Real Estate News - Courtier Immobilier Montréal Yanick E Sarrazin https://yanicksarrazin.com/en/immobilier/category/real-estate-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=6.8.6 https://yanicksarrazin.com/wp-content/uploads/2020/11/77174542_2673133149440852_8670214071997431808_n-60x60.png Real Estate News - Courtier Immobilier Montréal Yanick E Sarrazin https://yanicksarrazin.com/en/immobilier/category/real-estate-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 […]

L’article July 1: Moving in Quebec | Tips and Tricks est apparu en premier sur Courtier Immobilier Montréal Yanick E Sarrazin.

]]>

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!

L’article July 1: Moving in Quebec | Tips and Tricks est apparu en premier sur Courtier Immobilier Montréal Yanick E Sarrazin.

]]> 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 […]

L’article 8 must-have decorating trends for 2025 est apparu en premier sur Courtier Immobilier Montréal Yanick E Sarrazin.

]]>

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.

L’article 8 must-have decorating trends for 2025 est apparu en premier sur Courtier Immobilier Montréal Yanick E Sarrazin.

]]> The Key Interest Rate Cuts to 3.25%: a Great Opportunity for Buyers and Sellers! https://yanicksarrazin.com/en/immobilier/real-estate-news/the-key-interest-rate-cuts/ Thu, 12 Dec 2024 14:33:35 +0000 https://yanicksarrazin.com/?p=66652 Montreal, December 11, 2024 – Today, the Bank of Canada announced a new reduction in its key interest rate. It now stands at 3.25%. This 50-point reduction is intended to reduce the fight against inflation and move closer to the 2% target. A further cut in the key interest rate to curb inflation Some economists […]

L’article The Key Interest Rate Cuts to 3.25%: a Great Opportunity for Buyers and Sellers! est apparu en premier sur Courtier Immobilier Montréal Yanick E Sarrazin.

]]>

Montreal, December 11, 2024 – Today, the Bank of Canada announced a new reduction in its key interest rate. It now stands at 3.25%. This 50-point reduction is intended to reduce the fight against inflation and move closer to the 2% target.

A further cut in the key interest rate to curb inflation

Some economists attribute this new drop to the recent rise in the unemployment rate, according to Statistics Canada data. In November, the unemployment rate rose from 6.5% to 6.8%, prompting the Bank of Canada to adjust its monetary policy.

Impact on the Quebec real estate market

Key Interest Rate Falls

Source: Bank of Canada

This further reduction will have an impact on the economy as a whole and on the Quebec real estate market. Lowering the key interest rate to 3.25% could influence mortgage rates and bring them down. This would be beneficial for buyers, making home ownership easier.

For sellers, the drop in the key interest rate represents an opportunity to sell their properties more quickly. Indeed, a greater number of potential buyers, now able to obtain mortgage loans, could speed up the process of selling their property.

In short, this reduction will benefit both buyers and sellers. According to some forecasters, further adjustments are to be expected in the coming months, with the aim of further reducing inflationary pressures. We invite you to follow the articles of our Montreal real estate brokers to keep up to date with the latest real estate news on this subject.

Sources : 

Bank of Canada. https://www.bankofcanada.ca/core-functions/monetary-policy/key-interest-rate/?theme_mode=light&_gl=1*ox5a37*_ga*OTc5MjE5MTg2LjE3MzM5MjY3NzY.*_ga_D0WRRH3RZH*MTczNDAxMzI2MS4zLjAuMTczNDAxMzI2MS42MC4wLjA.

La Presse. https://www.lapresse.ca/affaires/economie/2024-12-11/la-banque-du-canada-annoncera-une-baisse-d-un-demi-point-selon-des-observateurs.php

Radio-Canada. https://ici.radio-canada.ca/nouvelle/2125571/prevision-banque-canada-reduire-taux-directeur-

Statistics Canada. https://www150.statcan.gc.ca/n1/daily-quotidien/241206/mc-a001-eng.htm

L’article The Key Interest Rate Cuts to 3.25%: a Great Opportunity for Buyers and Sellers! est apparu en premier sur Courtier Immobilier Montréal Yanick E Sarrazin.

