April 2018

Latent Defects: What you need to know before purchasing your new home   Purchasing a new home is a big step, whether it’s your first home or your tenth, and being aware of latent defects and how to prevent any unwanted surprises from them is an important step to protecting yourself and your investment.   What is a latent defect?   A defect is defined as “a flaw in the quality of a building”.  To be a latent, or otherwise known as a ‘hidden’ defect, the flaw has to meet three requirements:   It is not obvious, just by a simple look you can’t see the problem, ...

Feature photo ©Bonnie Meisels Montreal Real Estate Stories April 25th 2018 Montreal real estate stories April 25th 2018 begins with the STM, Société de transport de Montréal which announced it's plans to construct a nearly 300-unit housing project near the Frontenac metro station. This is the first time the STM will be providing housing for Montrealers, and not just transportation services. The project is “a first step toward the development of its real-estate holdings,” said chairman Philippe Schnobb. "The complex, consisting of four buildings ranging from two to 12 storeys, will be built on a 54,200-square-foot parking lot owned by the STM. It will include...

Montreal Mortgage Lending Questions And Answers Montreal mortgage lending questions and answers features a post by Michael Bolanakis, a mortgage specialist with Scotiabank. Many of my clients are searching for information about the mortgage process here in Montreal. Michael wrote this post below, to share some of his knowledge and information on this process.  Q&A: The Mortgage Process Many first time home buyers have not really thought about what the mortgage process entails.  You may have lots of questions about the products, rates and fees but there is also more to it.  Here are answers to some common questions:   How is a loan application...

Montreal Home Buyers Program Montreal mayor Valerie Plante just introduced a new Montreal home buyers Program with refunds up to $15000.00. The mayor is trying to encourage more people to stay on the island by providing some financial support. The downtown Montreal core has not had much to offer for families, especially when it comes to affordability. The new program has strict and defined criteria: A single buyer purchasing a new development for a maximum price of $225,000 will receive $5,000 from the city. A family buying a new development for a maximum price of $400,000 will receive $10,000. A family purchasing...

Inspect to Sell Inspect to sell and why it's important! When it comes to selling your property the last person you'd probably take advice from is a home inspector. But in light of what I'm about to tell you maybe I should be the first one you come to. Have you ever sold something that you knew nothing about. Or at least very little? Chances are the answer is no. When you sell a car, you know when the last time you did an oil change was, how old the tires are, and when the breaks were last checked. That old iPhone that's been...

Info via Centris Montreal Real Estate Performance March 2018 Montreal real estate performance March 2018 according to Centris, showed the 37th consecutive increase in sales and the best month of March in eight years.  Sales on the Island of Montréal were up +7 per cent from March 2016.  While sales of single-family homes remained unchanged, condominiums stole the spotlight with a strong sales increase of 19 per cent. Mathieu Cousineau, President of the GMREB Board of Directors said "The condominium resale market is booming in the Montréal area." Prices of single-family homes across the Montréal CMA were up 5% from March of last year.  More than half...

Montreal Real Estate Market Update as of April 2018 Montreal Real Estate Market Update as of April 2018 begins with RBC's recent housing report. The headline of the report says it all. "The payback continues: home sales fell again in February following regulatory change on Jan 1". According to this report and the latest statistics, it appears as if the new mortgage tightening rules have been extremely effective. February sales across some of the major provinces in Canada show a significant decline in sales. The only exception is Montreal, which posted a 7.7% increase. Read the full report or download it here.   [gview...

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