Archives des real estate broker - Courtier Immobilier Montréal Yanick E Sarrazin https://yanicksarrazin.com/en/immobilier/tag/real-estate-broker/ Plateau Mont-Royal, Outremont, Rosemont La-Petite-Patrie, Mile-End, Ville Marie Fri, 25 Apr 2025 19:22:39 +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 Archives des real estate broker - Courtier Immobilier Montréal Yanick E Sarrazin https://yanicksarrazin.com/en/immobilier/tag/real-estate-broker/ 32 32 Mortgages : understanding them better for a real estate purchase https://yanicksarrazin.com/en/immobilier/buyer-information/mortgages-understanding-them-better-for-a-real-estate-purchase-2/ Mon, 11 Dec 2023 20:11:32 +0000 https://yanicksarrazin.com/?p=51871 Mortgages : understanding them better for a real estate purchase- Key Information The acquisition of property constitutes a pivotal moment in an individual’s life. However, most people engaged in this process do not have adequate financial resources to cover the entire purchase cost through their personal savings. To overcome this financial disparity, resorting to a […]

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Mortgages : understanding them better for a real estate purchase- Key Information

The acquisition of property constitutes a pivotal moment in an individual’s life. However, most people engaged in this process do not have adequate financial resources to cover the entire purchase cost through their personal savings. To overcome this financial disparity, resorting to a loan becomes essential. A mortgage then serves as a means to seek funds from a banking institution, thereby facilitating the acquisition of real estate.

But what exactly is the mechanism behind mortgages? Eric Tomassini-Miron, an experienced mortgage broker at RBC Royal Bank, addresses all your questions.

What is a mortgage?

A mortgage, commonly referred to as a home loan, is a financing solution that enables obtaining funds from a bank, thereby facilitating the process of acquiring a property. This form of financing encompasses the difference between the total cost of the property and the amount of the down payment.

Before approving the mortgage, the bank conducts a thorough assessment of your repayment capacity. This step ensures that the granted amount aligns with your financial resources, ensuring the successful realization of your real estate acquisition.

In the context of purchasing a first property, it is also possible to take advantage of a FHSA (Tax-Free First Home Savings Account). This option provides an opportunity to save specifically to build the necessary down payment for the purchase of a first property

How does a mortgage work?

A mortgage, similar to a car loan, for example, represents a loan where predetermined payment amounts must be repaid each month. The notable advantage of a mortgage is that financial institutions offer much more attractive interest rates than other more common credit products such as lines of credit or credit cards.

Unlike a car loan, a mortgage comes with several repayment rules that must be adhered to. When acquiring a property, you will face several crucial choices regarding your mortgage, including amortization, mortgage term, and the type of interest rate. At this stage, your financial advisor will be able to guide you towards options better suited to your situation.

What is an amortization period?

The amortization of your mortgage refers to the number of years you plan to dedicate to the full repayment of your loan. By spreading your loan over a longer period, you effectively reduce the amount of your monthly payments. In Canada, the maximum amortization period for a mortgage depends on the amount of your down payment. If your down payment is less than 20% of the purchase price, the maximum amortization period is 25 years. On the other hand, if you can make a down payment equal to or greater than 20%, you have the option to choose a 30-year amortization. Additionally, your bank may offer accelerated repayment options for your mortgage in case your financial situation changes along the way.

What is a mortgage term?

Once you have determined the optimal amortization period for your loan, it is then essential to choose the term of your initial contract. In Canada, you will not maintain the same interest rate throughout the duration of your loan. Instead, shorter contracts allow you to renegotiate new terms with your bank at the end of each term. You have the option to choose terms ranging from 1 year to 10 years.

This flexible approach gives you the opportunity to react to fluctuations in interest rates. For instance, if interest rates are high at the time of your purchase, you can opt for a shorter term. Then, you can renegotiate a new interest rate in a few years when rates may potentially be lower. This strategy allows you to adjust your contract based on changing economic conditions

What are the different types of interest rates?

Once you have determined the amortization and term that suit you, you will be faced with the choice between two types of interest rates: fixed rate and variable rate.

The fixed rate is relatively straightforward; it remains constant throughout the duration of your term, regardless of subsequent fluctuations in interest rates after the contract is signed. Opting for a fixed rate ensures predictability with consistent monthly payments throughout your term.

In contrast, the variable rate is not fixed; it is subject to change multiple times during the period of your term. By choosing a variable rate, you accept the possibility that your interest rate may increase or decrease based on economic trends in Canada, impacting the amount of your payments throughout the term.

What is the frequency of mortgage payments?

Most banks offer similar options regarding the frequency of mortgage payments. Among the most common choices are monthly, bi-weekly, or weekly payments. Regardless of the option you choose, the total amount paid in a year remains the same. However, it is relevant to note that if you opt for bi-weekly or weekly payments, you will repay your loan slightly faster compared to a monthly payment.

Can you provide an example calculation to illustrate potential mortgage payments on a property valued at $600,000?

