January 17, 2018 - The notion of real estate brokerage should be better defined, to avoid confusion regarding the protection of the public. This is what Nadine Lindsay, President and Chief Executive Officer of “l’Organisme d’autoréglementation du courtage immobilier” (Real Estate Regulatory Organization-OACIQ), believes.
Nadine Lindsay recently took position on this issue at the occasion of Bill 141 tabled in September 2017, by means of a brief presented to the National Assembly. It includes four recommendations to "better protect the public" during a real estate and hypothecary transaction.
October 11, 2017 - Condo fever has truly resumed in downtown Montreal. Several major projects are planned, including the Tour des Canadiens (Phase III), near the Bell Center.
Another sign of the bullish business climate in the borough, Broccolini announced last week, the construction of a 150 million project. The 628 Saint-Jacques, in the heart of Square Victoria. It will include 251 condominium units on 35 floors. Several other projects will soon be announced, as the lull observed over the last two years seems to be a thing of the past.
August 28, 2017 - A violent death must be declared by an owner selling his home or condo. This information may be crucial to potential buyers who may not want to acquire a residence with a gruesome past. Not revealing it may result in a lawsuit based on the buyer’s defect of consent.
Article 1401 of the Civil Code of Québec specifies in this regard that a party's error caused by fraud vitiates consent in all cases where, otherwise, the party would not have contracted or contracted under different terms.
August 22, 2017 – The number of properties sold without the legal warranty is growing in Quebec. Without it, a buyer will not be able to exercise a recourse against his seller, should a latent defect unknown to the latter be discovered. On the other hand, if the former owner was aware of a problem, the buyer could then claim against him, because he has an obligation to declare it.
July 5, 2017 - Following a difficult period in Quebec, condo sales rebounded in 2017. They rose 24% in May, compared with the same period last year. This is what emerges from a study prepared by Desjardins.
This study shows that, overall, in the Greater Montréal, total sales (houses and condominiums) grew by 15%, while Gatineau and Québec posted respective increases of 25% and 11%.
June 23, 2017 - Downtown Montreal is a favorite borough for condo construction. The year 2017 shows, once again, that this area abounds with condominium units. In the first quarter (January to March) 700 were sold. It is the 3rd best performance since 2011.
June 2, 2017 - A training course on the Guarantee Plan for New Residential Buildings has just been created. It will be offered this fall by EQUER (Undertaking for the quality of residential buildings). The courses offered are intended for homeowners, syndicates of co-ownerships, condominium managers, and also for co-owners and those who plan to become co-owners.
May 31, 2017 - The Quebec Federation of Real Estate Boards (FCIQ) has revised its forecasts for 2017. Last January, it expected sales to fall by 7%, while it is now anticipating a 2% rise in sales in Québec, compared to 2016. This turnaround is due to three factors: strong job creation, a large increase in net immigration and consumer confidence.
May 17, 2017 - Real estate is a major economic force. Its total value far exceeds the annual revenues of a country. In 2016, the aggregate value of Québec real estate (including residential, commercial, industrial buildings and land) was $ 1.07 trillion.
This amount is equivalent to 2.7 times the gross domestic product (GDP) of the province, in which the entire real estate inventory grew by 91% in value, since 2006.at which time its value was $ 560 billion in 2016 dollars. This considerable gain over 10 years is due in part to the number of appraisal units that rose by 13% on account of new construction.
January 10, 2017 - The majority of buyers (52%) of new condos (in Toronto) are investors who do not intend to occupy them, reveals a survey conducted by Urbanation Inc. in the greater Toronto area, during the third quarter of 2016. The survey also found that 5% of new apartment buyers are foreigners.