Buyer Information

Are you currently renting and thinking about joining the ranks of homeowners? You should know that in addition to providing numerous financial benefits, buying a home will help improve your quality of life. Not only do homeowners enjoy more freedom, they also have a strong feeling of pride, as well as peace of mind. It's definitely a worthwhile investment!

A Well-Adapted Home

First and foremost, being a homeowner means living in a house that suits your tastes and fits your lifestyle.
Is your family growing - do you want a backyard and basement playroom for your children? The purchase of a home can help you benefit from these extra spaces and is also a good long-term investment. Condominiums and plexes offer other benefits: less maintenance in the first case and additional income in the latter.

Building Capital

Paying for a home is a bit like making long-term savings. Instead of paying rent to a landlord, your monthly mortgage payments are used to finance your assets and build capital that you will recover once you finish paying.

A Profitable Investment

Across Canada, the value of real estate investments has increased significantly over the past ten years. In Québec, the median price of a single-family home grew from $110,000 to $186,500 between 2002 and 2009. This 70% increase translates into an average appreciation of 9% per year.

Taking Advantage of Fixed Payments

Tired of rent increases? Unlike tenants who must deal with these fluctuations, as a homeowner, you can enjoy fixed payments for many years and, depending on the type of mortgage you choose, protect yourself against possible interest rate increases.

A New Lifestyle

Unleash your creativity and decorate your house as you wish, without worrying about the restrictions that are imposed on tenants. Any amount invested in decoration or renovation will be for your benefit. Moreover, nobody can make you leave your home, or enter uninvited for inspection or maintenance.

Once you have an accurate picture of your financial capacity and have established your budget, the next step is to define your needs. Before you begin your search, take the time to consider your needs thoroughly.

Type of property

Are you looking for a single-family dwelling, a duplex or a townhouse? Do you prefer a new or older house? Do you want to own the house and the land or would you prefer a condominium in which only one unit is yours?

Single-Family Home, Condo or Plex?

Buying a home is undoubtedly one of the largest purchases you'll make in your lifetime. It's important that you carefully choose the type of property that suits your needs and make a well-informed decision. Our expertise and experience can help you to make the right choice.

The single-family home is by far the most popular type of property. There are many advantages to a single-family home: you can arrange and decorate it the way you like, and you have maximum privacy since no one else shares your space. However, maintaining the exterior of the house can require lots of time and money.

Condos, which are gaining in popularity, are ideal for those people who don't want to invest time in lawn maintenance. However, it's important to choose a building whose owners have a similar profile to yours, since you will need to agree on issues such as renovation work and building maintenance. Also take into consideration the maintenance fees that you, and all of the other owners in the building, will need to cover.

A plex is a revenue property with two, three, four or five dwellings (duplex, triplex, quadruplex, quintuplex). The financial benefits are indisputable - you collect rent to help you pay your mortgage. Furthermore, a portion of the interest is tax deductible since part of the mortgage loan enabled you to acquire investment income, and any amount invested in maintaining your tenants' dwellings is tax deductible. However, a plex won't give you the same privacy as a single-family home.

Neighbourhood

You're not just buying a home - you're buying a location. And even the most perfect house won't feel right if you're in the wrong neighbourhood. Educate yourself about the area so you'll choose wisely - and end up being happy with your decision. Are you looking for a home downtown or in the suburbs? Do you prefer a new area? What is your tolerance to noise and pollution? Are you looking to avoid high-traffific areas? Is the state of development of the area where you will be living important to you? Do zoning regulations allow room for change?

Proximity of services

What are your needs in terms of public transit and public or commercial services? Is being close to work or to schools, etc. important to you? Will you feel safer living close to a hospital or a police or fi re station?

Your Tastes

Consider your style. If you're not enthusiastic about do-it-yourself projects, avoid homes that require major renovations. And even if a spacious yard seems attractive, are you willing to spend the time caring for it? If you prefer city life you'll have access to theatres, services and restaurants, but it'll be noisier and won't have as many green spaces. In other words, determine your priorities!

What's Your Budget?

Don't make the mistake of buying a home that is out of your price range. To find the home that's right for you, adapt your needs to your budget. Once you've become an owner, your investment will start to increase in value and will eventually help you access a home that is closer to your ideal. In the beginning, it's important to put savings aside for small purchases and unexpected expenses. Ensure you have enough money for maintenance costs such as insurance and repairs, as these can amount to 2% or 3% of the price of your home per year. The key to choosing the right home is to really know your needs. We can help you to define your priorities and we will then target those properties which best suit your needs and your budget!

