21/05/2020
In this weeks video I discuss the current rules and regulations 📃 for visiting property in Quebec. I cover tenants rights, and guidelines for scheduling visits as well as hygienic measures to respect ...
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In this weeks video I discuss the current rules and regulations 📃 for visiting property in Quebec. I cover tenants rights, and guidelines for scheduling visits as well as hygienic measures to respect during the visit. Comment below👇🏼 if you have questions about real estate in Montreal
Visionnez
11/05/2020
In this weeks video, I discuss some of the questions I’ve been receiving from clients - particularly investors. Many have asked if tenants have been struggling to pay rent, if we've had issues collect...
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In this weeks video, I discuss some of the questions I’ve been receiving from clients - particularly investors. Many have asked if tenants have been struggling to pay rent, if we've had issues collecting it, or if tenants have been asking for a deferral‘s. Watch this weeks video to see how we’ve been dealing with the current situation!
Visionnez
06/03/2020
This week I discuss the current Montreal real estate market. A lot of things have changed in the last 12 months. I’ve been a broker for 12 years now, and I have never seen these market conditions. Pro...
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This week I discuss the current Montreal real estate market. A lot of things have changed in the last 12 months. I’ve been a broker for 12 years now, and I have never seen these market conditions. Properties are flying off the shelves and with this come a whole new set of guidelines. - We’re seeing most properties only be available for viewings once or twice before they are receiving offers. - These visits are typically open house style or by appointment and typically involve line ups and a lot of people - I don’t see it slowing down… We’re currently experiencing a “perfect storm” - Interest rates dropped even more this week Clients keep asking, am I too late to the party? NO! You need to get into the market to ride the wave. Even when it eventually stabilizes and returns to more stable appreciation (1-2 years minimum), you will still be seeing great returns. I am personally a buyer in this market, and believe in the continued growth that we will be seeing!
Visionnez
21/02/2020
This morning I went for a haircut, and my barber asked me about buying a plot of land to build a home on. In this video I discuss buying a lot, the challenges and compare building your own home to buy...
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This morning I went for a haircut, and my barber asked me about buying a plot of land to build a home on. In this video I discuss buying a lot, the challenges and compare building your own home to buying a home that’s already built. I weigh some of the advantages and disadvantages of each. Would you prefer to build your own home or buy something on the market? Comment below!
Visionnez
05/02/2020
Esta semana, hablo sobre cómo mi equipo valora las diferentes propiedades en el mercado actual.
Cuando consideramos una casa residencial, determinamos el precio mirando los comparables vendidos recie...
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Esta semana, hablo sobre cómo mi equipo valora las diferentes propiedades en el mercado actual. Cuando consideramos una casa residencial, determinamos el precio mirando los comparables vendidos recientemente, y los que están activos actualmente para ver dónde estaríamos en el mercado actual. Típicamente* en torres de condominios, la mayoría de las unidades están construidas con calidad y diseño parecidos. Las diferencias generalmente se deben al tamaño de la unidad y si tiene un garaje o un locker. Por esta razón, generalmente usamos un análisis de precio por pie cuadrado para determinar el valor de un condominio. Para obtener más información sobre cómo determinar el valor de una casa, condominio o propiedades de inversión, ¡contáctenos hoy!
Visionnez
24/01/2020
This week we have a very special guest - the founder and principal of Bergman & Associates, Me. Michael Bergman
He discusses legal warranties and all the steps a prudent buyer should take in order to...
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This week we have a very special guest - the founder and principal of Bergman & Associates, Me. Michael Bergman He discusses legal warranties and all the steps a prudent buyer should take in order to have strong recourse. We also discuss the steps sellers can take in order to avoid potential post-sale headaches. Comment below what other professionals you would like to see!
Visionnez
17/01/2020
We are so thankful for our amazing clients!
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We are so thankful for our amazing clients!
Visionnez
03/01/2020
Cette semaine je réponds à une question que je reçois souvent. Est-ce que c’est mieux d’acheter un maison ou un condo?
La réponse est simple. Ça dépend de vous. Il n’y a pas une qui est meilleure que...