]]> Real estate statistics – November 2024: The Montreal real estate market is booming https://yanicksarrazin.com/en/immobilier/buyer-information/real-estate-news-buyer-information/real-estate-statistics-november-2024-the-montreal-real-estate-market-is-booming/ Fri, 06 Dec 2024 15:55:56 +0000 https://yanicksarrazin.com/?p=66241 Our Montreal real estate brokers have recently analyzed the latest APCIQ real estate statistics, covering the month of November 2024. In order to assess trends and developments in the Montreal real estate market over the past year, this analysis aims to compare the results obtained in November 2024 with data from November 2023. For a […]

L’article Real estate statistics – November 2024: The Montreal real estate market is booming est apparu en premier sur Courtier Immobilier Montréal Yanick E Sarrazin.

]]>

Our Montreal real estate brokers have recently analyzed the latest APCIQ real estate statistics, covering the month of November 2024. In order to assess trends and developments in the Montreal real estate market over the past year, this analysis aims to compare the results obtained in November 2024 with data from November 2023. For a more precise analysis, real estate brokers have structured their observations into three main categories: single-family homes, divided and undivided co-ownerships, and plexes (2 to 5 units).

Analysis of real estate statistics for Montreal neighborhoods

Plateau-Mont-Royal

Single-family homes

In the Plateau-Mont-Royal district, there was a significant drop in the number of single-family properties, from 5 to 4 transactions, a decrease of 20%. On the other hand, the sale price of properties rose significantly, from $1 026 000 to $1 276 250, an increase of 24%. Finally, the average selling time rose from 33 to 51 days, an extension of 18 days.

Condominiums

Sales of divided and undivided co-ownerships on the Plateau rose significantly, from 46 to 67 transactions, an increase of 45%. The average sale price also rose, from $516 590 to $571 723, an increase of 11%. Lastly, the average sales time decreased slightly, from 47 to 45 days, a reduction of 2 days.

Plexes (2-5 units)

The number of income property sales on the Plateau-Mont-Royal also rose, from 22 to 31 transactions, an increase of 41%. Plexes also sold faster, with the average time to market falling from 94 to 55 days, a decrease of 39 days.

Rosemont-La-Petite-Patrie

Single-family homes

In the Rosemont district, sales of single-family homes rose sharply, from 1 to 5 transactions, an increase of 400%. House prices also rose, from $499 000 to $1 411 200, an impressive 80% increase. Lastly, the time to sell rose slightly, from 68 to 76 days, an increase of 8 days.

Condominiums

Sales of divided and undivided condominiums in the Rosemont-La-Petite-Patrie borough also rose, from 46 to 67 transactions, an increase of 45%. Sales prices followed this trend, rising from $516 590 to $571 723, an increase of 11%. Finally, the average selling time decreased slightly, from 47 to 45 days.

Plexes (2-5 units)

In the Rosemont district, sales of income properties also rose, from 22 to 31 transactions, an increase of 41%. At the same time, these properties sold more quickly, with the average time to market dropping from 94 to 55 days.

Villeray-Saint-Michel-Parc-Extension

Single-family homes

In the Villeray-Saint-Michel-Parc-Extension district, the number of sales rose sharply, from 5 to 11 transactions, an increase of 120%. The average sale price followed this trend, rising from $700 000 to $881 000, an increase of 25%. Finally, the average selling time decreased by 5 days, from 58 to 53 days.

Condominiums

Sales of divided and undivided condominiums in the Villeray district fell from 36 to 23 transactions, a decrease of 36%. The average sale price also fell, from $522 258 to $485 000, a drop of around 7%. Finally, the average sales time increased from 36 to 49 days.

Plexes (2-5 units)

The income property market in the Villeray district also recorded a slight increase, rising from 23 to 26 transactions. However, these sales took longer on average, from 65 to 75 days.

HOMA

Single-family homes

In the Hochelaga-Maisonneuve district, the number of single-family home sales remained stable at 2 transactions. However, the average sale price rose considerably, from $670 000 to $1 015 000, an increase of approximately 51.5%. Finally, the average selling time also increased, from 23 to 33 days.

Condominiums

As for sales of divided and undivided condominiums in the Hochelaga-Maisonneuve district, the number of transactions almost doubled, from 22 to 43, an increase of 95.5%. On the other hand, the average sale price fell slightly, from $422 623 to $417 807, a decrease of 1%. Finally, the average sales time decreased from 67 to 50 days, a reduction of 17 days.

Plexes (2-5 units)

Sales of income properties in Hochelaga-Maisonneuve also rose, from 5 to 14, an increase of 180%. The average sale time also decreased, from 73 to 67 days.

Outremont

Single-family homes

In Outremont, sales of single-family homes rose considerably, from 1 to 9 transactions, an increase of 800%. However, the average sale price fell from $5 500 000 to $2 260 333. Finally, the average selling time rose from 8 days to 15 days, an increase of 7 days.

