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Real estate brokers in Plateau-Mont-Royal
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A few properties for sale on the Plateau-Mont-Royal
Montréal, Apartment
2
1
1997
893sq/ft
675 000$
Montréal, Apartment
2
1
1997
893sq/ft
675 000$
Montréal, Two or more storey
4
3
1900
1448sq/ft
1 675 000$
Montréal, Two or more storey
4
3
1900
1448sq/ft
1 675 000$
Montréal, Apartment
4
2
1910
2673sq/ft
1 399 000$
Check out our real estate blog
Our team of real estate brokers shares tips and tricks for your real estate projects in Montreal.
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Differences between a residential building and a commercial building- Key Information
What is a residential building?
It is a space where individuals and families live and reside. Residential real estate pertains to properties used for housing purposes. Single-family homes, apartments, condos, and apartment buildings with four units or fewer are considered residential buildings.
Owners of residential real estate can be individuals, real estate investors, or companies specializing in the residential sector. For the purpose of renting the property, the landlord must fill out the mandatory lease from the Tribunal administratif du logement. In residential real estate, the lease is typically of shorter duration, usually ranging from six to 12 months. When acquiring a used residential real estate property (not considered new), the transaction is exempt from GST (Goods and Services Tax) and QST (Quebec Sales Tax).
What is a commercial building?
It is a space designed to house commercial, industrial, office, or retail activities. Commercial real estate pertains to properties used for commercial or professional purposes. A building is considered commercial when it has five or more residential units. A mixed-use building is also considered commercial. It features a structure where the lower levels are intended for businesses or offices, while the upper floors can be configured as apartments or residential units. Offices, shopping malls, warehouses, hotels, restaurants, and industrial complexes are examples of commercial buildings.
Owners of commercial real estate can be institutional investors, businesses, real estate developers, or individuals. When purchasing a commercial property, GST (Goods and Services Tax) and QST (Quebec Sales Tax) apply to the portion representing the percentage used for commercial purposes. Commercial real estate is often leased to businesses or commercial tenants, which can generate higher income compared to residential real estate.
Commercial leases
Commercial leases typically have longer terms and specific conditions. Some leases can have a duration of five to ten years. Moreover, in the commercial sector, it is not mandatory to use leases from the Tribunal administratif du logement, as is the case in residential real estate.
Different rules apply to commercial leases. For instance, the owner of a commercial property can request a security deposit from the tenant, which is not allowed in residential leases. They can also prohibit subleasing or the termination of the lease by the tenant. At the end of the lease, the tenant must vacate the commercial space, whereas in residential real estate, the lease is automatically renewed. Additionally, in case of a dispute, the owner and the tenant must go to the Superior Court or the Court of Quebec, rather than the Tribunal administratif du logement as is the case in residential real estate.
Different terms are used to refer to what landlords and tenants must pay in a commercial lease:
-Gross lease: This is a lease where everything is included. The tenant only has to pay their rent. Costs related to the property are included in the rent or paid by the landlord. Charges included in a gross lease may encompass utilities (such as water, electricity, and heating), maintenance of common areas, property taxes, basic insurance costs, and similar expenses. However, it’s important to note that how these charges are apportioned between the tenant and the landlord can vary from one gross lease to another.
-Triple Net Lease (Net, Net, Net): In a triple net lease, the tenant is responsible for paying, in addition to their base rent, the expenses related to the property (cleaning, electricity, municipal or school taxes, etc.). In a triple net lease, the tenant assumes the responsibility of paying not only the base rent but also all operating expenses of the property, including property taxes, insurance premiums, and maintenance costs.
Key differences between a residential building and a commercial building
The main distinctions between residential and commercial real estate lie in the use of the properties. Residential buildings are intended for habitation and living, whereas commercial buildings are designed to house businesses and economic activities. They encompass different types of properties. A residential building can be a single-family home, while a commercial building can be a hotel, for example. The type of lease and the lease duration will also be different. A commercial lease will typically have a longer duration than a residential lease and is not bound by the mandatory model provided by the Tribunal administratif du logement. As mentioned earlier, there are many distinctions between residential and commercial leases.
