalties if the Prohibition on the Purchase of Residential Properties by Non-Canadians Act is not complied with?

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. 

What is the real estate broker’s role in enforcing the prohibition against a non-Canadian purchasing a residential property?

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.

Synopsis

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.

Questions about this new law? Contact one of our real estate brokers to find out more

Consult other real estate news

L’article Prohibition on the Purchase of Residential Property by Non-Canadians Act est apparu en premier sur Courtier Immobilier Montréal Yanick E Sarrazin.

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