Ease of installation, financial benefit, profitability... did you just move to Montreal, and still hesitate between to rent or buy a property? Fabienne Roché, broker and real estate areas-residential, provides you with the advantages and disadvantages of each situation.
It is not always easy to find a satisfactory home when we moved to Montreal, the largest city in Quebec. After it-even in the face of these difficulties upon his arrival in the metropolis, Fabienne Roché became a broker in real estate. Today, she helps newcomers to French to find their nest to begin their new life.
Rent in Montreal : the advantages and disadvantages
The sites of small advertisements are many to find an apartment to rent For simplicity and to avoid the difficulties, you can also call a broker. Next date, the best time to move remains, without a doubt, the 1st July, moving day in Quebec. The notice of renewal of the lease is usually delivered three months in advance, the majority of ads are published in the month of march. On the price side, the prices vary according to the districts. On the side of the Plateau-Mont-Royal, Mile End, Little Italy, rents are expensive and coveted, and they can quickly fly : it takes about $ 1000 CAD for a one bedroom apartment and 2 $ 100 if you want to three rooms, according to Fabienne Rock.limited time Offer. 2 months for 1€ without commitment, I am subscribing
The 5 advantages of leasing :
1. agency fees are the responsibility of the owner . As a tenant, you don't have to pay.
2. Ask for a deposit here is illegal . Thus, you can forget the months ahead to pay and the fear of failing to recover the money advanced when you leave. The state has no reason to exist, which lightens the administrative part of the rental.
3. 't need to cautionnaire particular. The tenant simply needs to reassure its future owner. Depending on the requirement, several options : request a credit investigation, to provide statements of your accounts, go through a body of bond...
4. The contract of lease being framed, the signature is simplified. The housing authority has only one type of lease is very easy to fill out. No contracts, complicated...
5. The owner cannot ask you to leave the accommodation or increase the rent at his leisure. very strict rules supervised by the régie du logement are applied so that you can be protected.
The 2 disadvantages of the lease :
1. Beware of scams... A fake owner who promises to book the apartment in exchange for the advance of the first month's rent, or who request a receipt for the security deposit before a visit to... The number of fraud has exploded in recent years . Be vigilant, visit the property in person, meet the owner or a broker.
2. Sign, is a commitment. The lease, usually one year in duration, is not possible to break down before and is tacitly renewed unless you notify the landlord of your intention to leave the apartment at least 3 months before. You will not be able to move in the course of the lease. Sub-letting is, however, legal in Canada, which can help you out.
to Buy in Montreal : the advantages and disadvantages
For Fabienne Roché, it is better to wait until you arrived in Canada before embarking on a purchase. Take the time to look, you inform, visit, compare prices... to get an idea of the market. To note that the majority of offers are available between march and July and just before Christmas, and that to be near a metro or have a parking lot is a good deal for resale.
The 5 advantages of buying :
1. The investment at resale. This is the main advantage for Fabienne Roché : you have a good chance to resell it more expensive than what you bought. The rates are currently low, the exchange rate interesting to the Europeans and the sale prices low, take advantage of it : count and less than 300 000€ for a property of 90 m2 on the Plateau-Mont-Royal, one of the most popular neighborhoods of Montreal.
2. The loan is simplified and the rate easily renegotiated. A mortgage broker will help you to get cost-effective rates that you will be able to renegotiate without a fee. The Quebec buy and sell and very often every four or five years.
3. notary fees are very low. Expect to spend between 1200 $ CA 2000 $ CA (that is, between 800 and 1300 euros). This simplifies the sale of an administrative point of view, and in a month, everything can be settled.
4. welcome Tax removed, deduction of works tax credit... The aid is granted for first-time home buyers, do not hesitate to inquire.
5. The layout of the background is regulated. Depending on your visa, the contribution requested will vary : if you have a temporary visa, you will need to bring 35 % of the amount, if you have a permanent residence, between 5 % and 20 % maximum. Note : past 20 %, you don't need insurance for your mortgage loan.