Finally, the financial objectives associated with them will differ. The primary objective of residential real estate is generally to provide a living space for its occupants. While some individuals may invest in residential properties for rental purposes, the priority is often the quality of life for the residents rather than income generation. On the other hand, the primary goal of commercial buildings is to generate income from the economic activities they house. Commercial property owners can generate income in the form of rent and may also benefit from the appreciation of real estate values based on business performance.
Catalina Camacho, residential and commercial real estate broker, answers this question
Questions about the subject? Contact a real estate broker
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The FHSA - Key information
Buying a home is an important investment that can lead to one of your best investments for life. There are many potential buyers, but there are also many who are having trouble getting the down payment they need for such a large real estate purchase, especially with rising property prices.
Since the last election campaign, the Liberal government, under the leadership of Justin Trudeau, had mentioned the possibility of introducing an RDSP. This registered program would be dedicated to first-time buyers under the age of 40 to help them access their first home. However, the idea of the RDSP was abandoned and replaced by the FHSA or tax-free savings account for first-time home buyers. The FHSA would be in place as of April 2023 and has certain features.
The FHSA : what does it consist of?
The Tax-Free First Home Savings Account (FHSA) is designed to help first-time buyers save for their down payment. The main idea is to help young people become homeowners through the housing frenzy. The FHSA combines a variety of TFSA (tax-free savings account) and RRSP (registered retirement savings plan) benefits.
In this form of savings, an individual can contribute up to a maximum of $8,000 per year, for a maximum accumulation of $40,000. These contributions are tax-free and the accumulated income is tax-free, so there is nothing to pay back over the years. Withdrawals from the purchase of a property are then also non-taxable.
Its eligibility criteria
In order to access and benefit from the TFSAPP, certain eligibility criteria must be met:
-You must be a Canadian citizen and resident 18 years of age or older.
-There is no maximum age limit for opening an account.
-You must not have acquired a property when opening an account or four years before opening it. It must therefore be a first real estate purchase.
Its characteristics
The FHSA also has certain features:
-The maximum contribution per year is $8,000.
-Unused contributions can be transferred to the following year.
-The maximum FHSA limit is $40,000.
-Like an RRSP, contributions are fully tax deductible. This increases the ability to save.
-Withdrawals related to the purchase of a property are non-taxable.
-These non-taxable withdrawals will be used to purchase a single property for life.
-If a withdrawal is made and has a purpose other than the purchase of real estate, the amount of the withdrawal will then be taxable.
-The HBP (home buyers’ plan) and FHSA can be combined to purchase your first home.
-The money can be invested in a FHSA for up to 15 years or until the age of 71. If this maximum period is reached, the account must be closed and the total amount of the accumulated money transferred to an RRSP.
–If you want to purchase a property with your spouse, you can combine the accumulated amount of your FHSA with another FHSA account for the down payment.
The FHSA then presents certain constraints, but also significant advantages for a first-time buyer.
What types of investments can you hold in a FHSA?
Other products will be offered over time. Here are the ones currently known:
-Stocks, options and bonds
-Savings deposits
-Exchange Traded Funds (ETFs)
-Cash
What are the steps when buying a property?
-Have a written agreement to buy in Canada
-Be considered a first buyer (of a first property)
-Make the withdrawal of the CELIAPP 30 days after the purchase of the property, thus following the passage to the notary
-Closure of FHSA must occur on December 31 of the following year of the first eligible withdrawal
What happens if you don’t buy a property?
After the maximum period of 15 years, you have two options. You can withdraw the full amount accumulated in your FHSA, but it will be taxed. The second option is to transfer FHSA amounts to your RRSP or RRIF (Registered Retirement Income Fund) without tax impact without affecting your RRSP contribution room.
How do I open a FHSA account?
The FHSA account is available in the various banks across the country. It’s a simple process to open an account. Make an appointment with your bank advisor, in person at the branch, by phone or virtually.
