Archives pour l'étiquette CMHC

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Finding the right notary

The notary plays a critical role in the home-buying process. In fact, not everyone has a notary within reach. There are two ways to find one: by word of mouth or with a few clicks of the mouse.

You will especially feel the need to find a trustworthy notary when comes the time to draft the promise to purchase or complete the transfer of ownership. Yet, a notary can accomplish much more. He* can make your life easier.

If someone gives you the name of a notary, make sure his name appears on the Chambre des notaires du Québec (CNQ) roll. All you have to do is write the first and last name of the notary. If you are looking for a random notary offering his services in your neighbourhood, consult the CNQ referral service. Continuer la lecture

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The Promise to Purchase for Condominiums

As for any single home, you will have to write a promise to purchase to acquire the condo you wish to buy. Although the content of both forms is similar, the promise to purchase for condominiums includes some particularities. It is in your best interest to know them well.

In the case of a divided co-ownership property, the promise to purchase includes:

  • the cadastral description of your private portion;
  • if the parking lot and storage space are also private portions;
  • the cadastral designations of the parking lot and storage space;
  • the share and cadastral description of the common portions; and,
  • whether the parking lot and storage space are private portions, common portions for restricted use or other; and,
  • the area of the condo’s private portion described in the certificate of location.

Continuer la lecture

Healthy Housing Overseen By Experts

You may wonder if sustainable houses designed, built, inhabited and then monitored step-by-step by professionals actually exist. The answer is yes. The EQuilibrium Housing Initiative is just that.

If you wish to learn and understand more about the sustainable housing industry – which is about to become fundamental in the fight against climate change – the Canada Mortgage and Housing Corporation’s (CMHC) initiative is for you.

The CMHC seeks to expand the construction of EQuilibrium houses across the country. Even if you’re planning to buy an existing home, exploring an EQuilibrium house will give you the required knowledge to properly evaluate another home that some owners might try to sell you as sustainable.

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The initiative exists since 2006. The EQuilibrium house is meant to serve as a model for sustainable living: safe and environmentally friendly materials, lower utility bills, renewable energies, conservation of our planet’s limited resources, reduced environmental impact, greater comfort and cost-effective construction. And, believe it or not, as an added value, sustainable houses are a better investment than traditional homes. Continuer la lecture

An excellent year for the real estate sector despite a rocky economic situation

After home sales failed to meet expectations in 2014, many analysts gave a cautious forecast of only a 2% increase in sales for 2015. However, despite several economic ups and downs, the real estate sector performed surprisingly well across Quebec this past year.

Key interest rate, depreciation of the loonie and jobs

To everyone’s surprise, at the start of the year, the Bank of Canada decided to reduce its key interest rate to 0.75%, which led to lower mortgage interest rates. The impact of this change resulted in shorter terms and generous rate discounts. What’s more, in July 2015, the Bank of Canada further reduced its key interest rate to 0.50%. While this second decrease had a less dramatic effect on mortgage rates than the first, it did encourage Canadian banks to reduce their preferred rates, which gave a boost to the Canadian economy.

Among other factors influencing the housing market, the job market proved to be particularly resistant to economic fluctuations, with over 80,000 jobs being created in Canada over the course of the year.

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Higher sales than expected with slight price increases

While many anticipated growth in home sales of just 2% in 2015, as mentioned above, by mid-2015, that figure had already reached 5%. The Québec Federation of Real Estate Boards (QFREB) even forecast a rate of 6% or 7% by the end of the year, with some 75,000 properties sold, and the Canadian Mortgage and Housing Corporation (CMHC) agreed. Continuer la lecture

Buying a first home: 9 steps

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The purchase of a first house involves reflection and planning. By following the proposed stages, you will put all the chances on your side to make your project a success. More details for these steps are available by clicking the following links, or go to National Bank’s website www.nbc.ca

 1. Calculate your borrowing capacity

Estimate how much National Bank could give you to buy your property.

Your National Bank advisor can help you calculate your borrowing capacity by reviewing your financial situation. You can also have an idea of your borrowing capacity by using our calculation tool. Continuer la lecture