If you purchase a property for $600,000 with a down payment of 20%, that is $120,000 (20% of $600,000), resulting in a loan of $480,000. With an amortization period of 25 years and a fixed 3-year rate at 6.25%, this translates to a monthly payment of $3,142, a bi-weekly payment of $1,450, and a weekly payment of $725.

This article was written in collaboration with Eric Tomassini-Mirion, a mortgage specialist at RBC Royal Bank.

Eric Tomassini-Miron - Courtier hypothécaire RBC

In conclusion, the purchase of a property represents a significant milestone in everyone’s life, often marked by the need to resort to a mortgage to overcome the lack of immediate financial resources. Eric Tomassini-Miron, an experienced mortgage specialist at RBC Royal Bank, sheds light on the complexities of this process.

The mortgage, as a borrowing instrument, provides the opportunity to acquire a property by seeking funds from a banking institution. Determining the appropriate amortization period and mortgage term are crucial steps in this process. Amortization, dictating the number of years required for total repayment, may vary based on the down payment, while the mortgage term, offering renegotiation flexibility at the end of each contract, allows for loan adjustments based on interest rate fluctuations.

The types of interest rates, fixed or variable, add another layer of choices to consider. The fixed rate provides stability with constant payments throughout the term, while the variable rate exposes borrowers to fluctuations based on economic trends, thus influencing the payment amounts.

Finally, the frequency of payments, whether monthly, bi-weekly, or weekly, offers flexibility without impacting the total amount paid annually. Opting for more frequent payments, however, can accelerate the loan repayment.

In summary, choosing a mortgage requires a thorough understanding of its various aspects, and the expertise of a financial advisor can greatly assist in navigating this complex and important process of real estate acquisition.

Read more real estate information

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]]> 7 perks of living in the Plateau-Mont-Royal https://yanicksarrazin.com/en/immobilier/non-classifiee-en/7-perks-of-living-in-the-plateau-mont-royal/ Wed, 22 Nov 2023 16:26:15 +0000 https://yanicksarrazin.com/?p=49611 7 perks of living in the Plateau-Mont-Royal The Plateau-Mont-Royal, an iconic jewel of Montreal, reveals itself as a true treasure nestled in the heart of the Quebec metropolis. With its lively streets, colorful buildings, and bohemian atmosphere, this historic neighborhood is full of charm. Located near downtown, the Plateau-Mont-Royal is a genuine cultural and artistic […]

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7 perks of living in the Plateau-Mont-Royal

The Plateau-Mont-Royal, an iconic jewel of Montreal, reveals itself as a true treasure nestled in the heart of the Quebec metropolis. With its lively streets, colorful buildings, and bohemian atmosphere, this historic neighborhood is full of charm. Located near downtown, the Plateau-Mont-Royal is a genuine cultural and artistic meeting place where traditions of the past blend with contemporary creativity. Our real estate brokers in Montreal share the 7 main perks of living in the dynamic neighborhood of the Plateau-Mont-Royal.

1. Live at the heart of a unique architecture

The distinctive character of the Plateau-Mont-Royal is also reflected in its architecture. The famous wrought-iron staircases and balconies, colorful facades, and historical buildings contribute to a unique aesthetic in this neighborhood. The colorful Victorian-style homes lining Square Saint-Louis are a must-see. The cobblestone streets invite leisurely strolls, providing a charming contrast to the urban hustle and bustle nearby.

carré st-louis plateau

2. Be part of a cosmopolitan neighborhood

The Plateau-Mont-Royal is renowned for its ethnic diversity and cultural richness. From Francophone communities to Italian, Greek, Portuguese, and many other influences, this cosmopolitan neighborhood offers a unique experience to those who visit or reside in it.

3. Take advantage of a well-connected neighborhood

The neighborhood enjoys great accessibility to public transportation. Indeed, the Mont-Royal, Sherbrooke, and Laurier metro stations are nearby, providing direct access to the orange and green lines. These major lines quickly connect to the city’s main destinations, such as Old Montreal, the Quartier des Spectacles, universities, and business centers. The metro stations are easily accessible on foot from many points in the Plateau, making daily commutes and urban getaways convenient.

The Plateau is also served by an extensive bus network that connects the neighborhood to all corners of the metropolis. The main bus lines provide convenient and frequent transportation options.

For cycling enthusiasts, the neighborhood offers a multitude of well-maintained bike paths. Additionally, the city’s bike-sharing system, BIXI, has rental stations strategically located throughout the Plateau, providing an additional option for eco-friendly commuting.

4. Indulge in a moment of relaxation at the numerous restaurants and cozy cafes

Avec ses principales rues commerçantes telles que la rue Saint-Denis, l’avenue du Mont-Royal et le boulevard Saint-Laurent, le quartier regorge de commerces variés offrant des menus variés et innovants. Vous pouvez y trouver des bistrots chaleureux, des trattorias italiennes, des restaurants asiatiques, des brasseries, des cafés spécialisés, des bars à vin et bien d’autres options culinaires. De plus, le Plateau-Mont-Royal abrite de nombreux petits commerces locaux, y compris des boulangeries et des pâtisseries qui proposent des pains frais, des viennoiseries et des desserts alléchants. Les amateurs de gastronomie seront servis !