Available in 2023, the Tax-Free First Home Savings Account (FHSA) is designed to help first-time buyers through the housing frenzy to save for their down payment. The FHSA has many advantages, such as improved ability to save, with fully tax-deductible contributions and non-taxable withdrawals on the purchase of your first home. In addition, the maximum FHSA limit is raised to $40,000, for a maximum annual contribution of $8,000. The FHSA has many advantages for the purchase of your first property.
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Questions ? Contact one of our real estate brokers
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!
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.
Browse other exceptional properties in Montreal
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A few properties for sale in La Petite-Patrie
Montréal, Two or more storey
2
3
1950
1573sq/ft
999 000$
Montréal, Quintuplex
1
1
1950
5320sq/ft
1 999 000$
Montréal, Triplex
1
1
1918
1482.73sq/ft
749 000$
Montréal, Commercial condo
1928
7398sq/ft
1 750 000$
Montréal, Two or more storey
2
3
1950
1573sq/ft
999 000$
5 interior design trends in 2023
As a real estate organization in Montreal, it is essential to follow interior design trends to offer properties that meet the needs of potential buyers. While they are constantly evolving, 2023 is no exception.
Here are 5 trends to consider:
THE MAXIMALIST STYLE
Address : 3940 rue de Mentana, Le Plateau-Mont-Royal
Maximalist style is back and encourages boldness and exuberance. The walls can be decorated with extravagant patterned wallpapers, rich and vibrant colors, and layered carpets to create an opulent look. The accessories can be used without restraint to bring a finishing touch to the decoration.
NATURAL MATERIALS
Address : 4069 avenue des Érables, Le Pateau-Mont-Royal
In recent years, the trend of natural materials has been asserting itself in interior decoration and 2023 is no exception. People want to create a warm and welcoming atmosphere at home using elements such as wood, stone and natural fibers like rattan. Neutral colors and organic textures are also very popular to achieve this effect.
THE JAPANDI STYLE
Address : 1487-1489 rue Marie-Anne, Le Pateau-Mont-Royal
If you are not a fan of extravagant and colorful decors, another trend in vogue is the Japandi style, a fusion between the Scandinavian and Japanese style. This sleek and elegant style also favours the use of natural materials, but goes further by incorporating clean lines and minimalist design. It highlights the harmonious combination of natural materials, neutral colours and clean shapes, creating a cozy, bright and sophisticated atmosphere.
DYNAMIC DECORS
Address : 5247 avenue Belmore, Notre-Dame-de-Grâce
Dynamic decors encourage creativity with geometric shapes, vibrant colours and varied textures. Bold designs and overlays are welcome, and imperfection is even celebrated. So don’t be afraid to think outside the box!
COLORFUL LIGHTING FIXTURES
Colourful lights are a joyful reminder of the past that finds its place in modern interiors. With their retro touch, these lights are a real asset that add a touch of fantasy to any decor. They are perfect to highlight a monochrome piece, or to enhance a soft decor with a touch of color. So, if you want to bring color and personality to your home, don’t be afraid to dare with colorful lights!
To conclude, the decorating trends of the current year offer a unique opportunity to express your creativity and personality within your living space. Whether you are a fan of bold and dynamic styles or prefer a minimalist approach, there are options for everyone. And you, what trend do you intend to adopt to give life to your interior?
Contact one of our real estate brokers to assist you in the purchase or sale of your property
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Quelques propriétés à vendre sur Le Plateau-Mont-Royal
Montréal, Apartment
2
1
1997
893sq/ft
675 000$
Montréal, Apartment
2
1
1997
893sq/ft
675 000$
Montréal, Two or more storey
4
3
1900
1448sq/ft
1 675 000$
3468 Av. Laval - unique characteristics
Typical 19th century architecture
Have you always dreamed of living in the heart of a jewel of unparalleled authenticity?
Enter 3468 avenue Laval, a majestic property with unique architecture that will leave you speechless.
