RSS condolegal 2019-02-16T09:45:36+0000 Zend_Feed_Writer http://en.condolegal.com/ condolegal contact@condolegal.com http://www.condolegal.com <![CDATA[OACIQ introduces a mandatory form for condo transactions]]> July 4, 2018 - Condo buyers dealing with a real estate broker now have at their disposal a new tool to better protect their transaction. The coming into force of the mandatory form Declarations of the seller upon the immovable - Divided co-ownership, on July 1, 2018, will allow purchasers to obtain crucial information to govern them during their purchase.

Prepared by “l’Organisme d’autorèglementation du courtage immobilier du Québec [the Quebec organization for the self-regulation of real estate brokerage (OACIQ)]," it allows the seller to declare the current state of his property", to protect him from a possible recourse. As for the buyer, this document provides the necessary details so that he can "make an informed decision," states OACIQ.

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2018-07-04T15:23:00+0000 2018-09-16T09:41:50+0000 http://en.condolegal.com/purchase/news/2438-oaciq-introduces-a-mandatory-form-for-condo-transactions July 4, 2018 - Condo buyers dealing with a real estate broker now have at their disposal a new tool to better protect their transaction. The coming into force of the mandatory form Declarations of the seller upon the immovable - Divided co-ownership, on July 1, 2018, will allow purchasers to obtain crucial information to govern them during their purchase. Prepared by “l’Organisme d’autorèglementation du courtage immobilier du Québec [the Quebec organization for the self-regulation of real estate brokerage (OACIQ)]," it allows the seller to declare the current state of his property", to protect him from a possible recourse. As for the buyer, this document provides the necessary details so that he can "make an informed decision," states OACIQ.
<![CDATA[Quebec, a fertile ground for single homeowners ]]> April 4, 2018 - Homeowners living alone in Canada are increasing in number. And Quebec is well ahead in this regard. Statistics Canada indicates that, in 2016, Quebec had the highest proportion of single person private households (33.3%).

If one adds the numerous single-parent families to this equation, the critical mass of individuals living alone and prospective property buyers should increase dramatically. For the time being, in 2006 couples accounted for 54.3% of private households in Quebec, and 53.0% in 2016.

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2018-04-03T20:27:00+0000 2018-04-15T10:02:32+0000 http://en.condolegal.com/purchase/news/2389-condo-a-fertile-ground-for-single-homeowners April 4, 2018 - Homeowners living alone in Canada are increasing in number. And Quebec is well ahead in this regard. Statistics Canada indicates that, in 2016, Quebec had the highest proportion of single person private households (33.3%). If one adds the numerous single-parent families to this equation, the critical mass of individuals living alone and prospective property buyers should increase dramatically. For the time being, in 2006 couples accounted for 54.3% of private households in Quebec, and 53.0% in 2016.
<![CDATA[Real estate transactions service and assistance enterprises: 183 call for help in 2017]]>

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.

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2018-01-19T03:55:00+0000 2018-01-20T01:32:40+0000 http://en.condolegal.com/purchase/news/2344-real-estate-transactions-service-and-assistance-enterprises: 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.
<![CDATA[Condos: Downtown is back ]]>

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.

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2017-10-11T14:25:00+0000 2017-12-15T21:44:02+0000 http://en.condolegal.com/purchase/news/2301-Condos-Downtown-is-back 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.
<![CDATA[Concealing two suicides can be expensive]]>

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.

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2017-08-28T14:38:00+0000 2018-03-03T18:27:43+0000 http://en.condolegal.com/purchase/news/2282-concealing-two-suicides 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.
<![CDATA[The legal warranty: a must]]>

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.

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2017-08-22T12:45:00+0000 2017-08-26T06:20:39+0000 http://en.condolegal.com/purchase/news/2279-legal-warranty-a-must 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.
<![CDATA[Condo sales rebound]]>

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%.

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2017-07-05T21:01:00+0000 2017-07-13T08:38:30+0000 http://en.condolegal.com/purchase/news/2264-condo-sales-rebound 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%.
<![CDATA[Condos abound downtown ]]>

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.

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2017-06-23T16:59:00+0000 2017-07-13T08:32:34+0000 http://en.condolegal.com/purchase/news/2262-condos-abound-downtown 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.
<![CDATA[A course on the Guarantee Plan]]>

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.

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2017-06-02T14:03:00+0000 2017-07-13T07:42:25+0000 http://en.condolegal.com/purchase/news/2250-a-course-on-the-guarantee-plan 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.
<![CDATA[The FCIQ revises its forecast for 2017]]>

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.

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2017-05-31T16:11:00+0000 2017-07-10T14:04:02+0000 http://en.condolegal.com/purchase/news/2249-the-fciq-revises-its-forecast-for-2017 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.
<![CDATA[Condos, the concept of the future ]]>

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.

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2017-05-17T12:25:00+0000 2017-05-26T18:46:49+0000 http://en.condolegal.com/purchase/news/2240-condos-concept-future 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.
<![CDATA[Gold Mine in Toronto]]> 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.