Café Myriade Plateau

Source : Tastet.ca – Les cafés où travailler sur la rue Saint-Denis

5. Be close to a multitude of schools.

Whether it’s for preschoolers, primary, secondary, or even university students, the neighborhood offers a multitude of educational options within walking distance or a short distance away. Indeed, the Plateau is a family-friendly area abundant with educational offerings. There are over 19 primary and secondary educational institutions, along with specialized schools.

For university students, the Plateau-Mont-Royal is ideally situated close to some of Montreal’s prominent higher education institutions. Universities such as the Université du Québec à Montréal (UQAM) and McGill University are easily accessible by public transport or bike from the neighborhood. This allows students to enjoy the vibrant urban life of the Plateau while pursuing their higher education.

6. Live at the heart of an artistic and cultural hub.

The Plateau is a true hub for art and culture. The iconic neighborhood is brimming with a thriving artistic scene, art galleries, theaters, cinemas, and performance venues that make it a paradise for culture enthusiasts. Among the renowned theaters are La Licorne Theatre, Theatre d’Aujourd’hui, Theatre du Rideau Vert, and many more.

The area hosts over 300 cultural events during the summer, including numerous festivals, much to the delight of the public

7. Enjoy the numerous green spaces

While wandering the streets of Plateau-Mont-Royal, you’ll be charmed by its numerous parks and green spaces. The neighborhood hosts over 70 parks! Parc La Fontaine, one of the largest green spaces in the city, provides a tranquil oasis ideal for strolling, picnicking, and enjoying outdoor performances. Bicycles and pedestrians share the space on bike paths and green alleys, making Plateau-Mont-Royal an ideal neighborhood for fitness enthusiasts.

Parc La Fontaine Plateau

Source : MTL.Org – Un accord parcs et pique-niques à Montréal

Check out our neighborhood discoveries in Plateau-Mont-Royal

Several properties for sale in Plateau-Mont-Royal

Open house
14
Montréal, Apartment
5299, Rue Hutchison, Le Plateau-Mont-Royal (Montréal)
4
1
1910
1426sq/ft

799 000$

Open house
14
Montréal, Apartment
5299, Rue Hutchison, Le Plateau-Mont-Royal (Montréal)
4
1
1910
1426sq/ft

799 000$

Open house
25
Montréal, Apartment
215, Av. du Mont-Royal O., app.201, Le Plateau-Mont-Royal (Montréal)
3
2
1994
1495sq/ft

999 000$

Open house
25
Montréal, Apartment
215, Av. du Mont-Royal O., app.201, Le Plateau-Mont-Royal (Montréal)
3
2
1994
1495sq/ft

999 000$

24
Montréal, Apartment
5669, Rue St-Urbain, Le Plateau-Mont-Royal (Montréal)
3
2
1910
2470sq/ft

785 000$

41
Montréal, Triplex
428 - 434, Av. du Mont-Royal E., Le Plateau-Mont-Royal (Montréal)
3
2
1900
2050sq/ft

1 990 000$

9
Montréal, Apartment
5410, Rue Rivard, app.202, Le Plateau-Mont-Royal (Montréal)
2
1
2017
717sq/ft

575 000$

19
Montréal, Commercial rental space/Office
7664, Rue St-Denis, Le Plateau-Mont-Royal (Montréal)

3 950$/month

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]]> Rosemont—La Petite-Patrie | 6545 De Saint-Vallier Street, a charming single-family home in the heart of La Petite-Patrie https://yanicksarrazin.com/en/immobilier/non-classifiee-en/rosemont-la-petite-patrie-6545-rue-de-saint-vallier-a-charming-single-family-home-in-the-heart-of-la-petite-patrie/ Wed, 21 Jun 2023 19:40:21 +0000 https://yanicksarrazin.com/?p=42401 6545 rue De Saint-Vallier – Détails sur la propriété Timeless elegance La Petite-Patrie, a vibrant neighborhood with undeniable charm, invites you to discover a magnificent property that is sure to captivate you. Nestled in the heart of this coveted urban enclave, this house exudes elegance and boasts details that will truly enchant you. Warm stays […]

L’article Rosemont—La Petite-Patrie | 6545 De Saint-Vallier Street, a charming single-family home in the heart of La Petite-Patrie est apparu en premier sur Courtier Immobilier Montréal Yanick E Sarrazin.

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6545 rue De Saint-Vallier - Détails sur la propriété

Timeless elegance

La Petite-Patrie, a vibrant neighborhood with undeniable charm, invites you to discover a magnificent property that is sure to captivate you. Nestled in the heart of this coveted urban enclave, this house exudes elegance and boasts details that will truly enchant you.