From the moment you walk through the door, you’ll be captivated by the tall, elegant entrance and finely crafted details that are the hallmarks of a sumptuous property.
Borrowing its design from the Victorian style of the 19th century, you’ll find a host of period features in every room of the house. These include colorful, finely drawn stained glass windows, wood floors with traditional tapestries, decorative fireplaces and high ceilings with chandeliers worthy of the era.
Not to mention the dark wood moldings framing the room entrances, to welcome you into each space with distinction.
Spacious and elegant spaces
You’ll find yourself living in a unique cocoon, enhanced by its touches of natural light, particularly in the gourmet kitchen with its distinguished finishes, the ideal place to concoct your most refined dinners, which you can enjoy in the cozy dining room.
The 3 spacious bedrooms are divine, reflecting the elegance embodied by this home. The perfect place to fall asleep after a warm and intimate evening by the fireplace.
There’s also a private balcony, perfect during warmer weather, for gathering with friends or simply reading in the sunshine.
An exceptional location
Located in the lively Plateau-Mont-Royal district, you won’t want to miss its splendid Victorian façade on the emblematic Avenue Laval. Living in this home combines charm and excitement, as you’re close to all the best addresses in this vibrant neighborhood.
Discover this property on our Instagram
Looking for an exceptional property in Montreal? Contact one of our real estate brokers.
See other exceptional properties in Montreal
Some properties for sale in Plateau-Mont-Royal
Montréal, Apartment
2
1
1997
893sq/ft
675 000$
Montréal, Apartment
2
1
1997
893sq/ft
675 000$
Montréal, Two or more storey
4
3
1900
1448sq/ft
1 675 000$
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
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The Carlyle
Discover some of the units available
A new construction in the Town of Mount Royal
Discover the new project of high-end rental condos on 7 floors: The Carlyle. This new construction is an achievement of JADCO, a respected real estate leader in design, construction, investment management and property management. Project delivery date is July 1 st 2023.
What awaits you at The Carlyle? Apartments with up to 3 bedrooms, spacious and bright living spaces, refined kitchens and quality materials: the units have all the necessary features to charm you!
Enjoy all the amenities the building has to offer : business center, VIP lounge, gym, children’s play room, green spaces and an indoor pool.
A unique location in Montreal: live in the popular Town of Mount Royal, close to the parks, public transport, as well as the shops and restaurants of Carré Lucerne. Plan your site visit now!
Interested in seeing the additionnal units available?
The Carlyle - An exclusive lifestyle
Model Unit
About these housing units
Configuration
- New construction
- Spacious contemporary units
- Open living spaces
- Abundant windows
Materials
- High-end materials
- White oak floors
Inclusions
- Stove
- Refrigerator
- Dishwasher
- Washer and dryer
- Warm water
- Air conditioning
- Lighting
Outdoor Spaces
- Inner courtyard and green spaces
Parking
- Indoor parking is available for a monthly payment
Tranquility & urban living
These rental units are in a prime location in Montreal in the peaceful and green spaces of Town Mont Royal. Live in a sought after neighborhood, only a few minutes away from De La Savane metro station, parks of the area, main routes as well as the shops and restaurants of Lucerne Square.
Public Transport
- De la Savane metro station
- Namur metro station
- The Réseaux Express Métropolitain (REM)
Schools
- Saint-Clément-Ouest primary school
- Saint-Clément Academy
- Carlyle primary school
- Dunrae Gardens primary school
- Laurentide primary school
- Mont-Royal high school
- Pierre Laporte high school
- University of Montreal
Green Spaces Nearby
- Kindersley Park
- Ostell Place
Within a 1 km radius
Pharmacies
- Grocery stores
- Restaurants
- Ice cream parlours
The neighborhood's best spots
A wide range of products and services are available in the Town of Mount Royal.
Here is an overview of two favorite addresses to discover in the sector:
Bacaro Pizzeria - Authentic Italian Flavours
Located in Lucerne Square, Bacaro Pizzeria is a restaurant offering tasty Italian dishes. On the menu, a variety of pizzas and delicious pasta to be enjoyed in a relaxed atmosphere.
