TEAM

Business corporation owned by a Certified Residential and Commercial Real Estate Broker AEO
10 Bd St Elzéar E, Laval, QC H7M 1C3
360, Boul. Curé-Labelle, Laval (Fabreville) QC H7P 2P1

514-222-4513 info@alexhaddou.com

Buying your first home

Posted on by mw

Welcome to our blog dedicated to first-time home buyers! Buying your first home is an exciting and memorable step in life, but it can also be a little daunting. In this blog, we’ll explore everything you need to know as a future homeowner to prepare for this adventure. From building a down payment to finding the perfect home, to financial and tax advice, we’ve got it all covered. So let’s get started!

Why buy your first home?

Buying your first home isn’t just an act of home ownership, it’s also an investment in your future. Here are just a few reasons why many aspiring homeowners decide to take the plunge:

1. Building equity
When you buy a home, you start building equity. This means you build equity in your home as you pay down your mortgage and the value of your property increases. Equity is essential for your long-term financial stability.

2. Stability and freedom
Home ownership offers you residential stability. You no longer have to worry about rent increases or the strict rules imposed by landlords. What’s more, you have the freedom to personalize your home to suit your tastes and needs, making it truly yours.

3. Tax advantages
As a first-time buyer, you may be eligible for tax benefits, such as deductions for mortgage interest and property taxes. These benefits can reduce your taxes, which is an added financial advantage. There are also programs with RRSPs (retirement savings plans) to use the HBP (home buyers’ plan) or the new program designed for first-time buyers, the TFSA (tax-free savings account for the purchase of a first home).

Financial preparation

To buy your first home, it’s essential to be financially prepared. Here are
steps to help you save money and prepare for the purchase of your home.
the purchase of your home:

1. Save for your downpayment

The downpayment is the amount of money you have to put down initially to buy a home. The larger your downpayment, the less you’ll have to borrow. This means lower monthly payments and less interest over the long term. The minimum downpayment established in Quebec is generally 5% under certain conditions.

2. Establish good credit
Good credit is essential for obtaining a mortgage at advantageous rates. Make sure you pay your bills on time, reduce existing debts and maintain a good credit history.

3. Plan a Realistic Budget
Determine how much you can afford for your first home based on your current financial situation. Don’t forget to factor in closing costs, property taxes and home maintenance expenses.

Searching for the Perfect Home

Once you’re financially ready, it’s time to start looking for your ideal home. Here are a few tips to help you find the perfect home:

1. Make a Priority List
Determine what’s most important to you in a home. This could include number of bedrooms, location, outdoor space, etc.

2. Work with a real estate broker
An experienced real estate broker can help you find properties that match your criteria and guide you through the buying process.

3. Be ready to negotiate
Once you’ve found the home of your dreams, be ready to negotiate price and terms with the seller. Your real estate broker can help you in this crucial phase.

Conclusion

Buying your first home is a major step in life, but with proper planning and the right resources, you can confidently navigate the path to homeownership. We hope this blog has provided you with some useful information to help you on your journey to buying your first home. Good luck in this exciting adventure!

Five important questions about the Quebec real estate market

Posted on by mw

If you’ve tried to buy or sell a property in 2020, you’ve probably noticed that prices have risen at breakneck speed.

To get a glimpse of real estate in 2021, it’s best to look ahead to the big questions that could influence the market.

Here are the five big questions to ask yourself before selling or investing:

1. Will single-family home prices continue to rise?

The answer is yes. Price growth is largely driven by supply and demand. Demand is currently very strong and supply remains limited, which is pushing prices up.

According to the Association professionnelle des courtiers immobiliers du Québec (APCIQ), 19% of future buyers are considering buying their first home in the next year. This proportion was only 7% at the end of 2019. At the same time, the number of months of inventory for homes in the $300,000 to $500,000 range has fallen from nearly 12 months in 2015 to just 2.1 months at the turn of 2021.

Taking these factors into account, the APCIQ forecasts that residential prices across Quebec will increase by 5% in 2021.

2. Has your purchasing power decreased?

If you’re about to buy your first property, your purchasing power may be less than that of your parents, despite the current low interest rates.

According to the APCIQ, the average time required to accumulate the minimum 5% down payment has risen from just under 3 years in 2000 to almost 5 years in 2020. What’s more, the average proportion of income needed to pay a mortgage has risen from 15% in 2000 to 21.4% in 2020. Unless there is an unexpected reversal, this trend is likely to continue in 2021.