Condominiums

Sales of divided and undivided condominiums in Outremont rose sharply, from 8 to 15 transactions. The average sale price also rose, from $708 500 to $791 598, an increase of 11.7%. Finally, the average sale time for these properties increased by 8 days, from 79 to 71 days.

Plexes (2-5 units)

Finally, the plex market in Outremont remained stable, with just one transaction. However, the average selling time rose considerably, from 21 to 201 days, an increase of 180 days.

Southwest

Single-family homes

Sales in the Southwest sector also increased, from 5 to 12 transactions. The average price also rose, from $849 800 to $800 361, an increase of almost 6%. Last but not least, the average sales time decreased from 133 to 51 days, a reduction of 82 days.

Condominiums

The condominium market in the Southwest also recorded an increase, with the average sale time rising from 53 to 78 days. The average sales price rose from $501 179 to $588 169, an increase of 17.4%. The average sales time fell from 59 to 51 days.

Plexes (2-5 units)

The income property market in the Southwest sector enjoyed strong growth. Plex sales rose from 4 to 18 transactions. However, the average selling time increased by 20 days, from 51 to 71 days.

Overview of the Montreal real estate market

Single-family homes

Sales of single-family homes rose sharply, from 269 to 374 transactions, an increase of 39%. The average house price also rose significantly, from $740 000 to $800 000, representing an increase of 8%. Finally, the average time to sell increased slightly, from 56 to 59 days, a gain of 3 days.

Condominiums

The market for divided and undivided co-properties was also booming. Sales increased by 35%, from 600 to 812. The average price of condominiums grew by 6%, from $449 000 to $477 000. The average selling time remained stable at 66 days, with no notable variation.

Plexes (2-5 units)

Plex sales recorded significant growth, rising from 170 to 268 transactions, an increase of 57%. The average sale price also climbed by 8%, from $773 500 to $836 000. Finally, the average time to sell a plex increased by 7 days, from 65 to 72 days.

In short, the real estate statistics for November 2024 highlight the dynamism of the Montreal real estate market. This vitality creates interesting opportunities for both buyers and sellers. If you’re ready to make your real estate project a reality, our brokers in Montreal are at your disposal to guide you through the buying or selling of your property.

L’article Real estate statistics – November 2024: The Montreal real estate market is booming 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 […]

L’article Drop in Key Interest Rate to 3.75%: An Opportunity for Buyers and Sellers! est apparu en premier sur Courtier Immobilier Montréal Yanick E Sarrazin.

]]>

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 

L’article Drop in Key Interest Rate to 3.75%: An Opportunity for Buyers and Sellers! est apparu en premier sur Courtier Immobilier Montréal Yanick E Sarrazin.

]]> The policy interest rate remains stable at 5%: A breath of continuity in the Montreal real estate market https://yanicksarrazin.com/en/immobilier/real-estate-news/policy-interest-rate-stable-montreal-real-estate/ Mon, 11 Mar 2024 20:43:43 +0000 https://yanicksarrazin.com/?p=56035 The policy interest rate remains stable at 5% Montreal, March 6, 2024 – Today, the Bank of Canada announced the maintenance of its policy interest rate at 5%, a long-awaited stability that brings a sense of confidence to the real estate sector. Impact on the Montreal Real Estate Market In early 2023, in response to […]

L’article The policy interest rate remains stable at 5%: A breath of continuity in the Montreal real estate market est apparu en premier sur Courtier Immobilier Montréal Yanick E Sarrazin.

]]>

The policy interest rate remains stable at 5%

Montreal, March 6, 2024 – Today, the Bank of Canada announced the maintenance of its policy interest rate at 5%, a long-awaited stability that brings a sense of confidence to the real estate sector.

Impact on the Montreal Real Estate Market

In early 2023, in response to an increase in the key rate reaching between 4.5% to 5%, the real estate market experienced a significant slowdown. This surge represented a considerable leap from the key rate, which varied between 0.25% and 1.75% during the pandemic (2020 to 2022), affecting the mortgage rates offered by major banks. In this economic context, many buyers abandoned their purchase plans in early 2023, hoping for a potential decrease in rates.

Policy interest rate March 6

Source : Bank of Canada

Following the maintenance of the key rate at 5% in the last five announcements, several buyers have resumed their purchasing projects. Notably, the announcement in January 2024 of the key rate remaining at 5% led to a resurgence in the real estate market, as observed by our real estate brokers in Montreal.