At Bacaro Pizzeria, the wine list offers a mix of private imports and local brands, to the delight of wine lovers.
Do you have a sweet tooth? Nutella doughnuts and Sicilian cannolis are a must!
With more than eight locations throughout Montreal, Bacaro Pizzeria is an Italian restaurant to discover to spend pleasant evenings with family and friends!
- Bacaro Pizzeria is located at 2358 Chemin Lucerne in the Town of Mount-Royal.
Conefetti Gelateria - Sweet Treats
Conefetti Gelateria is an ice cream parlour in one of the oldest houses in the Town of Mount Royal. For over 14 years, this charming business offers a panoply of gelato flavors : black licorice, matcha, tiramisu to Ferrero Rocher! Chosing your flavor will be a tough decision!
If ice cream is not your cup of tea, you can also sip a delicious coffee on their charming terrace.
At Conefetti Gelateria, you will be delighted!
- Conefetti Gelateria is located at 3201 blvd Graham in the Town of Mount Royal.
The Carlyle on Instagram
Location of these units in the Town of Mount Royal
Interested in The Carlyle rental units? Contact us!
Sellers and buyers: what are the costs to pay at the notary and the mandatory documents to provide? - Key information
In a real estate transaction, going to the notary is the last step in formalizing the sale of a property. Signing the act of sale can cause some anxiety, excitement and many questions.
Since our real estate brokers accompany many clients in this last important step, whether for the sale or purchase of their property, our members want to help you better distinguish all the subtleties of the transition to the notary. Documents required at the various costs involved: this major step will no longer have any secrets for you!
The role of the notary
In a real estate transaction, the notary holds a neutral and central role. He/she must respect the rights of both the seller and the buyer. His/her tasks are many:
• The notary will receive the promise to purchase, examine the title deeds, the seller’s certificate of location, if applicable, the marriage certificate or the divorce certificate.
• The notary will write the deed of sale of the property, making sure that the facts are true in the promise to purchase. It is the signing of the bill of sale that formalizes the sale.
• The notary will write the mortgage deed. This is a document detailing all the components of the buyer’s loan (loan principal, interest rate, amortization period, etc.) related to the financing of the property. The notary verifies that the provincial and municipal taxes have been paid and that the mortgage balance has been paid in full by the seller. This will result in the seller’s mortgage being written off.
• The notary then publishes the deed of cancellation in the land register. The land register is a report that determines the property rights. The deed of cancellation in the land register then allows the suppression of the right of ownership and then, its sale.
Required documents
During the visit to the notary, different documents will be requested.
For the buyer and seller
• Two pieces of identification that are valid, including one with a photo (e.g., driver’s license, health insurance card, passport, birth certificate, etc.),
• The detailed contact details of the parties,
• A marriage contract if you are married
• A judgment and divorce certificate if you’re divorced,
• A court file number if you are in the process of divorce.
For the buyer
• Mortgage instructions from your financial institution
• Proof of home insurance
For the seller
For more detailed information on these many mandatory documents when selling, see this article.
• The bill of sale,
• The mortgage deed,
• The certificate of location,
• Act of transmission if it is an estate,
• Statement of school and municipal taxes.
Documents specific to different types of properties
Divided co-ownership
• The declaration of co-ownership
• The DRCOP (Request for information to the syndicate of co-ownership). This document is completed by the union to ensure there is no arrears, special dues or other necessary information on the property.
Undivided co-ownership
• Joint ownership agreement
Plexes: duplex, triplex, quadruplex (...)
• Leases
• Notices of renewal or non-renewal
Fees payable to the notary
Fees are also involved in the transaction and will have to be paid by the buyer and seller.
Costs incurred by the buyer
• The chain of title to a property.
