July 20, 2019 - Quebec co-owners are concerned since the announcement of a draft regulation that will require syndicates of co-owners to create a self-insurance fund. However, it should be noted that contrary to what has been reported by some news sources, once adopted, this regulation will only come into force 24 months later.
July 17, 2019 - The new law on co-ownership insurance took another step forward on July 17th with the publication of a draft regulation that will be open for comment for 45 days. The Minister of Finance may subsequently publish it, with or without modifications, considering the comments received.
July 16, 2019 - The peak of moving in and moving out is now behind us, even though relocations to other addresses are not yet complete in Quebec. For example, many people will move into a co-ownership as lessees. It therefore seems appropriate to recall certain elementary rules to be observed, in order to avoid problems that have no reason to be.
July 11, 2019 – There are many problems with elevators in Ontario co-ownerships. One of the main concerns they generate is logistical, due to a shortage of elevator technicians in this province. Moreover, it is very common for service calls to require a delay before someone can come to make the required repairs.
June 27, 2019 – Toronto and Vancouver are the two worst cities, in the country, in terms of affordability of property. Despite the threshold of housing affordability having improved significantly in Toronto, in 2018, it remains higher than ever. Vancouver is no exception, where the affordability crisis also persists in this region. This is reflected in RBC's recent report Housing Trends and Affordability.
‘’Severe affordability issues remain a major obstacle for all but the wealthiest in Vancouver, Toronto and Victoria’’, says this report. In Toronto, the overall RBC measure was 66% in the first quarter of 2018. This measure expresses a proportion of a household's income. Its decrease indicates an increase in the affordability of property. Prices are beginning to rise "moderately" in Toronto, however, "RBC sees little prospect of significant improvement in the near term’’.
June 26, 2019 – Emeritus Lawyer and secretary general of the RGCQ, Yves Joli-Coeur, was in attendance (for a second time in two weeks) at the 98.5 FM radio station, where host Isabelle Maréchal was waiting for him.
Last week, this lawyer was asked to comment on a regulatory modernization project submitted by the Ministère du Tourisme du Québec, which wants to better regulate short-term Airbnb-type leasing. This week, he spoke to the audience listening to a an issue related to the co-owner’s liability insurance.
June 19, 2019 - Smoke detectors with a 9-volt battery are a thing of the past in Montreal. From June 20, the city will require that they be replaced by devices equipped with a non-removable lithium battery, whose life expectancy is 10 years. This new rule applies to buildings constructed before 1985.
We all thought Bill 401 had died on the agenda, but as a phoenix it is rising from its ashes. The Quebec Government has basically kept its main components and drafted a new version, namely Bill 16, which aims, inter alia, to provide divided co ownership with an improved framework by the means of amendments to several articles of the Civil Code of Quebec.
In doing so, the Quebec government is consistent with its election promises. Several leading legal advisers are of the view that the government is thereby showing its concern of the state of repair and condition of immovables held in co-ownership.
March 21st, 2019 — A brand new service, the 24 Legal Hours, is now provided to real estate brokers who conduct business in the field of co-ownership. Because dealing with the peculiarities of condominiums may at time prove tiresome, consulting with an expert team of lawyers may help bring up practical solutions and strategies.
Relying on the know-how of experienced attorneys and notaries, de Grandpré Joli-Coeur knows better than anyone that a transaction involving a condominium may hide several traps one would be wise to avoid. Considering that in the context of a transaction many prospective buyers and sellers will entrust their needs to a real estate broker, nothing should be left to chance.
March 20th, 2019 — Co-ownership is becoming more and more popular in Montréal. Whether one focuses on the island itself or on its South or North Shores, it is clear that the condominium market is in full bloom.
In fact, Yanick Desnoyers, as director of the Market Assessment department of the Quebec Federation of Real Estate Boards (QFREB), recently pointed out that “In 2018, transactions involving a condominium accounted for 53% of the real estate market, whereas they reached a mere 19% in 2000.”