Montreal Real Estate Blog » Buying

Q & A: How Many Buying Brokers Can You Hire?

Deya Bautista — Thu, 19 Jan 2012 14:46:51 +0000

This is the first freshly written post of 2012. I hope you all had a great new years!
Today we’re posting a video shot last month, and here we discuss how many agents/brokers you (the potential buyer) can employ when looking for a property.

http://www.youtube.com/watch?v=YqDSNkCPEgs

A reader sent me the question on What’s the limit amount of agents a buyer can work with. My answer is: you can work with as many as you want, as long as you haven’t signed a buyer’s brokerage contract. Something you should know: we brokers share the same database (MLS), so chances are, if you’re working with multiple brokers, you will end up getting emails from all the brokers employed containing the same listings. [if you're giving all brokers the same search criteria]

The idea is to get fast results, right? Having to go through so many people to get the same results seems counterproductive. My suggestion: meet a few agents first, but work with the one (or two) that you like the most, the ones that gives you the best service/results. Keep in mind, however, that once you decide to make an offer in a place, you will have to commit to working with one broker, for that transaction.

Transparency is also encouraged. If you are already working with a broker, when approaching a new one, please be clear and let them know where you stand.

Further questions and comments? Feel free to send me an email.

More videos are now available at the Montreal Real Estate Blog

Posted By: Deya Bautista - Real Estate Broker working as part of the McGill Immobilier team. Specializing in high end condos in downtown and Old Montreal. For buying or selling contact Deya at: 514.917.7889 http://montrealrealestateblog.com/

[Video] My First Tutorial: How to use the buyer’s portal

Deya Bautista — Thu, 01 Dec 2011 12:34:51 +0000

So, after countless of times promising myself I would sit down and create a simple tutorial on How to Use the Client’s Portal, I finally got to it!

I found this really cool way to make video-tutorials with Screenr.com, impressively easy to use. Hey, you could impress your clients and friends too ;)

And here it is…

Useful tips on how to view, classify and organize listings by emails.

http://www.youtube.com/watch?v=bX1JXl7vtLQ

If you like it, share the love.

Pssst: Did you get my flyer?

Deya Bautista — Thu, 20 Oct 2011 12:30:32 +0000

It is now thursday, and if my calculations are right and you live in (one of ) the areas where I advertise, you should have received my flyer on your mailbox.

If you are wandering what it is, the one side looks like this…

The other side will change monthly, with a different message.

I’ve never been much of a flyer advertiser, but this time I’ve decided to concentrate on the areas where I sell the most. So now, new pictures, new flyers and let’s see what gives…

No Escrow in Montreal

Deya Bautista — Mon, 18 Jan 2010 11:22:32 +0000

We don’t hear about Escrows in Montreal. Believe it or not, my fellow Real Estaters (I think I just created a new word) from other provinces and countries.

The first time I heard, actually I didn’t hear it, I READ the word Escrow it was in a Condo Buyer’s Guide I picked up for my clients, and right next to the glossary description of escrow there was a note: Not applicable in Quebec.

Naturally I didn’t take interest on that word, up until I had to work with someone who demanded a escrow company and their contact number.

“A what? Escrow ??….Hmm, I think I’ve heard that before. Not sure where. Let me look into it.”

I’ve called two friends in the industry that have been in the business for about 20 years, and then I talked to my broker and there it was, the same answer: “A what? Never heard of it.”

Apparently, and up until today, there are no escrows companies in Montreal. Not it is used in the real estate transactions here. Maybe they are listed under a different name? If so, please enlighten us in the comments section.
So far, we haven’t have a demand for it. Good news for litigation lawyers.

PS: If you’re itching to know what escrow is, here is the wiki definition.

What’s Included on the Closing Costs?

Deya Bautista — Mon, 04 Jan 2010 11:30:04 +0000

To first time buyers, closing costs are always sort of a mystery: They have a slight idea of what it is, but don’t know what’s specifically involved or how much it will cost. Many people think it is just the notary fee and that’s all.

Sorry folks, that’s not just it.

In addition to the mortgage down-payment, you (the buyer) will need to put aside some money for the costs related a home purchase. What are these closing costs?

Here is a short list of the basic expenses you can anticipate:

Professional Home Inspection: Only if it’s part of your offer.
Legal fees (Notary): Costs involved in conducting a title search, drafting the title deed and preparing the mortgage, registration fees, etc.
Property Taxes and Utilities (prepaid): Sometimes the seller may have prepaid some bills before the closing date, which you will have to reimburse.
Land transfer tax - also known as welcome tax. This cost you don’t have to pay at the closing day, usually the city will send you a bill about a month (or so) after the signing date.
GST & Provincial Tax – Only if you’re buying a newly constructed home.
Home Insurance. The bank will ask you to insure your home – because they really care about your well being.
Miscellaneous: Little repairs you might want to make to the property, etc.