• Analysis of the certificate of location
• Copies of the bill of sale
• Preparation of allocations (e.g., school and municipal taxes, condo fees, revenues, heating oil)
• Registration in the land register of the deed of sale and the mortgage deed
• Notary fees (notary fees vary depending on the type of property, as well as its value)
Costs incurred by the seller
• Title correction (if required)
• Mortgage discharge:
○ Application to the creditor of the statement of account for repayment
○ Preparation of the mortgage discharge
○ Sending the draft discharge and repayment to the creditor
• Verification of taxes (municipal and school taxes)
• Administration of money in trust:
○ Preparation of cheques to various parties (real estate broker, land surveyor, mortgage creditor and payment of municipal taxes)
○ Preparing the transfer of funds to the mortgagee for repayment
• Bank transfer sales product:
○ Preparation of a bank transfer for the sale product and scan the confirmation into a file
○ It should be noted that picking up your cheque by hand avoids this cost
• Taxable disbursements (e.g., school and municipal tax audits)
• Notary fees: the notary’s hourly rate varies depending on the notary’s expertise and the urgency of the situation
In the case of a co-ownership
• Communication with the co-ownership manager or syndicate
○ Obtaining information relevant to the transaction (condo fees, union compliance, etc.)
○ Obtaining a copy of the syndicate co-ownership
○ Payment of condo fees, if applicable.
○ Sending information to transfer the Syndicate
In some situations, the notary may incur unexpected additional charges. This is important to expect. A popular example of additional costs is title insurance.
• Title insurance: title insurance is a damage insurance. When the notary examines the securities and the certificate of location, he/she can detect irregularities (risks). If the transaction takes place soon and there is not enough time to correct these irregularities, the notary can then find a title insurance provider to cover these risks. It is the buyer who will be the insured and the seller who will have to assume the payment of the premium due to the right of ownership to which he/she is bound.
Your real estate broker at your side
Don’t forget that your real estate broker is always at your side, even during the transition to the notary. If misunderstandings arise before, during or after the notary, do not hesitate to let your real estate broker know in order to clarify everything.
With this information in hand, whether as a buyer or as a seller, we hope that your transition to the notary takes place with confidence!
Summary
The sale of a property is formalized by signing the act of sale with the notary. However, documents are mandatory for both the buyer and the seller. For example, during the visit to the notary, each party is asked for two pieces of identification and, if necessary, marriage or divorce certificates. For the buyer, mortgage instructions from the financial institution as well as proof of home insurance are required. For the seller, several documents are necessary such as previous sales documents, the mortgage deed, the certificate of location and others.
In addition, fees must be paid by the buyer and seller. These fees differ. Among the costs incurred by the purchaser is the registration of the deed of sale in the land registry and the mortgage deed. At the seller, one of the fees is a mortgage discharge.
Although this last stage of the real estate transaction can be complex, know that your real estate broker is there to accompany you and answer your questions. Let him/her know your concerns. He/she’s here to provide his/her expertise.
Questions about going to the notary? Contact one of our real estate brokers to enlighten you on the subject.
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Prohibition on the Purchase of Residential Property by Non-Canadians Act
The Government of Quebec outlined many housing measures in its last budget. These measures included the introduction of Bill 5, which prohibits the dual agency of a real estate broker. This new law was introduced on June 10, 2022. But it was only a few weeks later, on June 23, 2022, that the bill entitled the Prohibition on the Purchase of Residential Buildings by Non-Canadians Act was introduced this time by the federal government. This latest real estate law will come into force on January 1, 2023 and is already causing many questions. Here is some information that we hope will help you better understand this new legislation and its impact on the real estate community.
Why introduce a Prohibition on the Purchase of Residential Properties by Non-Canadians Act?
This legislation was designed by the federal government to reduce inflation and stabilize the housing market following the pandemic. With the introduction of this law, a more precise framework and regulations on the role of foreign investors will be highlighted. That way, there could be better control over foreign investment and also to facilitate access to properties for Canadians.
What is this new law?
This new law, known as temporary, prohibits non-Canadians (foreigners and non-Canadian businesses) from acquiring residential properties in Canada for two years, until December 31, 2024. Direct or indirect purchases (through corporations, trusts or others) are prohibited.