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Cette semaine je réponds à une question que je reçois souvent. Est-ce que c’est mieux d’acheter un maison ou un condo? La réponse est simple. Ça dépend de vous. Il n’y a pas une qui est meilleure que l’autre. Ça dépend de vos besoins. Les deux ont leurs avantages. Si vous voulez moins de responsabilités et vous avez besoin moins d’espace, un condo sera mieux pour vous. Si vous avez une famille en pleine croissance, et désirez un jardin avec plus d’espace, une maison serait mieux. Dans notre marché, un condo et une maison devrait se valoriser au même rythme. Que préférez vous?
Visionnez
20/12/2019
In this week’s video I discuss pools! Clients have very split opinions on them and I often hear debate over the value of them.
In my experience, pools do not add value to your home. Their value lies...
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In this week’s video I discuss pools! Clients have very split opinions on them and I often hear debate over the value of them. In my experience, pools do not add value to your home. Their value lies in the eyes of the beholder. Due to owners having split opinions on them, their overall value is cancelled out. If you want a pool to enjoy with your family and can’t wait to spend your summer lounging by it, awesome! Keep in mind that the money you spend on making the pool is likely a sunk cost. You will however get to enjoy the quality of life that you had dreamed about before building the pool. If you’re considering purchasing a condo with a pool, keep in mind that a large portion of condo fees go to pool maintenance. Luckily, you will be sharing that expense with all the other co-owners, while enjoying the perks. Ultimately it comes down to your personal preference. Do you love lounging by a pool? Do you personally see value in it? It may not add home value but for some individuals, it's definitely still worth it. Would you want a home with a pool? Comment below your thoughts!
Visionnez
13/12/2019
Esta semana respondo a la pregunta, debería comprar una casa o un departamento?
Varios clientes me preguntan cuál es mejor? La respuesta depende de usted. Cuales son sus necesidades? Cuantas persona...
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Esta semana respondo a la pregunta, debería comprar una casa o un departamento? Varios clientes me preguntan cuál es mejor? La respuesta depende de usted. Cuales son sus necesidades? Cuantas personas van a ocupar la propiedad? A que distancia del centro piensan estar? Cual es su presupuesto? Quieren jardín o solo balcón? Dependiendo de todas estas preguntas y más vamos a determinar lo más adecuado para usted. La casa y el departamento debería incrementar en precio en paralelo según lo que hemos visto en Montreal últimamente. La decisión realmente va ser determinada por sus necesidad. Nosotros estamos acá para ayudarlos a determinar la mejor opción para usted!
Visionnez
06/12/2019
This week I discuss how we determine the value of properties. In the current market, we’re seeing lots of different prices out there. Some are fair, some are undervalued and others are way over the to...
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This week I discuss how we determine the value of properties. In the current market, we’re seeing lots of different prices out there. Some are fair, some are undervalued and others are way over the top. Due to the current hype surrounding our market, some sellers are testing how far they can push it. While it is true that fair market value is determined based on the mutual price a buyer is willing to pay and a seller is willing to accept, here’s how my team values different property types. When looking at a residential house, we focus on comparables sold in the last 6-12 months. We look for properties of the same type, with similar characteristics, located in the same neighbourhood. We base fair market value on the recently sold comparables, while also looking at active comparables to see where we will compare in the current market. When determining the value of a condo, we will generally use a price per square foot analysis. Typically* in condo towers, most units are built with similar quality and design. As a result, the biggest differences will generally be size, number of bedrooms/bathrooms, and whether or not there’s a garage or locker. To determine fair market value, we identify similar units and compare the price per square foot. When analyzing revenue properties we use 2 methods. When looking at smaller revenue properties, less than 6 units, we typically look at sold comparables and run a multiple analysis. The comparables method is the same as the residential house. Determining the multiple for an area is done by taking recent similar sold properties and dividing the sale price by the net revenue. The result of that calculation is your multiple. You then multiply the net revenue of the property you are valuing by the multiple and the result is the estimated value. E.g.: Comparables had a sale price of $600,000 and a net revenue of $30,000. Our multiple would be 20. We would then multiply our net revenue by 20 to determine the estimated value. It is also important to consider future potential. We’ve seen some properties sell for very high multiples based on current rents. However the future potential rents were exponentially higher thus making the deal exciting. A seller can’t expect to get paid for all of the upside but there will be an adjustment compared to the standard multiple in the are. The multiple method and the cap rate method are the same thing. They’re just expressed inversely. A multiple of 20 is the same as a cap rate of 5%. One compares sale price divided by net revenue and the other compares net revenue divided by sale price. Clients sometimes get stuck on one vs the other but they’re looking at the same comparison. What else do YOU look at when determining fair market value?
