A recent judgment of the Court of Québec, Small Claims Division, sanctioned a company and one of its directors, who also acted as real estate broker, for not allowing buyers to adequately understand an important aspect of the property sold.
The building, built in 1938, had undergone major renovations for a four-unit co-ownership conversion. According to the company's administrator, the flat roof of the building still had a useful lifetime of nearly 7 years. However, no studies were carried out on its condition and the characteristics of the building prevented buyers from verifying it. In addition, the vendors had no documentation regarding the last roof repairs.
January 11, 2019 - Bill 16 was officially adopted on January 10, 2020. Several of the measures it contains have come into force, but others will come into force at a later date, such as the mandatory introduction of a contingency fund survey and a maintenance logbook.
November 22, 2019 - A major real estate developer is experiencing financial difficulties these days, therefore many of his co-ownership projects may remain unfinished, and also be burdened by legal hypothecs of construction. In addition, deposits paid by buyers may be lost if they have not yet been paid to the notary.
July 25, 2019 - The transactions in co-ownership are not simple. They require unfailing rigour, because the devil is in the details. A notary who executed the sale of a condo (in 2018) learned this at his own expense in the Court of Québec - Small Claims Division, because of a professional misconduct he committed by not referring to the declaration of co-ownership.
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’’.
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.”
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.
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.
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.