There is one more: Moving costs. I don’t often include it on the list because it maybe a helping friend or a relative will help you move for free, in which case you’re very lucky- and a couple of hundred dollars richer :)

Before you ask for prices…
I made sure not to place any values to the services mentioned above just because (exact) prices change often, and revising articles to change prices are not really my thing.

Your agent should give you a break down of the fees.
Don’t have an agent? We’ll be happy to help.

Canadian Home Buyers Savvy and Optimistic

Deya Bautista — Mon, 15 Jun 2009 12:30:35 +0000

Canada Mortgage and Housing Corporation’s (CMHC) 2009 Mortgage Consumer Survey results were released last week, and indicate that nearly 90% of recent home purchasers across the country believe that home ownership is a good long-term investment and that almost 70% think that now is a good time to purchase a home in their community.

Buyers are knowledgeable about the mortgage process and their lender’s assessment of eligibility. For example, 86% are of the view that the level of total housing and other monthly payments should generally not exceed 40% of gross household income, which is in line with generally accepted mortgage lending practices.

Recent buyers are prudent mortgage managers.
According to the survey, 75% of purchasers have a goal to be mortgage free sooner than their original amortization. In fact, 20% of recent purchasers report having made a lump sum payment to their mortgage.

“The survey results are encouraging and provide insightful information, indicating that Canadians feel positive about Canada’s housing market. As well, Canada’s Economic Action Plan’s home purchase and renovation incentives, and CMHC’s recent outreach campaign to help Canadians who may be facing difficulties with their mortgage payment, are clear actions to support homeowners and the housing market.” said Diane Finley, Minister of Human Resources and Skills Development Canada and Minister Responsible for Canada Mortgage and Housing Corporation (CMHC). “

Canadian mortgage consumers recognize the benefits associated with mortgage loan insurance (MLI). According to the survey, 80% of recent buyers believe that MLI provides an important benefit to the financial system. Similar to CMHC’s last Mortgage Consumer Survey, the 2009 survey also indicates that Canadians continue to be well served by the mortgage industry, with 77% of recent mortgage purchasers expressing satisfaction with the service received from their lender or broker.

Important factors for first-time homebuyers: Affordability and job security

Deya Bautista — Mon, 01 Jun 2009 13:19:43 +0000

According to a report released today by Royal LePage Real Estate Services, Canadians who are considering purchasing their first home are primarily motivated by lower home prices and very low interest rates, but some require confidence in the economy and their employment prospects before they will enter the market.

86% of potential first-time buyers say low interest rates make them more likely to purchase a home;
81% cite lower housing prices as a motivating factor;
76 % cite job security;
and 64% say a stable economy is an important factor in their decision to buy.

Potential buyers were asked to rank their top incentives for purchasing a first property. These are the top four incentives found, in this order:

Lower home prices
Lower interest rates
First-Time Home Buyers’ Tax Credit.
The recently introduced Home Renovation Tax Credit for 2009 was cited by 42 per cent of potential first-time buyers as either ‘very likely’ or ‘somewhat likely’ to impact their purchasing decision.

“Our survey demonstrates how important affordability factors such as interest rates and house prices are in stimulating demand.” Said Phil Soper, president and chief executive of Royal LePage Real Estate Services.

Across the country, potential first-time homebuyers agreed that affordability was their top consideration, however the survey also revealed differences amongst buyers in various regions of Canada. In provinces such as British Columbia where high housing prices have kept some buyers out of the market in recent years, 92 per cent of potential first-time buyers are now motivated by low interest rates and 96 per cent say lower home prices are likely to prompt them to buy.

In Atlantic Canada, where local economies have been resilient in the face of a worldwide recession and housing markets remain stable, 43 per cent of first-time buyers say they that job security is a factor in their decision to buy, while 84 per cent of buyers in British Columbia and Alberta said job security will influence them. Atlantic Canadians were less motivated than other Canadians by declining interest rates, with only 72 per cent saying it will likely prompt a buying decision, compared to 86 per cent of Canadians overall.

In Quebec
First-time buyers rated the Home Renovation Tax Credit as a bigger factor in their buying decision. Buyers continue to pursue the dream of home ownership in Montreal, as the number of entrants to the housing market has remained relatively stable. Low interest rates are contributing to increased market entry with 41 per cent of first-time buyers suggesting this is the key incentive driving the purchase of their first property, followed by 13 per cent who suggest lower housing prices might influence their buying decision. With 47 per cent of new buyers in Quebec planning to settle in urban areas, buyers are planning to invest and live in their first home for ten or more years. Fifty-six per cent of first-time buyers hope to purchase a property in the $150,000 to $300,000 price range.