As your real estate brokers we have knowledge of the financing process and can help you to evaluate your financial situation and introduce you to experienced finance professionals who will work with you to make your dream of becoming a homeowner a reality.

Borrowing Capacity and Preauthorized Mortgages

When you start looking for a property, it's in your best interest to determine your borrowing capacity. That way, you know what type of property to lean towards during your search. One approach is to get a preauthorized mortgage before even finding your property. Thanks to a preauthorized mortgage, you already know how much money you can borrow, your interest rate and the amount of each payment. You will be able to find a property that matches your means.

Mortgage Loan Insurance

You dream of buying property but you don't have enough for a down payment? Not a problem! Mortgage loan insurance can help make your dream a reality. In general, lenders require you to get mortgage loan insurance when you have put down less than 20% of the property's sale price. Mortgage loan insurance is applicable to various new or existing properties. Also, bear in mind that a modest down payment means a higher mortgage payment and in the end, a greater total cost. In Canada, mortgage loan insurance is available through Canada Mortgage and Housing Corporation (CMHC) and Genworth Financial Canada.

The Home Buyer's Plan

The Home Buyer's Plan is a government program that allows buyers to withdraw money from their RRSP, without paying tax on withdrawal, in order to purchase a home. Funds withdrawn must be paid back into the RRSP within a fixed time limit. To qualify, neither you nor your spouse may have owned a home that was used as a principal place of residence during the five years prior to your withdrawal request. In addition, you must have entered into a written agreement for the purchase or construction of a property (promise to purchase or preliminary contract) before being able to withdraw funds from your RRSP.. For further information on the government assistance programs visit the Canada Revenue Agency website at www.cra.gc.ca. or contact us and we'll be pleased to advise you how to make your dream home a reality.

Did you know that when you buy a property, you must have money set aside to cover start-up costs? Your down payment and mortgage payments are not the only costs involved, so it's wise to have some additional savings set aside that can be used for your additional expenses.

These expenses should not be taken lightly and some mortgage lenders will even check that you have these funds available before granting you a loan. Mortgage loans are calculated based on the value of your home and, therefore, cannot be used to pay these additional costs.

Here is a list of common start-up costs:

• Property inspection and evaluation
• File processing fee for mortgage insurer as well as any taxes on the premium
• Notary fees
• Adjustment costs determined by the notary (electricity, heating, municipal and school taxes, equipment rental contract, etc...)
• Property transfer tax (welcome tax)
• Moving expenses
• Service and utilities hook-up fees (phone, electricity, etc...)
• Decorating (paint, curtains, etc...)

Buying a house is like long-term savings. As an owner, you make mortgage payments every month that finance your assets and allow you to build capital that you can recover at a later date when you sell your property.

Across Canada, the value of real estate has increased significantly over the last decade. In Québec, the median price of single-family homes almost doubled in the past seven years, increasing from $110,000 in 2002 to $186,500 in 2009. This represents an average appreciation of close to 9% per year. And this growth is far from over if we look at the trends for the factors mentioned below.

What Drives the Residential Real Estate Market?

Whether you're already a homeowner or about to become one, owning property is one of the most important investments you'll make in your lifetime. Therefore, you should be aware of the four main factors that influence the shape of the real estate market, which are population growth, interest rates, income and socio-demographic trends.

It stands to reason that everyone needs somewhere to live and that's why the strength of the residential real estate market is directly linked to demographic growth. Whether it's as a result of immigration, migration or natural population growth, the higher the population increase, the higher the demand for housing and thus, the stronger the market.

Interest rates also play an important role in the real estate market. When rates are lower, generally the market is stronger as lower rates mean less cost to finance a property. This, in turn, encourages consumers to become owners, or to buy larger or more luxurious properties or renovate.

When property values are increasing, it's generally a true reflection of a household's ability to pay. Therefore, the market's strength is closely connected to job creation and a household's disposable income.

And finally, there are certain socio-demographic trends which have an impact on the real estate market. For example, when households get smaller, meaning more and more people have chosen to live alone as has been the case over the past decades, more properties find buyers.

In conclusion, remember the law of economics: price is always a reflection of supply and demand. So, all other things being equal, high demand means higher prices.