Warm stays evoke a nostalgic era, with their distinguished architectural ornaments such as mouldings, woodwork, stained glass windows, rosettes, and chandeliers. The high ceilings add a touch of grandeur to each room, creating a majestic and welcoming atmosphere.

Enchanted living spaces

Delve further and uncover a remarkably spacious and functional kitchen, adorned with cleverly designed storage options. This generous space will enable you to prepare memorable feasts alongside your loved ones, while savoring moments of warmth and camaraderie. Moreover, a charming and intimate terrace awaits you to indulge in the gentle summer evenings. This private outdoor space provides the perfect opportunity to relax, soak up the sun, and fully enjoy life in the heart of the city.

Furthermore, a delightful and intimate terrace awaits you to relish in the gentle summer evenings. This private outdoor space presents the ideal opportunity to unwind, soak up the sun, and fully embrace the vibrant city life.

Upstairs, be mesmerized by the five generously sized bedrooms that provide both privacy and absolute comfort.

But that’s not all! This property also features a detached double garage, offering ample space to shelter your vehicles and securely store your belongings.

6545 Saint-Vallier Street:

A truly exceptional property in the heart of Rosemont—La Petite-Patrie awaits your discovery today!

Contact us

Property features

Asking price : 1 195 000 $ 

Year of construction : 1900

Description : STUNNING PROPERTY IN THE HEART OF PETITE-PATRIE. Abundant windows. Spacious and elegant living spaces. 5 generously sized bedrooms. Cozy living rooms. Large kitchen with ample storage. Laundry room. Distinguished architectural ornaments: moldings, woodwork, stained glass, rosettes, and chandeliers. High ceilings. Ideal room division. Charming and intimate terrace. Detached double garage. Just steps away from Beaubien metro station and close to shops, gourmet grocery stores, and other urban delights of La Petite-Patrie. The charming Saint-Vallier street welcomes you!

Square footage : 2 500 pi²

Looking for a property in Montreal? Contact one of our real estate brokers.

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A few properties for sale in La Petite-Patrie

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

1 350 000$

31
Montréal, Two or more storey
6845, Rue Chabot, Rosemont/La Petite-Patrie (Montréal)
5
2
1944
2273sq/ft

1 449 000$

15
Montréal, Apartment
6399A, Rue Cartier, Rosemont/La Petite-Patrie (Montréal)
2
1
1954
1710sq/ft

399 000$

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

1 395 000$

18
Montréal, Two or more storey
5304, 4e Avenue, Rosemont/La Petite-Patrie (Montréal)
2
2
1910
1179sq/ft

3 150$/month

15
Montréal, Apartment
6399, Rue Cartier, Rosemont/La Petite-Patrie (Montréal)
2
1
1954
1710sq/ft

549 000$

15
Montréal, Apartment
3469, Rue Aylwin, app.B, Rosemont/La Petite-Patrie (Montréal)
1
1
2016
505sq/ft

349 000$

41
Montréal, Commercial condo
5972, 2e Avenue, Rosemont/La Petite-Patrie (Montréal)
1928
7398sq/ft

1 395 000$

L’article Rosemont—La Petite-Patrie | 6545 De Saint-Vallier Street, a charming single-family home in the heart of La Petite-Patrie est apparu en premier sur Courtier Immobilier Montréal Yanick E Sarrazin.

]]> Petite-Patrie | 374 rue Saint-Zotique E., an exceptional penthouse in the heart of sunshine https://yanicksarrazin.com/en/immobilier/interior-design/petite-patrie-374-rue-saint-zotique-e-an-exceptional-penthouse-in-the-heart-of-sunshine/ Wed, 14 Jun 2023 16:19:59 +0000 https://yanicksarrazin.com/?p=42241 374 rue Saint-Zotique E. – specifications Radiant brightness Looking for a home that reflects the great outdoors, in the heart of Little Italy? Discover this sumptuous penthouse, where every ray of sunlight dances through the rooms like bursts of color. A profusion of exceptional light from the abundant fenestration and multiple skylights throughout the house. […]

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374 rue Saint-Zotique E. - specifications

Radiant brightness

Looking for a home that reflects the great outdoors, in the heart of Little Italy?

Discover this sumptuous penthouse, where every ray of sunlight dances through the rooms like bursts of color. A profusion of exceptional light from the abundant fenestration and multiple skylights throughout the house.

This property is distinguished by its quality materials and exceptional configuration, notably its gourmet kitchen with top-of-the-range appliances and central island that will surprise you. You’ll be cooking on a countertop bathed in sunlight from all sides.

High-quality materials

Enjoy your culinary delights in a stylish dining room, close to a built-in wine cellar where you can store your entire collection of grands crus.

The living room, meanwhile, will enable you to entertain several of your guests thanks to its vast living spaces, for memorable moments.

Access 3 bedrooms, including an upstairs master suite leading to a unique bathroom with electrochromic windows for maximum privacy during relaxing evenings in the tub.