Favorable Financing Conditions for Property Acquisition

With an unchanged key rate, borrowers benefit from favorable financing conditions. Mortgage rates from major banks are expected to remain attractive, encouraging Canadians to invest in real estate. Buyers actively seeking a new home currently enjoy a less competitive market due to the absence of other buyers.

If you are a buyer looking for your next acquisition, we invite you to read the following article: Is it the Right Time to Buy a Property?

Anticipated Key Rate Decrease in 2024

According to many economists, it looks like there might be a decrease in interest rates by the end of 2024, as they foresee the possible conclusion of rate hikes. If this happens, it might motivate a lot of buyers to kick-start their real estate plans, making the competition in the market more intense. We’ll keep a close eye on the Bank of Canada’s next announcement on April 10.

In conclusion, the decision of the Bank of Canada to maintain the key rate at 5% offers a positive outlook for the Montreal real estate market. Economic stability and favorable financing conditions contribute to creating a conducive environment for buyers.

Sources :

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

Raise in key interest rate: its impact on mortgages and the real estate market | Yanick Sarrazin
https://yanicksarrazin.com/en/immobilier/news/raise-in-key-interest-rate-its-impact-on-mortgages-and-the-real-estate-market/

Mortgages : understanding them better for a real estate purchase | Yanick Sarrazin
https://yanicksarrazin.com/en/immobilier/buyer-information/mortgages-understanding-them-better-for-a-real-estate-purchase-2/

Real estate brokers Montreal | Yanick Sarrazin
https://yanicksarrazin.com/en/montreal-real-estate-broker/

Is it the right time to buy a property | Yanick Sarrazin
https://yanicksarrazin.com/en/immobilier/buyer-information/is-it-the-right-time-to-buy-a-property/

Interest rates may have peaked – is it time to jump into the housing market? | Yanick Sarrazin
https://globalnews.ca/news/10251001/interest-rate-hold-spring-housing-market/

Read more real estate information
Montreal

July 1: Moving in Quebec | Tips and Tricks

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

Read More »
30 June 2025
Neighborhood Discovery

St-Jean-Baptiste: What’s open or closed on June 24?

As Quebec’s national holiday approaches, are you wondering what to do in the metropolis? Our team of real estate brokers in Montreal has put together an overview of activities and places open to celebrate Saint-Jean-Baptiste Day in style. On June 24, most businesses will be closed for the national holiday. However, many pharmacies and small grocery stores will remain open. Gas stations and public transport will be operating normally, making it easier for you to

Read More »
24 June 2025
Neighborhood Discovery

Montreal’s culinary scene honored by Michelin Guide

Montreal, May 24, 2025 – Last week, the Michelin Guide unveiled its long-awaited list of the best restaurants in Quebec. Our team of real estate brokers is delighted to help you discover the Montreal establishments that made the cut. Montreal’s rich culinary scene The Michelin Guide awards several distinctions, including the famous stars for culinary excellence. It also awards Bibs Gourmands to restaurants offering high-quality, affordable cuisine, and Étoiles Vertes to establishments committed to sustainable

Read More »
27 May 2025

L’article The policy interest rate remains stable at 5%: A breath of continuity in the Montreal real estate market 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. […]

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

]]>

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.

]]> How much do you need for a down payment? https://yanicksarrazin.com/en/immobilier/real-estate-news/how-much-do-you-need-for-a-down-payment/ Sat, 13 May 2023 20:21:13 +0000 https://yanicksarrazin.com/?p=19838 Buying a property is an investment involving different stages. An essential step in this process is to finance the property that you want to buy: it is the down payment. But what exactly is the down payment? What are the different down payment percentages depending on the type of property? Here’s a quick overview of […]

L’article How much do you need for a down payment? est apparu en premier sur Courtier Immobilier Montréal Yanick E Sarrazin.

]]>

Buying a property is an investment involving different stages. An essential step in this process is to finance the property that you want to buy: it is the down payment. But what exactly is the down payment? What are the different down payment percentages depending on the type of property? Here’s a quick overview of what a down payment is to facilitate your understanding.

Down payment : what is it?

A down payment is a portion of the amount you will need to take out of your savings to complete the purchase of the desired property. Mortgage loan insurance, commonly known as mortgage, will then pay off the remaining balance of the property.

