If you are new to Montreal, you’ve probably seen the descriptions for the living space, apartments or homes, signs with 2 ½, or 5 ½ as opposed to “one bedroom condo/home” or “3 bedroom apartment” sort of thing. If you haven’t figured it out yet, here is a quick (and hopefully clear) explanation.
Home-buyers keep this in mind:
When making an offer on a property, a vendor will favour a pre-approved buyer.
What does that mean to you as a buyer?
The monthly condo fees are used for the upkeeping of the common areas of the building: Maintenance and repairs, the building insurance and Contributions to the reserve fund, among others…
1954: Introduction of the Mortgage Loan Insurance- by the Canada Mortgage and Housing Corporation
1971: Principal residences were exempted from Capital Gains in The Income Tax Act
This is one of the most informative articles on quebec Housing economy published this year. The FCIQ released the latest Window on the Market newsletter, in the section “A word from the Economist”, this month’s issue discusses the price increase in Quebec’s market since the 1980′s until the present date (and then some forecasts).
Get the ultimate answer to the perennial question:
How affordable are properties today compared to previous decades?
Imagine falling in love with a home, making and offer only to find out later that you are not eligible for such amount? Or another scenario: Competing with other buyers over your dream home, to […]
Following up with the article: New Condo Building Collapsing. Another great article by William Marsden from the Gazette, on how to protect yourself when buying new construction. The tips are quite interesting, I will add my own comments between the square brackets [ ]
The New Home Guarantee covers new condos that are part of small, one-to-fourstorey condo buildings. Highrise condo buildings are covered by private insurance plans.
We don’t hear about Escrows in Montreal. Believe it or not, my fellow Real Estaters (I think I just created a new word) from other provinces and countries.
The first time I heard, actually I didn’t hear it, I READ the word Escrow it was in a Condo Buyer’s Guide I picked up for my clients, and right next to the glossary description of escrow there was a note: Not applicable in Quebec.
Naturally I didn’t take interest on that word, up until I had to work with someone who demanded a escrow company