See these smart windows in action

A breathtaking view of the city

Let yourself be charmed by its 2 spacious terraces, including one on the roof with a Jacuzzi offering a breathtaking view of the city.

This one-of-a-kind property is located in the Rosemont/La-Petite-Patrie neighborhood, in the heart of charming Little Italy.

Don’t miss the chance to come and live in this Montreal gem.

374 rue Saint-Zotique East, an exceptional property in the heart of Little Italy, waiting to be discovered!

Contact us

Property features

Asking price: $1 475 000

Year of construction : 1910

Description : HIGH-END PENTHOUSE IN THE HEART OF PETITE-ITALIE. High, abundant windows + skylights: profusion of natural light. Vast, bright open-plan living spaces. 3 bedrooms. Upper-level master suite with walk-in closet and en suite bathroom. Gourmet kitchen with high-end appliances and 22′ island. Built-in pantry. 2 spacious intimate terraces including one on the roof with jacuzzi offering breathtaking views. Private garage. Live the best of the neighborhood: be within walking distance of Beaubien metro, Jean-Talon market, as well as the area’s many gourmet restaurants!

Area: 1781 sq. ft.

Discover this shining property on our Instagram

Looking for a property in Montreal? Contact one of our real estate brokers.

See other exceptional properties in Montreal
Interior Design

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21 February 2024

Some properties for sale

Open house
14
Montréal, Apartment
5299, Rue Hutchison, Le Plateau-Mont-Royal (Montréal)
4
1
1910
1426sq/ft

799 000$

Open house
14
Montréal, Apartment
5299, Rue Hutchison, Le Plateau-Mont-Royal (Montréal)
4
1
1910
1426sq/ft

799 000$

Open house
25
Montréal, Apartment
215, Av. du Mont-Royal O., app.201, Le Plateau-Mont-Royal (Montréal)
3
2
1994
1495sq/ft

999 000$

Open house
25
Montréal, Apartment
215, Av. du Mont-Royal O., app.201, Le Plateau-Mont-Royal (Montréal)
3
2
1994
1495sq/ft

999 000$

L’article Petite-Patrie | 374 rue Saint-Zotique E., an exceptional penthouse in the heart of sunshine est apparu en premier sur Courtier Immobilier Montréal Yanick E Sarrazin.

]]> Understanding the difference between municipal assessment and market value https://yanicksarrazin.com/en/immobilier/properties-for-sell/understanding-the-difference-between-municipal-assessment-and-market-value/ Thu, 04 May 2023 18:00:30 +0000 https://yanicksarrazin.com/?p=40772 When buying or selling a property, one of the first questions that arises is the selling price of the property. Whether you are a seller or a buyer, there are certain concerns that arise. As a seller, you want to make sure that your home is going to be sold at its fair value based […]

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When buying or selling a property, one of the first questions that arises is the selling price of the property.

Whether you are a seller or a buyer, there are certain concerns that arise. As a seller, you want to make sure that your home is going to be sold at its fair value based on certain factors. As a buyer, the questions are similar, we want to make sure we pay the right amount without having to pay the extra dollar.

Many buyers and sellers tend to rely on the municipal evaluation to determine the value of a property. Is this the best way to establish the price of a property for sale or for purchase?

Our real estate brokers will try to answer this question in this article.

The distinction between municipal assessment and market value

What is a municipal assessment and how is it calculated ?

As the name implies, a municipal assessment is an estimate of the value of a property made by the municipality in which the property is located, such as the City of Montreal. This assessment is used for the purpose of calculating property taxes and is carried out by certified appraisers, who use public data as well as information from the owners to determine the value of a property.

It is important to note that assessors do not visit every property in a municipality. They use quantitative data and several advanced software programs to perform their evaluations. As a general rule, the value will be calculated in blocks of comparable homes, which means that the price of the property will be estimated based on similar properties in the area. Among the hundreds of factors used by these appraisers are: location, type of property, lot size, living area of the property, year of construction, number of bedrooms and bathrooms, presence of a finished basement and many others.

However, despite the fact that this evaluation is done by professionals in the field, it represents a rough estimate rather than a sure value.

Above all, it is important to know that the municipal assessment is valid as of July 1st, 18 months before the city’s assessment roll comes into effect, and is only reproduced every 3 years.

Thus, it represents a past value and is not current information in the real estate market, which is in constant movement. For example, disruptive factors such as rising property prices, rising interest rates or the onset of a global pandemic can affect the value of this assessment.

The municipal assessment is therefore not the benchmark for setting a sale price for a property, such as a house, an income property or a condominium. As mentioned earlier, its primary use is to calculate the property taxes that owners will have to pay.

Generally speaking, the municipal assessment is lower than the market value. That said, if a property owner feels that their municipal assessment is too high, they can apply for a review within a specified time frame.

So how do you deduct the value of a property? What assessment should you rely on to determine its fair price?

Market value : definitions and factors that influence it

Market value is the most probable price that can be obtained for the sale of a specific property on a specific date, in the context of the current real estate market.