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2017-01-10T15:19:00+0000 2017-01-12T12:41:12+0000 http://en.condolegal.com/purchase/news/2176-gold-mine-in-toronto 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.
<![CDATA[Condos sustained by Montréal]]> October 28, 2016 - The residential real estate market is in a slight recovery in Quebec. Price and sales increases were mainly driven by growth in the Greater Montréal (Montréal Metropolitan Region- MMR).

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2016-10-28T16:23:00+0000 2016-11-17T14:05:58+0000 http://en.condolegal.com/purchase/news/2139-Condos-sustained-by-Montreal October 28, 2016 - The residential real estate market is in a slight recovery in Quebec. Price and sales increases were mainly driven by growth in the Greater Montréal (Montréal Metropolitan Region- MMR).
<![CDATA[Tightening real estate rules]]>

October 12, 2016 - Federal Finance Minister Bill Morneau, will impose three new measures to ensure a stable realestate market, to avoid a possible housing bubble.

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2016-10-12T19:09:00+0000 2016-10-27T14:09:40+0000 http://en.condolegal.com/purchase/news/2108-tightening-real-estate-rules October 12, 2016 - Federal Finance Minister Bill Morneau, will impose three new measures to ensure a stable realestate market, to avoid a possible housing bubble.
<![CDATA[Rented Condos: the FCIQ confirms]]>

October 5, 2016 - The Fédération des chambres immobilières du Québec (FICQ) (Québec Real Estate chambers federation ) provides additional conclusive information , to say the least , that condo rentals are increasing in Quebec. A recently published study on co-ownership, states that condos offered for rent (on the Centris system) have increased dramatically in recent years.

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2016-10-05T13:07:00+0000 2016-10-20T16:33:17+0000 http://en.condolegal.com/purchase/news/2105-Rented-Condos-the-FCIQ-confirms October 5, 2016 - The Fédération des chambres immobilières du Québec (FICQ) (Québec Real Estate chambers federation ) provides additional conclusive information , to say the least , that condo rentals are increasing in Quebec. A recently published study on co-ownership, states that condos offered for rent (on the Centris system) have increased dramatically in recent years.
<![CDATA[Encouraging first quarter]]> April 15th, 2016 — The 2016 first quarter residential sales is cause for optimism in Québec, in stark contrast with the disappointing first quarter of 2015. This information is in the JLR Quarterly report on the Québec real-estate market.

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2016-04-15T15:21:00+0000 2016-05-04T13:32:22+0000 http://en.condolegal.com/purchase/news/2009-encouraging-first-quarter April 15th, 2016 — The 2016 first quarter residential sales is cause for optimism in Québec, in stark contrast with the disappointing first quarter of 2015. This information is in the JLR Quarterly report on the Québec real-estate market.
<![CDATA[Class action against DuProprio]]> April 14th, 2016 — Residential real-estate brokers have filed a class action against DuProprio. They accuse it of broadcasting “misleading” commercials, which “disparage their work”.

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2016-04-15T01:52:00+0000 2016-06-12T12:26:14+0000 http://en.condolegal.com/purchase/news/2007-Class-action-against-duproprio April 14th, 2016 — Residential real-estate brokers have filed a class action against DuProprio. They accuse it of broadcasting “misleading” commercials, which “disparage their work”.
<![CDATA[Co-ownership causes human drama]]> March 14th, 2016 — the reform of co-ownership Law reform is delayed again and again. Many voices are raised to denounce “the tardiness of the Québec government to take action in this file”, announced Radio-Canada today.

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2016-03-14T23:10:00+0000 2016-05-04T13:34:31+0000 http://en.condolegal.com/purchase/news/2000-co-ownership-human-drama March 14th, 2016 — the reform of co-ownership Law reform is delayed again and again. Many voices are raised to denounce “the tardiness of the Québec government to take action in this file”, announced Radio-Canada today.
<![CDATA[Dramatic downtown rebound]]> March 8, 2016 - While sales of new condos stagnated for a while in downtown Montreal, the last quarter of 2015 proved beneficial for everybody’s morale, as sales more than doubled.

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2016-03-08T14:54:00+0000 2016-03-11T21:15:25+0000 http://en.condolegal.com/purchase/news/1996-Dramatic-downtown-rebound March 8, 2016 - While sales of new condos stagnated for a while in downtown Montreal, the last quarter of 2015 proved beneficial for everybody’s morale, as sales more than doubled.
<![CDATA[The rise of micro condos]]> February 28, 2016 – A growing phenomenon in downtown Montreal and Griffintown, micro condos are multiplying. Originally intended for less affluent first buyers, or those who wanted a base in the city, they are now popular with a much more diversified clientele.

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2016-02-28T16:30:00+0000 2016-03-06T11:17:27+0000 http://en.condolegal.com/purchase/news/1989-griffintown-micro-condos-montreal-ergonomic February 28, 2016 – A growing phenomenon in downtown Montreal and Griffintown, micro condos are multiplying. Originally intended for less affluent first buyers, or those who wanted a base in the city, they are now popular with a much more diversified clientele.