Visionnez
29/11/2019
This week in part 2 of my segment on legal warranty, I discuss what a sale without legal warranty represents. A lot of buyers ask me why some sellers choose to sell without legal warranty. There are c...
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This week in part 2 of my segment on legal warranty, I discuss what a sale without legal warranty represents. A lot of buyers ask me why some sellers choose to sell without legal warranty. There are certain cases that do not worry me when I see “sold without legal warranty”, while others do raise concern. A sale without legal warranty means that you have no recourse against the seller for hidden defects. This means that you are purchasing the property as is. It is imperative to do a thorough inspection on the property in order to be as informed as possible on the property. Examples of cases that do not raise concern are: - Elderly people who might be living with dementia or are struggling with their memory. - Estate sales where the person managing the sale did not live in the property - Some investment properties because the landlord did not occupy the property and it is common for tenants not to disclose all the issues to the landlord. - Possibly someone moving away from the country because they will not be able to deal with a court case while in another country… Though I wouldn’t be very concerned with the above examples, they would justify a discount on the sale price compared to a one with legal warranty. If ever the sellers have occupied the property for a number of years and are selling without legal warranty, I would be wary. You have to ask why someone has opted for a sale without legal warranty if they’ve occupied the property and are fully coherent. Is there anything they’re trying to hide or avoid? Again, a thorough inspection is your best tool in gathering information. Be sure to contract a good inspector in order to protect you and your future investment. It is important to note that although you are not protected from hidden defects, you are still protected from fraud. If the seller outright lied or made false declarations, then you would have a case of fraud against the seller. Again, I recommend you contact a lawyer in order to get informed about your rights and the best way to proceed. Thank you for watching! Comment below your questions and I’d be happy to answer!
Visionnez
22/11/2019
This week I discuss legal warranty and what it represents. A lot of buyers ask me what legal warranty covers and whether or not it’s a guarantee. It it not a guarantee but rather a warranty that prote...
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This week I discuss legal warranty and what it represents. A lot of buyers ask me what legal warranty covers and whether or not it’s a guarantee. It it not a guarantee but rather a warranty that protects the buyer from hidden defects of the property. If you were to find a problem that was not disclosed to you nor mentioned by your inspector, then you have 1 year from the time of discovery to pursue the sellers. It is important to note that you have to prove that the defect was present at the time of sale. It is understood that as more time passes, it becomes more difficult to prove that the problem was present at the time of the sale. Keep in mind that if at the time of purchase your inspector suggests you look further into something and you don’t, legal warranty will not protect you on that defect. By not being diligent and looking further into it, legal warranty is negated. Should you find a defect that was present at the time of the purchase, the first thing you should do is contact a lawyer! They will be able to best explain your rights and guide you. The next step would be to contact the sellers and give them an opportunity to remediate the problem at their cost before going down a legal path. If the sellers deny responsibility and are not willing to repair the issue, you will likely need to go to court. In any case, I highly recommend you contact a lawyer before proceeding! Thank you for watching the first part of my segment on legal warranty. Tune in next week to hear about sales without legal warranty. Comment below your questions and comments!
Visionnez
09/11/2019
In this weeks video, I discuss the components of a strong offer. In the current Montreal real estate market, the conditions of your offer will make all the difference. Here are some of the most import...
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In this weeks video, I discuss the components of a strong offer. In the current Montreal real estate market, the conditions of your offer will make all the difference. Here are some of the most important components: Price! It’s the first thing every seller looks at. It plays a large role in the decision but isn’t always the most important. Financing/pre-approval: Are you pre-approved? Do you have a financing condition? What kind of down payment are you committing to? How long do you need to get a final mortgage approval? Timing: the dates for purchase and occupancy are usually the most rigid constraint. We can’t always control when and where we are going, but everything else is usually negotiable. Due diligence: how long we ask for as a due diligence period to inspect and review documents plays a role as well. Sellers don’t want to “lock up” the home for too long and risk other buyers losing interest. Inclusions/exclusions: are there any extras that you’re trying to negotiate? Are you asking the sellers to remove some bulky items that they had included in the sale? These factors will play a role in the negotiation. General conditions: do you have any special requests? Do you have to sell your home in order to purchase this one? Are you looking to add an extension and waiting for confirmation from the city? These are all factors that impact the strength of an offer. Reach out to my team to find out how we prepare stronger offers while always protecting our clients! Thanks for watching!