A market value appraisal is performed by licensed appraisers. Our real estate brokers  will conduct a similar market study to determine a selling price based on an estimated market value.

Unlike the municipal evaluation which is done as a mass evaluation in a given area, the market value takes into consideration all aspects of the home, such as its location, condition, size and unique features. The principle of market value therefore guarantees the visit of the property and allows to highlight the improvements and renovations made in the property to estimate the price.

It also takes into account the current trends and constantly fluctuates according to the supply and demand of the real estate market.

The appraiser will also compare the property to other similar properties and to recent sales in the area in order to get a fair approximation of the property’s market value.

Finally, the most important thing to remember about market value is that it takes into account the realities of the current real estate market, unlike the municipal evaluation, which tends to represent a past and inaccurate value, and is therefore not a reliable indicator for setting the sale price of a property.

Using market value to sell your property

The market value, because of its precision of place and time, appears as the most reliable indicator to know the value of your property. Requesting an estimate from a professional can therefore be useful to get an idea of what you could get for your property on the market, if you decide to sell it.

In conclusion, municipal assessment and market value are two different terms that have important implications for homeowners. Understanding the difference between the two can help you make informed financial decisions about your property.

Any questions about municipal assessment or market value ? Contact one of our real estate brokers to find out more.

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L’article Understanding the difference between municipal assessment and market value 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.

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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.
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  • 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.
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  • Access to comparables: the buyer has access to market comparables obtained by the real estate broker’s expertise and the tools at his disposal.
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  • 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. 
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  • 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. 
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  • 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.

]]> Selling without legal warranty: what are its implications? https://yanicksarrazin.com/en/immobilier/seller-information/selling-without-legal-warranty-what-are-its-implications/ Tue, 16 Aug 2022 15:53:36 +0000 https://yanicksarrazin.com/?p=30387 Selling without legal warranty – Key Information You are looking for a property in Montreal with your real estate broker. When you search online, the detailed sheets of properties have the mention of “sale without legal warranty of quality, at the buyer’s risk and peril. As you are not certain of the meaning of these […]

L’article Selling without legal warranty: what are its implications? est apparu en premier sur Courtier Immobilier Montréal Yanick E Sarrazin.

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Selling without legal warranty - Key Information

You are looking for a property in Montreal with your real estate broker. When you search online, the detailed sheets of properties have the mention of “sale without legal warranty of quality, at the buyer’s risk and peril. As you are not certain of the meaning of these terms and their implications, you then ask your real estate broker for further information. 

Your real estate brokers answer all your questions:

What is a legal warranty in real estate?

In Quebec, the law provides that the sale of real estate must guarantee the quality and the right of ownership. These two guarantees constitute the legal warranty.

The guarantee of quality concerns hidden defects. When we talk about hidden defects, we are talking about a “hidden” defect that will undermine the quality of the building. This defect is known by the seller and has been omitted from the Seller’s Declaration (VIS). In addition, the hidden defect existed at the time the purchase but was unknown to the buyer. The hidden defects are not usually not easily noticeable and can be for example mold in the walls, cracks in the foundations, moisture on the ground, water infiltrations, etc. 

The guarantee of the right of ownership (security of title) is related to the vices of title of ownership. This would refer to a situation that would prevent the buyer from exercising his right of ownership. For example, the seller would not have repaid his mortgages in full and would have failed to mention it to the buyer. 

What is a sale without legal warranty “at the buyer’s own risk”?

A sale without legal warranty implies that the buyer agrees to acquire the property at his “ own risk and waives’’. This means that in the case of hidden defects, recourse against the seller is limited, hence the importance of pre-purchase inspection. The seller should still indicate the past defects and complications with the property and must act in good faith, in order to be transparent. The buyer must read it, but understands that he or she has no guarantee on the quality of the property. 

For a sale without legal warranty to take place, there must be a mention in the Seller’s Declaration or the Offer to Purchase. This must also be indicated in the act of sale. 

The phenomenon of sale without legal warranty has been observed in real estate transactions for several years in Quebec. However, this phenomenon has grown since 2019, during the pandemic. Buyers may decide to waive the legal warranty in order to acquire the coveted property more easily. Sellers, on the other hand, sell their property without legal guarantee, thinking that they will let go of their responsibility. But is it really a good idea?

What are the implications of selling without a legal warranty?

Selling without a legal warranty has significant negative impacts, especially on the value of the property. Indeed, according to a report from JLR, a property sold without legal warranty would be sold 8% to 11% less than with. 

In addition, in order to make an offer more attractive, a buyer can waive the legal warranty and abandon the pre-purchase inspection. The buyer then has no recourse against the seller and is then responsible for the hidden and apparent defects of the property. Fixing these defects can result in a considerable amount of money, which is never desirable.

The reference to “at your own risk and waives” should be taken seriously.

In what situations does a sale without legal guarantee take place?

Some sellers opt to sell their property without legal guarantee. However, it is in these 3 following situations that the sale without legal warranty is the most common. 

