BECOMING A HOMEOWNER 

Are you currently renting or a first time home buyer 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, but 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.

Expenses to be expected at the signing of the deed of sale

  • Notary fees

  • The distribution (refunds) of taxes: The calculation of the refund to the seller (if applicable) will be made from the date of occupation and you will have to reimburse the seller for the number of days already paid by him, for the following property taxes:

    • Municipal taxes

    • School taxes

  • Heating oil tank: If the property is equipped with oil heating, the seller must fill the tank the same day of the bill of sale and bring to the notary the invoice that the buyer will have to refund in full.

  • Electricity (Hydro-Québec) and gas (Gaz Métropolitain) meters The buyer and the seller must advise Hydro-Québec and Gaz Métropolitain (if applicable) of the date of the change of ownership so that a reading meters to be made on that date, and for the amounts to be charged respectively to the buyer and the seller on the date of occupancy of the property.

  • Home Insurance: It should be remembered that upon signing the deed of sale, you will need to provide proof that a homeowner's insurance is in effect, for an amount equal to or greater than the mortgage in place.

Expenses to be provided after the signing of the deed of sale

  • Real estate transfer rights or "welcome tax"

  • The municipality in which you have moved will send you a transfer tax account, within four (4) to six (6) months after the signing of the deed of sale, and this one is calculated according to the selling price. and according to the following scale:

    • 0.50% of the first $ 50,000

    • 1.00% from $ 50,000 to $ 250,000

    • 1.50% over $ 250,000

  • Moving expenses, painting, decoration, etc.

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 $209,500 between 2002 and 2010. This translates into an average appreciation of 8% 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.