Visionnez
04/11/2019
This week I discuss land transfer tax. Whenever you purchase real estate in Quebec you receive a bill from your municipality commonly known as welcome tax.
Welcome tax is calculated based on the hig...
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This week I discuss land transfer tax. Whenever you purchase real estate in Quebec you receive a bill from your municipality commonly known as welcome tax. Welcome tax is calculated based on the higher of the purchase price or city evaluation. You can expect to receive it 30-60 days after your purchase date. It’s calculated based on a sliding scale. As the price or evaluation amount increases the welcome tax increases as well. Here’s a table of how it’s calculated in Montreal. •0.5% on the first $ 50,000 •1.0% on the portion of $ 50,001 to $ 250,000 •1.5% on the tranche of $ 250,001 to $ 500,000 •2% on the tranche of $ 500,001 to $ 1,000,000 •2.5% on the portion exceeding $ 1,000,001 Off the Island of Montreal, the tax rate maxes out at 1.5% Comment below if you were surprised when you received this (not so) little bill in the mail.
Visionnez
28/10/2019
This week I discuss which floor to purchase a residential condo on. As you may have noticed in previous videos, the answer truly depends on your needs.
If you’re drawn to natural light, you’re likel...
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This week I discuss which floor to purchase a residential condo on. As you may have noticed in previous videos, the answer truly depends on your needs. If you’re drawn to natural light, you’re likely going to want a unit on a higher floor. If you’re looking for more outdoor space, a ground floor unit with a backyard or patio would make more sense for you. If you’re looking to invest, a mid-range floor might be best. Be sure to avoid any units that look directly into another building or worse, a wall. The floor is just one aspect to consider when purchasing a unit. Comment below to find out what else you should consider before buying!
Visionnez
18/10/2019
This week I discuss the most common mistakes I see when showing residential homes. If you’re selling your home, here are a few things to remember!
First impressions play a big role when visiting hom...
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This week I discuss the most common mistakes I see when showing residential homes. If you’re selling your home, here are a few things to remember! First impressions play a big role when visiting homes. Make sure the entrance way is clear and inviting, as it’s the first thing people see when they pull up. Avoid any strong smells in your home. Some buyers have allergies, others might simply be sensitive. I suggest using a neutral air freshener like fresh linen to benefit from that nice smell without being overwhelming. Clutter is another big problem. Be sure to keep your home as organized as possible! The home should be easy to get around during visits (no toys or additional items should be in the way). While decluttering, I would also suggest depersonalizing the home as much as possible. The less “noise” there is for the buyers to be distracted, the more they can focus on envisioning themselves living in this Home. Lastly, make sure the home is available to be shown! We understand that there are certain restrictions but try and ensure a fair viewing schedule to allow for the greatest amount of traffic. Thanks for watching this weeks video! Comment below what your biggest pet peeve is when showing/visiting a home!
Visionnez
07/10/2019
This week I discuss one of the biggest mistakes I see when visiting properties. You wouldn’t put lipstick on a pig, nor should you put it on your property. When deciding what or how much to renovate, ...
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This week I discuss one of the biggest mistakes I see when visiting properties. You wouldn’t put lipstick on a pig, nor should you put it on your property. When deciding what or how much to renovate, look at what you can do properly! It’s always better to do less renovations, if it means those will actually be done right. Buyers can tell when you cut corners and inspectors are great at finding patched up defects. Whenever we visit a property that looks renovated, I always discuss the quality of the work with my clients. More often than not, we can immediately see through poor quality work. If you're a buyer, be sure to look closely at the work that's been done. If you're a seller, take the time to look at your budget before deciding where to spend it. Sometimes, less truly is more!
Visionnez
29/09/2019
This week I discuss the difference between divided and undivided co-ownership.
I receive a lot of questions on the subject and decided it was time to break down the differences.
Divided co-ownership...