– Senior sellers: Senior sellers often decide to sell their property without a legal warranty in order to avoid liability as they approach retirement. They then move towards a smaller home.

-Estates: the heirs of a property may not have a good knowledge of its history. Indeed, the property may be old and they do not know if there have been problems in the past regarding the quality of the building. In order to protect themselves and avoid the risk of potential lawsuits, the heirs will then sell without legal warranty.

-Bank repossessions: when an owner no longer pays his mortgage, a formal notice is sent and a court judgment is issued a few months later. The bank then takes possession of the property and makes a direct sale. The buildings taken over by the banks are always sold without legal warranty, as a bank does not want to be sued for hidden defects. 

Growing in popularity, selling without a legal warranty is a risky and high-risk practice. Before selling, ask your real estate broker for an expert opinion on the subject, which will guide you to the most informed decision.

The phenomenon of sale without legal warranty has been observed in real estate transactions for several years in Quebec. However, this phenomenon has grown recently with the pandemic. Sale without legal warranty implies that the buyer agrees to acquire the property at his “own risk and waives’’. This means that in case of hidden defects, no recourse against the seller will be possible, hence the importance of the pre-purchase inspection. In these three situations the sale without legal guarantee is more common: when the seller is an older person, during a succession or a bank resumption. Despite its growing popularity, selling without a legal guarantee is not recommended because it is a dangerous practice that does not provide protection to the buyer.

Questions about selling without legal warranty? Contact one of our real estate brokers

Consult other buyer information

L’article Selling without legal warranty: what are its implications? est apparu en premier sur Courtier Immobilier Montréal Yanick E Sarrazin.

]]> The real estate broker assistant: understanding the profesion https://yanicksarrazin.com/en/immobilier/real-estate-news/the-real-estate-broker-assistant-understanding-the-profesion/ Wed, 06 Oct 2021 20:38:25 +0000 https://yanicksarrazin.com/?p=20544 The real estate broker assistant : understanding the profesion – Key informations The real estate broker has well-known responsibilities and tasks. However, he can be accompanied and work in close collaboration with an assistant who has a central role in the real estate transaction, but whose tasks are often overlooked. How is an assistant essential […]

L’article The real estate broker assistant: understanding the profesion est apparu en premier sur Courtier Immobilier Montréal Yanick E Sarrazin.

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The real estate broker assistant : understanding the profesion - Key informations

The real estate broker has well-known responsibilities and tasks. However, he can be accompanied and work in close collaboration with an assistant who has a central role in the real estate transaction, but whose tasks are often overlooked. How is an assistant essential in a real estate team?

Administration and management

The Real Estate Broker Assistant will take care of various administrative and management tasks for the real estate brokers on the team. In fact, with the collaboration of the real estate broker, the assistant will put together the various client files and ensure the compliance of the documents received during the real estate transaction process. This is an important step because the documents must be completed according to the Real Estate Brokerage Act.

Maintaining client databases and preparing information for market analysis are also among the many tasks associated with working as a broker assistant.

Transaction

The job of a real estate broker assistant also includes composing and preparing communications necessary for transactions, as well as managing calls and inquiries from prospects and clients. The assistant can get in touch with sellers and buyers in order to convey the necessary information to the real estate broker. When marketing properties, the real estate broker assistant will work with the broker to ensure the smooth running of the real estate transaction.

Training

In order to become an assistant to brokers, it is recommended to have knowledge of real estate and to be passionate about this environment. Training is also available to learn more about the real estate lexicon in Quebec and the various Centris IT tools to know (Immocontact, Matrix, Prospect, Instanet Forms, Seizure), Ezmax and EZSign.

The Quebec Real Estate Brokerage Self-Regulatory Organization (OACIQ) is the authority for real estate brokerage in Quebec. This is an important resource that has a lot of relevant information to know and can be very useful in training a broker Assistant.

Sense of organization

As mentioned previously, the real estate broker assistant plays a fundamental and significant role within a real estate team. She must be endowed with a keen sense of organization and unparalleled customer service. The ability to manage many files at the same time, as well as a high professional rigor should also be part of her skills.

The real estate broker’s assistant must therefore be in perfect synergy with the real estate broker, because the latter follows everything the broker undertakes at each stage of the real estate transaction process. The broker assistant is then a fundamental pillar for the real estate brokers on the team.

Our operations team

The YE/SARRAZIN Team is fortunate to be surrounded by several assistants to real estate brokers who also hold their real estate broker’s licenses. Thus, our operations team has a wide variety of real estate knowledge. This diversity of skills therefore brings a lot of rigor to the team’s files.

The real estate broker assistant has very specific tasks and follows brokers in the administration and management of various client files. The assisant’s tasks are numerous, ranging from updating client files, writing various communications to making calls with sellers or buyers during the real estate transaction. There is no specific training to become a broker’s assistant. However, a knowledge base in real estate and a certain passion for this field are required. A keen sense of organization and unmatched customer service are also qualities to have for a real estate broker assistant.