It is important to know that the higher the down payment, the lower the loan and the interest. The lower the down payment, the higher the mortgage will be. Also, depending on the amount of the property, as well as the type of property (residential or commercial), the down payment rate will differ.

Residential properties

Single-family and duplex homes

Property of $ 500,000 or less

The minimum down payment for a property of $ 500,000 or less is usually 5% of the purchase price for the owner-occupier. For example, if the property was worth $ 400,000, the amount paid for it would be $ 20,000. The mortgage amount will then be $ 380,000. However, it should be noted that interest rates and additional amounts are added to this mortgage.

Property from $ 500,000 to $ 999,999

The down payment for a property of $ 500,000 or more is 5% of the first $ 500,000 and 10% of the amount exceeding $ 500,000. This then means that for a property of $ 600,000, the down payment will be $ 35,000.

This amount was obtained by calculating:

5% x $ 500,000 = $ 25,000

10% x $ 100,000 = $ 10,000

So $ 25,000 + $ 10,000 = $ 35,000

Property of $ 1,000,000 or more

The down payment for a property of $ 1 million or more is 20%. For example, if a property is sold for $ 2 million, then the down payment for that property will be $ 400,000.

Triplex and quadruplex

Property of 500 000$ or less

The minimum down payment for a triplex or quadruplex of $ 500,000 or less is usually 10% of the purchase price for the owner-occupant. For example, if the property was worth $ 400,000, the amount paid for it would be $ 40,000. The mortgage amount will then be $ 360,000. However, it should be noted that interest rates and additional amounts are added to this mortgage.

Property from 500 000$ to 999 999$

The minimum down payment for a triplex or quadruplex of $ 500,000 or less is usually 10% of the purchase price for the owner-occupant. For example, if the property was worth $ 400,000, the amount paid for it would be $ 40,000. The mortgage amount will then be $ 360,000. However, it should be noted that interest rates and additional amounts are added to this mortgage.

Property of 1 000 000$ or more

As with single-family homes and duplexes, the down payment for a triplex or quadruplex of $ 1 million or more is 20%. For example, if a property is sold for $ 2 million, then the down payment for that property will be $ 400,000.

Rental properties

It should be noted that if the owner does not live on the premises of his property, that is to say that he is not an occupying owner and that he has his accommodation(s) rented, he will then have to pay a down payment of 20% for a single-family house, a duplex, triplex or quadruplex.

In the current market, for buildings with five or more units, a down payment of 30% to 50% is required by the majority of financial institutions, regardless of whether the owner remains in the property or not.

The FHSA

The Tax-Free Savings Account for First-Time Home Buyers (FHSA) aims to assist first-time buyers in saving for their down payment. The primary idea is to help young individuals become homeowners amidst the real estate frenzy. The FHSA combines various advantages of the Tax-Free Savings Account (TFSA) and the Registered Retirement Savings Plan (RRSP). For more information on the FHSA, please refer to our article on the subject.

Down payment is a fairly complex concept and will vary depending on the type of property and its purchase price. For single-family and duplex homes of $ 500,000 or less, the down payment is usually 5%. Properties between $ 500,000 and $ 999,999 have a down payment of 15% while those with an amount of $ 1 million and more will require a down payment of 20%. For triplexes and quadruplexes up to $ 999,999, the down payment will be 10%. It should be noted that properties that are not occupied by their owner choose a down payment of 20%. Rental properties can vary between 20% and 25% of the down payment depending on the type of property.

It should also be noted that the down payment for foreign investments differs and is at least 35% for residential properties and revenue buildings. See our article on the Prohibition on the Purchase of Residential Properties by Non-Canadians Act for more information on foreign investment. 

With this wealth of information in mind, it is recommended that you be accompanied by your financial institution and by a real estate broker who will explain in detail the intricacies of the down payments required for each type of property.

Contact one of our real estate broker for additional information

Related Posts

L’article How much do you need for a down payment? 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.

]]>

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.

]]> End of dual agency: bill 5 https://yanicksarrazin.com/en/immobilier/news/end-of-double-agency-bill-5/ Wed, 24 Aug 2022 22:03:14 +0000 https://yanicksarrazin.com/?p=22225 End of dual agency : bill 5 – Key Information 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 […]

L’article End of dual agency: bill 5 est apparu en premier sur Courtier Immobilier Montréal Yanick E Sarrazin.

]]>

End of dual agency : bill 5 - Key Information

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

L’article End of dual agency: bill 5 est apparu en premier sur Courtier Immobilier Montréal Yanick E Sarrazin.

]]>