Is it better to buy a new home or sell your existing home first? Both options have their advantages and their risks. By carefully examining the pros and cons, and by providing alternatives in case of setbacks, you will be able to make an informed decision.

Selling First

By selling your current home before buying a new one, you'll know the exact amount you'll be receiving from the sale. You'll therefore have a very good idea of how much money is available to buy your new home.

You might start feeling an urgent need to find a new home right away. But keep in mind that you'll already have all the information needed to make your promise to purchase. For example, you'll know when the buyers of your current home are moving in, and can therefore easily establish when you'll need to take possession of your new home. If ever the dates don't coincide, you can always plan for temporary accommodation.

Buying First

When you buy first, you'll know your new address, the exact price of your new home, the date on which you'll become owner and the transaction date. You'll be able to consider these things when you receive a promise to purchase for your current home.

You can also make a promise to purchase that is conditional on the sale of your home. In this case, the owner of the property you're interested in might receive another offer without any conditions. In order to give yours priority, the owner will ask you to withdraw your condition. You will therefore have to decide whether you'd rather buy that property before selling your existing home, or withdraw your offer.

One way or another, it's a good idea to plan a temporary source of financing in case your current home isn't sold when you sign the purchase contract for your new home.

Doing business with a real estate agent means that you are protected by the law. The Real Estate Brokerage Act and various other organizations regulate the real estate agent profession so that consumers can expect fair and competent services. So, you know that you'll be served by a highly qualified and well-trained professional.

Real Estate Brokerage Act

The main goal of the Real Estate Brokerage Act is to protect the public. To enforce this, the Act sets out specific rules relating to the brokerage contract for the sale of a house. They are similar to several of the regulations found in the Consumer Protection Act.

Association des courtiers et agents immobiliers du Québec

Created by the Real Estate Brokerage Act, the Association des courtiers et agents immobiliers du Québec (ACAIQ) is mandated to protect the public by regulating the professional activities of all real estate agents and brokers. It is responsible for administering the exam that leads to the practice certificate and it ensures that its members carry out their activities in compliance with current laws and regulations. For more information, visit www.acaiq.com.

Fonds d'indemnisation du courtage immobilier

Each agent contributes to the Fonds d'indemnisation du courtage immobilier. The Fonds d'indemnisation du courtage immobilier has the authority to compensate a consumer in the event that a problem arises during a transaction whether it relates to fraud, a dishonest transaction or the misappropriation of funds or other property. For more information, go to www.indemnisation.org.

Professional Liability Insurance

Real estate brokers must hold professional liability insurance, which ensures that consumers have additional financial protection in cases of fault, error, negligence or omission. This insurance covers civil claims and civil proceedings.

Tranquilli-T

Buying or selling a home is one of the biggest events in your life. Your RE/MAX agent understands that and works in your best interests to ensure it comes together quickly and under best circumstances. You get:

• Protection in case of delay or withdrawal by the buyer or seller
• Protection if the buyer or his/her spouse dies
• Legal assistance and protection

RE/MAX exclusive protection of the Tranquilli-T Program, guarantees your peace of mind!

If you long for a lifestyle that offers a certain city outdoor activities... if you seek a clean, friendly and caring community... then you should seriously consider the West Island. You'll find that some of Canada's finest artists and musicians live and work on the West Island. They form a vibrant cultural community, working through the cultural centres or establishing their own studios and galleries. Poets and writers also feel at home here and give readings and talks at libraries and cultural centres. They are attracted partly by the West Island's lifestyle and culture and partly by its proximity to sophisticated Montreal, our downtown, with its many theatres, concert halls and museums.

Many of our communities were summer vacation resorts for Montréalers and have since developed into towns, offering an array of outdoor and indoor sports and leisure activities that make the quality of life here in the West Island second to none. The 13 different municipalities - serving close to 250,000 of Greater Montreal's nearly three million people offer a combination of services rarely found in other regions of North America. The West Island is a multicultural community with a cosmopolitan flavour and most residents are bilingual.

So whether you're looking for sport or culture, condominium or cottage here in the West Island we've got just the place for you.

For more details on each municipality that make up the West Island, click on the internet link for the city that interests you or call us to find out more about how can help you to find your dream home in your dream neighbourhood.

• Beaconsfield
• Baie D'Urfe
• Pointe Claire
• Kirkland
• Dorval
• Pierrfonds
• DDO
• Senneville
• Saint Anne De Bellevue