*It should be noted that the use of feminine for the term “assistant” has been used in order to simplify the text.

 

Contact one of our real estate brokers

Consult other real estate news

L’article The real estate broker assistant: understanding the profesion est apparu en premier sur Courtier Immobilier Montréal Yanick E Sarrazin.

]]> Buying a property: what are the costs for buyers? https://yanicksarrazin.com/en/immobilier/buyer-information/buying-a-property-what-are-the-costs-for-buyers/ Wed, 29 Sep 2021 18:09:47 +0000 https://yanicksarrazin.com/?p=20359 Cost of buying a home – Key informations Buying a property with a real estate broker is an important event in anyone’s life. However, it requires many additional costs to the house itself. A budget must therefore be planned for this important transaction. Here is a summary of the costs for a buyer when purchasing […]

L’article Buying a property: what are the costs for buyers? est apparu en premier sur Courtier Immobilier Montréal Yanick E Sarrazin.

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Cost of buying a home - Key informations

Buying a property with a real estate broker is an important event in anyone’s life. However, it requires many additional costs to the house itself. A budget must therefore be planned for this important transaction. Here is a summary of the costs for a buyer when purchasing a home.

Pre-purchase inspection fees

When buying a property with or without a real estate broker, it is important to hire a home inspector who will assess the condition of the property in question. It is recommended that the inspector be part of a professional order. It should be noted that there is no Order of Inspectors. However, there are associations like the Association of Building Inspectors of Quebec (ABIQ) or orders like the Order of Architects or the Order of Engineers of Quebec in order to find the appropriate inspector for the type of property to inspect. Thus, this provides additional protection for the buyer. The cost for the inspection will vary depending on the size of the property, its age and dimensions.

The inspector will be able to determine whether the property presents problems that were not observed during the brief visit to the building. With the pre-purchase inspection, the inspector can also detect hidden defects. The inspector will then make his written report. Depending on the results of the inspection report, if these prove to be problematic, then the buyer may revise the price of the property downwards or even withdraw from the offer to purchase. For more information on withdrawing from an offer to purchase after an inspection, please read our blog article on the subject.

The notary fees

Once your offer has been accepted with your real estate broker on your desired property, you must book a a notary to formalize the real estate transaction. The choice of the notary is determined by the buyer. The cost of the notary’s fees will depend on different factors like region, number of homes, type of property etc.

The notary will prepare the deed of sale, the deed of mortgage loan and will publish the deed of cancellation with the Land Regime. Land tenure is a report that determines property rights. The act of radiation in the Land Regime then allows the removal of the right to property. The notary then formalize the sale of the property.

Taxes

Taxes will vary depending on the value of the property and the area in which the property is located.

Property transfer duties

After the notarized deed of sale, the new buyer must pay property transfer duties to the municipality. The amount of the duties will depend on the value of the property. Indeed, a percentage will be imposed on different price brackets.

For the first $ 50,000 bracket : 0.5%

For an amount of $ 50,000 to $ 250,000: 1%

For a bracket of $ 250,000 or more: 1.5%

For a bracket of $ 500,000 or more (in Montreal): 2%

Property transfer duties are compulsory and payable only once after the deed of sale has been notarized.

School and municipal taxes

School and municipal taxes are taxes that must be paid each year. The municipal tax period begins on January 1st and ends on December 31st inclusive. The school tax period begins on July 1st and ends on June 30th inclusive.

These taxes help, among other things, finance various services such as road maintenance and repair, heating of schools and public transport. When buying a property, the future owner becomes aware of these amounts.

The school tax statement indicates the amount to be paid annually. It also shows the evolution of the value of the property in recent years. The municipal tax bill details the amounts imposed by the municipality and the borough. It is the notary who will calculate the amount of taxes to be paid at the time of the transaction for the new buyer. Your real estate broker can help you and explain the intricacies of these fees.

Additional charges

In Quebec, when the seller of the property is accompanied by a real estate broker, it is important to know that the compensation of the broker-collaborator is generally paid by the seller.

The purchase of a property involves many other costs following the notary. In fact, these costs can range from moving, to renovating the property, buying appliances and home insurance. However, these costs are necessary to acquire the dream property.

Buying a property with or without a real estate broker involves different costs. These costs range from the down payment, pre-purchase inspection fees, notary fees, taxes (property transfer duties, school and municipal taxes), as well as other additional costs that may be payable following the acquisition of the new property.

The down payment

In addition of various fees, the down payment is a portion of the amount you will need to take out of your savings to acquire the desired property. The mortgage loan insurance, commonly known as a mortgage, will then pay off the remaining balance of the property.

For more information on down payments in Montreal, please read our down payment blog article.

Contact one of our real estate brokers for your questions about the costs related to the purchase of a property

Consult other real estate news

L’article Buying a property: what are the costs for buyers? est apparu en premier sur Courtier Immobilier Montréal Yanick E Sarrazin.

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