Canada’s New 2018 Mortgage Stress Test: Explained

As of the 1st of January 2018, all Canadian buyers borrowing from a federally regulated lender will be subject to the OSFI Mortgage Stress Test, including uninsured borrowers (those with a down payments of 20% or more.) Lenders will now have to qualify all conventional mortgages using the Bank of Canada’s 5-year benchmark rate, which is currently set at 4.99%, or…

Buying and Selling a Home in a Seller’s Market

In the past year, Montreal has switched from a buyer’s market to a seller’s market. This means more competition, higher prices, and potential bidding wars on available listings. In short, it’s currently easier to sell a home than to buy one. Homeowners in a seller’s market have to face a dilemma: on one hand their home is worth more than…

7 Costly Mistakes to Avoid When Buying a Home

When it comes to buying a property, there are dozens of potential roadblocks that can waste your time or money. Working with a broker will help you avoid these pitfalls, making your path to homeownership stress-free and secure. Here are the 7 most common mistakes that home-buyers make, and their solutions. When setting your budget, don’t overlook closing costs Closing…

Montreal vs Quebec City: A Comparison for Real Estate Investors

Estimated reading time: 3 minutes, 40 seconds Summary Both Montréal and Québec City have a healthy economy, expected to grow by 1.9 per cent in 2018. Québec City experienced a slump in 2015 and 2016, but is expected to rebound Montreal was rated the third best city for real estate investments after Toronto and Vancouver. Quebec City: Overview Quebec City’s…

5 Steps for Preparing Your Home for Winter

The winter months can have harsh effects on your home, especially in Quebec where temperatures dip far below freezing. Whether you’re thinking of selling your home or you just want to protect your property from the frost and snow, here are 5 simple steps you can take to keep your home intact. 1. Maintain your pipes Without the necessary precautions, your home’s…

Montreal Real Estate Market Update: October 2017

Estimated reading time: 4 minutes, 30 seconds Here’s what’s been happening on Montreal’s real estate market this October: Chinese homebuyers still investing in Canada, despite foreign-buyer taxes Vancouver and Toronto’s foreign buyer tax has done little to stall foreign interest in the cities, according to statistics pulled from a Chinese property search website. Chinese investor inquiries on Juwai.com have…

PWC Emerging Trends in Real Estate 2018

Today, PWC released its annual report of emerging trends within the real estate sector. Here is a summary of their findings: Trends by Property Type Condominiums The condo sector is poised for success in 2018, with steady demand in most Canadian markets. Condo units appeal to young professionals in the downtown core, who prioritize proximity to the business center over…

How Much Do Single Family Homes Cost in Montreal?

Reading Time: 2 minutes According to Daybreak’s report on family homeownership in Montreal, more than 24,000 children have been relocated to the suburbs by their families in the past 5 years, replacing condo living with back yards, square footage, and family friendly amenities. While single family homes tend to cost more (upfront) than condos do, they also offer better appreciation…

New Mortgage Stress-Test Regulations May Reduce Your Home Buying Power

This Tuesday, Canada’s federal banking regulator introduced new regulations which extend stress tests to all homebuyers, including those contributing more than 20% towards their downpayment. Currently, the stress test only applies to down payments under 20% and to borrowers with a term of less than 5 years. These new rules are scheduled to take effect at the beginning of January…

CMHC Explores Cutting Red Tape for Self-Employed Borrowers

Canada’s National Housing Corporation (CMHC) is restructuring its qualification requirements in order to make it easier for self employed workers, entrepreneurs and new immigrants to attain homeownership. This involves removing some of the red tape currently required in applying for a mortgage loan. “Right now, under our mortgage insurance policies, you have to be able to document income to get…

Best Montreal Neighbourhoods for Young Families

From square footage to greenery and schools, there are plenty of factors worth considering when choosing where to home your growing family. Here’s a list of our favourites Montreal neighbourhoods for homeowners with young children: Best budget-friendly option: Rosemont  On the East-end of the Greater Montreal Area, between Little Italy and the Olympic stadium, is a neighbourhood that has gained…

What are Monthly Homeownership Costs in Montreal?

Reading Time: 2 minutes, 30 seconds As a homeowner you can expect to pay carrying costs every month, which include your mortgage fees, taxes, and utility bills. Predicting your carrying costs is an important part of budgeting for your home’s purchase. Here are some of the monthly homeownership costs you’ll pave to pay every month in Montreal and in other…

Montreal Real Estate Market Update: September 2017

Reading time: 3 minutes, 2 seconds Montreal students build sustainable home for Chinese competition Source: CTV news Students from Concordia and McGill universities have been selected to show off their designs for an energy efficient homes in the 2018 Solar Decathalon competition in China.  The project has been 18 months in the making, and brings together students from engineering, design,…

Should you buy a Fixer-Upper in Montreal?

To many buyers, finding a property below market value to renovate into your dream home is an exciting concept. For some, it’s a means of getting a larger house, or in a neighbourhood than they would not be able to afford otherwise. For others, it’s an opportunity to transform a living space to their own tastes and artistic visions. That…

Team Coderre’s Program Aims to Facilitate Homeownership

Reading Time: 1 minute, 30 seconds The Greater Montréal Real Estate Board (GMREB) is in agreement with Team Coferre’s goal to increase levels of homeownership in Montreal. Team Coderre wants to invest $17 million into Montréal’s first-time buyer program, which helps first time buyers attain homeownership by allowing them to tap into their RRSPs for an interest free loan. The program will now include…

What Are Pocket Listings And How Do You Find Them?

Reading Time: 4 minutes, 2 seconds  “Pocket listings,” or “whisper listings” have become popular options for residential and commercial investors over the past year in Montreal. Multiplex and high end real estate sellers are increasingly choosing this option as a way of discretely marketing their home.  . If you’re new to the term, here’s an overview of everything you should…

How Much Do Duplexes Cost in Montreal?

Reading Time: 3 minutes, 12 seconds If you’re preparing for homeownership, chances are you’ve considered subsidizing your mortgage costs by buying a duplex and renting out half of it. This post will give you an idea of how much it costs to purchase a duplex in the different boroughs of Montreal. *Please note that this list is based on Centris…

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