3. Will interest rates fall further?

Interest rates are unlikely to fall further, as they are currently very low. Generally speaking, when interest rates fall, it encourages prices to rise. But if another crisis were to occur, the government would have a hard time lowering rates any further.

And if, to curb rising prices, the government opted instead to raise rates, many homeowners with stretched debts would find themselves short of cash.

4. Will plexes continue to sell at crazy prices?

It depends on where you look. Plex prices have risen enormously in several regions over the past year (+18% in the Quebec City CMA and +9% in the Montreal CMA), with the result that rental income has not kept pace with sales prices. In the regions and even in the suburbs of major cities, plexes are often more profitable than those located in city centers. So, in 2021, don’t be afraid to expand your radius of action to find a building with good profitability.

5. Is the popularity of the regions just a passing fad?

Containment and widespread telecommuting have undoubtedly increased demand for regionally located homes, propelling prices upwards. For example, in the Laurentians, the median price of single-family homes climbed 34% from November 2019 to November 2020.

As mentioned above, the APCIQ forecasts that residential prices across the province will rise by 5% in 2021. In 2020, the increase was 13%. There will therefore be a slowdown in growth, which could be more pronounced in the regions if telecommuters who have expatriated there eventually choose to return to the city.

5 good reasons to invest in a home in Laval

Posted on by mw

When you stroll the streets of Laval, it’s sometimes hard to imagine that just a few decades ago, it was mostly fields and a few small villages that hadn’t yet come together under a single name. Today, it’s more like a bustling city with all the advantages of a metropolis, but with the calm of a suburb. The municipality on Jésus Island now boasts a population of over 400,000, and growing. Its attractiveness makes it an attractive place to consider buying a home in Laval.

Discover 5 reasons to buy a home in Laval

1) Affordable prices and an attractive property market

As Quebec’s third largest city, Laval currently enjoys a very dynamic real estate market. In general, prices are more accessible than in Montreal, giving future buyers the opportunity to find the home they want at a price they can afford. Whereas in the neighboring city, it’s rare and often very expensive to find a single-family home with a private backyard, in Laval, most homes have one.

Because of the city’s relatively recent development, there are many modern, up-to-the-minute real estate projects. In addition, there are many bungalows and houses dating back to the 60s and 70s. Many of these have been renovated in recent years to adapt them to today’s trends and technologies.

2) Pleasant neighborhoods

If you’re heading for Laval, you’ll have to decide which neighborhood is right for you. While some areas are quieter, others offer the same level of activity as any big city. Each area has its own attractions, and here are a few highlights:

Sainte-Rose : This is a very popular neighborhood for families. Charming and welcoming, Sainte-Rose also boasts a rich history, having been founded in 1740. In contrast to the more modern arrondissements elsewhere on the island, it’s in this north-western district that past and present meet.

Duvernay : This area is particularly attractive because it’s located near two major highways, providing quick access to Montreal. On top of this, the neighborhood is undergoing tremendous development to meet the needs of all its residents. The area is home to many shops and services.

Vimont : If you’re looking for peace and quiet, Vimont is the place for you. Well served in terms of services, the neighborhood also boasts many attractive single-family homes at good prices.

Auteuil : Another popular neighborhood for young families. Farmland and woodlands are always nearby.

Laval-des-Rapides : The district is very central, close to many shops, major highways, theaters and the banks of Rivière des Prairies. Metro stations are also nearby.

3) The natural and urban environment

The city of Laval is undergoing rapid development, making it a very active urban environment. However, nature still plays an important role, with four major parks (Centre de la Nature, Parc des Prairies, Bière aux Quatre-Vents and Bière aux Baigneurs) and several landscaped riverbanks.

4) Local services

In developed areas, all essential services are within easy reach. You can count on access to first-class police and fire departments, hospitals, schools and public transportation.

5) Local shops and restaurants

Like its varied and dynamic population, Laval’s commercial activity is also abundant. From large-scale shopping centers to small local shops on bucolic streets, there’s something for everyone. As for gourmets, there’s no shortage of places to indulge. In recent years, a number of very interesting addresses have opened in Laval, including Les Menus Plaisirs, Pizzeria Bottega, Restaurant Le Mitoyen and Restaurant Au Biniou.