To whom does the prohibition on the purchase of residential buildings apply?
This prohibition applies to non-Canadians. Canadian citizens are therefore not subject to this prohibition. A non-Canadian is defined as an individual other than a Canadian citizen. This also includes publicly traded companies and entities that are not subject to federal and provincial laws and controlled by a non-Canadian.
Who could be exempted from this prohibition on the purchase of residential properties by non-Canadians?
– Canadian citizens
– Permanent residents
– Foreign students who are going to obtain permanent residence: the latter must meet the following criteria: during the 5 years preceding the purchase, the buyer must have filed his tax returns in accordance with the Income Tax Act. During this same period, he must have been present on Canadian soil for a minimum of 244 days. In addition, the coveted property must not exceed $500,000.
– Persons holding a work permit must meet the following criteria: their work permit must be valid for 183 days or more from the date of purchase. In addition, they must not have purchased more than one residential building.
– A non-Canadian purchasing a property with their Canadian spouse/common-law partner
– People fleeing an international crisis
What types of residential buildings are covered by this act?
– Individual houses
– Semi-detached houses
– Condominiums (divided and undivided)
– The duplexes
– The triplex
– Other similar properties
These residences are primary residences. Secondary residences, as well as vacant land zoned for residential or mixed use, would be excluded from this prohibition. Non-Canadians could then purchase the land and use it for any purpose, such as residential development.
What are the penalties if the Prohibition on the Purchase of Residential Properties by Non-Canadians Act is not complied with?
Significant penalties may apply if a non-Canadian acquires a residential property in Canada. The same applies to any person who advises and provides assistance to that person. These individuals will be convicted and will face costly fines of up to $10,000.
In the event that a person is convicted, an order to sell the property may also be sought. In this case, the sale price of the illegally purchased property could not exceed the purchase price of the property. Therefore, no monetary benefit could be obtained.
What is the real estate broker’s role in enforcing the prohibition against a non-Canadian purchasing a residential property?
The real estate broker must have a perfect knowledge of this new law and will have the role of transmitting all information about it to his clients (Canadians and non-Canadians). A brokerage practice based on transparency will be all the more necessary.
The real estate broker will also have the role of acting with integrity because, as mentioned above, any assistance given to a non-Canadian regarding the purchase of a residential property may be sanctioned. It is then important for the real estate broker to understand all the particularities of this law in order to always act with honesty and morality.
There are a lot of conversations about the prohibition on the purchase of residential properties by non-Canadians Act. On January 31, 2023, a Superior Court judgment was issued. It mentioned that this law would not apply to non-Canadians whose offers to purchase were accepted before January 1, 2023. Clarifications were then made on the matter. Although a certain amount of information on this law has been revealed, other questions remain. The law will not be enforced until January 1, 2023. The government will still have to clarify the issue of exceptions for the types of residential properties and other specific situations that would not be part of the prohibition. Clarifications will be made in the coming months.
Synopsis
The Prohibition on the Purchase of Residential Real Property by Non-Canadians Act was passed on June 23 and will come into force on January 1, 2023. This new law prohibits non-Canadians from acquiring a residential property in Canada for two years. In addition to Canadian citizens who are not covered by this act, the main people who could be exempted from this prohibition on the purchase of residential properties are permanent residents, those in the process of becoming permanent residents and those with work permits. The residential buildings concerned in this law refer to single and semi-detached houses, condominium dwellings (divided and undivided) and buildings of one to three units (duplex and triplex). The penalties are severe if a non-Canadian purchases a residential property in Canada. It is the same for the person who will help him. Being found guilty and having to pay a fine of up to $10,000 are among the main consequences of this offense. With the arrival of this new law, it is important that real estate brokers are familiar with the specifics of this new change in real estate and pass this information on to their current and potential clients. Integrity and compliance with the law are also important to ensure a transparent brokerage practice.
Questions about this new law? Contact one of our real estate brokers to find out more
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