Photo credit: Maurice Nantel
Sylvie Rovida, real estate broker at Via Capitale du Mont-Royal, recently gave a very interesting interview to UFE (Union des Français de l’Étranger) to discuss the issues that newcomers must take into account when buying a property in Montreal or elsewhere in Quebec.
This article is a summary of what was said during the interview and is intended as a guide for any foreign buyer who wishes to purchase a property in Quebec and more specifically in Montreal.
Montreal, a heterogeneous city
One of the first things to know about Montreal is that it is a city that is distinguished by its diversity, both culturally and architecturally.
In fact, there are 19 boroughs in Montreal, and the style of buildings and neighborhood life is very different from one area to another.
“We go from Victorian houses to towers that never stop rising, and then to the small houses that we see on the Plateau in particular, with their picturesque wrought iron staircases,” says Sylvie Rovida.
The only thing left to do is to find out which neighbourhood best suits your tastes and needs!
Some terms to know
When the time comes to buy your first property in Montreal, you will notice that Quebec has a real estate lexicon that has certain particularities.
First of all, when it comes to units of measurement, you should know that the imperial system is still used in real estate in Quebec. The dimensions of a property are therefore calculated in square feet.
Many other real estate terms are also different in Quebec than elsewhere in the world: we speak of a “condo” to designate an apartment, a “single-family home” for a house, a “plex” for an income building, … In short, it is easy to get lost. That’s why we have prepared a lexicon of Quebec real estate especially for you!
Real estate brokerage in Quebec
As for the practice of real estate in Quebec, it is important to know that all properties sold by professionals are listed on a single site, that of Centris.
In Quebec, the mandate to sell a property is exclusive to the broker who has been hired by the seller of the property. This broker also has the obligation to share the listing with all other brokers in the province on the Centris site.
As Sylvie Rovida explains, “[In Quebec], there are two brokers in a transaction: the seller’s broker, called the listing broker, and the broker who works with the buyers, called the collaborating broker.”
Another important fact to know is that in Quebec, the seller of a property is required to fill out a document called the seller’s declaration.
The seller must include all important information regarding the condition of the property, allowing the buyer to complete the transaction with full knowledge of the facts.
Following this process, the buyer will be accompanied by a professional for the final inspection of the property.
For more information on real estate brokerage in Quebec, we invite you to read our article on this subject.
What does the market look like in 2021?
As for the real estate market in Quebec, it should be known that the demand for purchase largely exceeds the offer currently.
Buyers often find themselves in situations where they are outbid to purchase a property. They must make quick decisions and be ready to make an offer, sometimes after only one visit to the property.
This process can be difficult for inexperienced buyers, which is why it is important to call on a professional who can guide you.
By doing business with the real estate brokers of Via Capitale du Mont-Royal, you are assured of completing transactions in complete security, with experienced professionals. If you have any other questions about buying a property in Montreal, contact us and we will be happy to help you!
We would like to thank Sylvie Rovida for all the interesting information she has provided on the Quebec real estate market. We invite you to watch her interview in its entirety, available below.