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This week I discuss the difference between divided and undivided co-ownership. I receive a lot of questions on the subject and decided it was time to break down the differences. Divided co-ownership is very straight forward. You can finance the purchase with as little as 5% down and work with any bank. The unit has its own cadastre (lot number), which means it has its own tax accounts. You can usually rent divided condos with little restrictions, other than a minimum rental period noted in the building regulations. Undivided co-ownership is a bit different. Think of it as buying shares of a company, with the company being the building. You are purchasing the exclusive right of use of a percentage of the building, but you don't actually own your condo unit. In undivided co-ownerships, there is one tax account for the entire building and you are responsible for your share. You are required to put 20% down as a minimum and the entire building can only be financed by 1 bank. Note that the only 2 banks that finance undivided condos are Desjardins and the National Bank of Canada. Lastly, undivided condos generally have rental restrictions as there are regulations on repossessing should you wish to move in. Both models come with their pros and cons. I’d be happy to discuss which model would make more sense for you!
Visionnez
22/09/2019
In this weeks video I discuss the current Montreal real estate market and my outlook on where it's heading.
My advice would be to buy as much real estate as possible in the current Montreal market! ...
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In this weeks video I discuss the current Montreal real estate market and my outlook on where it's heading. My advice would be to buy as much real estate as possible in the current Montreal market! It’s been on fire and is showing no signs of slowing down. In the last few years, we’ve seen a lot of appreciation. With interest rates remaining low and a few key economic indicators in our favour, I expect the appreciation to remain solid. Though less aggressive than it's been, it should still above the historic average of 3%. Reach out if you want to discuss where you see the market going in the next few years!
Visionnez
15/09/2019
This week I tackle the question, should I purchase a house or a condo? This question comes up all of the time. The answer is, it depends. It depends on what the end goal is for the property. Will you...
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This week I tackle the question, should I purchase a house or a condo? This question comes up all of the time. The answer is, it depends. It depends on what the end goal is for the property. Will you be occupying the property? Is it an investment? Do you need to be close to downtown? How many people will be occupying the property? There is no 1 answer, the most important thing to do is analyze your needs and purchase accordingly!
Visionnez
07/09/2019
This week I discuss credit cards! Credit cards are adored by some, loathed by others, but in reality, they're just another tool that you can use to your advantage.
Like with anything in this world, ...
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This week I discuss credit cards! Credit cards are adored by some, loathed by others, but in reality, they're just another tool that you can use to your advantage. Like with anything in this world, you need to take responsibility for your actions. Having a credit card is not a reason to go and spend beyond your means. Your credit limit is not a suggestion or an amount you’re aiming to achieve... Credit cards are a system that allows us to pay for things that we purchase in our day to day lives, while earning points/rewards for them. The rewards can usually be turned into cash back, travel, or goods. The fact that you accumulate these points does not mean you should spend more to get more points! That said, if you need to spend the money, you should benefit from the rewards that credit cards offer. Most credit cards that you pay an annual fee for, come with several additional benefits. Insurance on car rentals/travel. Baggage delay insurance that ends up being used regularly in this day and age. Lost or stolen item insurance that typically insures items for 90 days from the time of purchase with no questions asked. These benefits will usually allow you to drop some additional insurance you currently purchase on purchases. The credit card system punishes you for carrying more than a 50% balance on your limit. This tells the system that you’re using a lot of your available credit and are thus going through some difficulty and may be less liquid. Keep this in mind when spending. The system also punishes you for making several inquiries in a short period of time. 1-2 requests is fine, but avoid making more than that in a 3 month period. My last tip about credit is to always get credit issued to you when you don't need it. If ever you’re offered a line of credit or an extension of the limit, grab it. Again, don’t use credit unnecessarily. If ever you’re in a crunch and require the extra credit, banks will likely refuse you when you need it because you are seen as too risky. When you’re not in need, take advantage of those credit offerings! These are my top tips on credit cards!
Visionnez
31/08/2019
This week I discuss simple tips to protect your home while you’re away for an extended period of time. If no one will be home for more than a couple of days, it’s always a good idea to take a few prec...
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This week I discuss simple tips to protect your home while you’re away for an extended period of time. If no one will be home for more than a couple of days, it’s always a good idea to take a few precautionary measures. First, turn off the main water valve. One of the most common issues I’ve heard of is leaks. Even a seemingly small amount of water can turn into a big problem. Second, make sure someone is passing by to collect mail and publicity that could accumulate outside the home Third, make sure someone passes by once a week to verify the property. These are a just a couple of things to remember when leaving your home for an extended period of time. What do you do before going away? Comment below!
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