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| Lifestyle Kit Index > Your New Home | |
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| Largely because of its history, the West Island offers a tremendous choice of housing, from Victorian and Edwardian mansions to homes built in every style and decade from the late 19th century to the present… plus vacant land waiting to be claimed for your dream house. |
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| Originally settled by Norman farmers, the area became a summer resort for Montréalers and New Englanders by the end of the last century. With easy access to Montréal by train, families established some of Montréal's earliest suburbs on the Lakeshore from before the 1914-1918 war until 1940. With improved road transportation, the West Island grew rapidly after the war and particularly since the 1965 construction of the Trans-Canada Highway. During the 1980's many handsome and affordable condominiums and row houses were built. Apart from a few apartment units, the single-family home predominates. The standard West Island home is set on a 7000 sq. ft. lot. It has a basement and is usually finished with a brick or cladding exterior. You'll find only large lots - minimum 15000 sq. ft. - in the towns of Senneville and Baie-d'Urfé. For specific data, check the definition of house types included with the tables of realistic house prices. Older homes have oil heating - hot water or hot air. Electricity heats newer homes, while natural gas is available for many residences in the West Island (WI). For more information, call Gaz Métropolitain, 450-598-3222. |
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 TO
RENT? TO BUY? |
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Renting option: – Preferred by many for economic and lifestyle reasons. – Usually less expensive than ownership although tenants usually have less control over their housing costs than home owners. Within apartments – Often includes on-site recreation facilities. – Provides considerable flexibility if frequent moves are likely. – Minimal responsibility for property upkeep (an important consideration if you dislike or haven’t the time for maintenance or garden work). Purchase option: – Opportunity to select or build a home to suit your taste, needs and interest. – You choose what to do with the house once you own it (subject, of course, to municipal bylaws). – Generally increases in value so there is a return on your investment. – While you’re acquiring a substantial capital asset, you are also getting security of tenure, control of your own living environment and pride of ownership. – More control over cost than tenants. Other benefits of buying now… – Low interest rates, lowest in decades. – Special programs available: RRSP Home buyers Plan, allows you to borrow, tax free, up to $20,000 ($40,000 for couples) from your RRSP. – 5% down payments, with an insured mortgage. Home ownership pays off in the long run: study A Toronto forecasting firm "Clayton Research" concluded that the net worth of homeowners will be $50,000 greater than renters after 20 years and $167,000 greater after 30 years, assuming inflation will be 2% per year. It also found that initially home ownership costs more than renting, but pays off in the long run. Unfortunately renters have a tendency to spend money on other things. |
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| BUYING
A HOUSE |
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NEW HOUSE OR RESALE? New and resale houses both have advantages and disadvantages but, as a rule of thumb, resale houses usually cost a bit less than new houses in the same area. NEW HOUSE CHARACTERISTICS: – You may have your choice of brick, siding, tiles, carpets, bathroom fixtures and so on. – Latest building code, electrical and energy-efficiency standards apply. – Builder warranty usually available. – Neighbourhood amenities such as schools and shopping may be incomplete if the house is a new development. – The 7% GST applies to new housing. There is, however, a rebate, to a maximum of 2.5%. – There is usually no mail delivery to individual homes on new streets. Mail is dropped off at centrally located mail boxes.  WHERE TO LOOKNewspapers carry extensive Real Estate sections for the West Island. Vendors and agents advertise when houses are open for viewing - Open Houses - usually 2 to 4 p.m. on Sunday. Check The Gazette's Saturday edition. Realtors also advertise in the local weeklies, including The Chronicle, Cités Nouvelles, West Island Suburban and the specialized Immobilier Hebdo and Immo-Pro Immobilier. The Montréal Real Estate Board keeps a complete internet listing and publishes an illustrated inventory of property for sale - the Multiple Listing Services (MLS). Realtors maintain registers of past sales, so can give you comparative selling prices. If you have access to a computer, the MLS has a web site on the internet. An extensive listing of residential properties is available. Simply, state location, type of dwelling, details of requirements, price range - the listing with pictures will be provided. The web site address: http://www.mls.ca You will find the West Island by working through the maps to get to Banlieu Ouest-Est and a list of West Island cities. RESALE HOUSE CHARACTERISTICS: – Established neighbourhood. – Landscaping and fencing usually done. – Maintenance costs likely higher than for a new house. – You will probably want to redecorate. – No GST unless the house has been substantially renovated. – You will have to inspect it carefully for structural and other problems. YOUR MORTGAGEMany financial institutions, including banks and trust companies, offer mortgages on residential property. In Canada, mortgage payments are not tax deductible. You'll find the cost of housing in the WI significantly below similar housing in pleasant, safe suburban areas of major cities elsewhere in North America.  Do shop around, for mortgage rates vary and are negotiable.A normal mortgage covers 75% of the property's selling price. You'll find high-ratio mortgages at slightly higher rates. Again, it pays to shop around. |
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| CLOSING
THE DEAL |
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| Vendors pay real estate agents' commissions, usually 7 percent of the sale price. If the listing agents and the selling agents are different, they split the commissions. When you find your dream home, you complete an Offer to Purchase. The purchase offer details your conditions for acquiring the property, including the purchase price, date of occupancy, amount of deposit, deadline for accepting the offer, plus any special conditions you wish to include. The vendor may either accept or present a counter offer. Once the price is agreed on, buyers usually hire professional inspectors to evaluate the property for defects. The inspectors report to you, the buyer, verbally or in writing. If you choose a new home, check whether the builder offers
the guarantee of the APCHQ - Québec Home Builders' Association -
by calling (514) 353-9960. The APCHQ guarantees your new house against all
defects in workmanship for one year, and against hidden defects for five
years. DOING THE DEEDIn Québec, you need a specialist in contract law - a notary - to close the deed of sale. Notaries guarantee the title of their transactions, so Title Insurance is rare in Québec. Notaries' functions include counter signing and registering the transaction. They also prepare and register mortgage documents for the bank or trust company. The notary represents both parties who are present at the signing, but purchasers choose the notaries and pay their fees. To ensure that the property conforms to by-laws, the mortgage holder requires the vendor to supply a Certificate of Location, a legal document describing the property and giving the building's location on the lot. If the certificate does not accurately reflect the property's current state, the purchaser can insist the vendor prepare a new one. CLOSING COSTSBesides the purchase price of your future home, you will have additional expenses. They include: 1. Building inspection: The costs vary with the inspector and whether a written or verbal report is requested. From $150. 2. Mortgage Application & Appraisal Fee: Costs vary with the lender and type of mortgage. From $100 to $250. 3. Notarial Fee: This fee covers the title search, preparing the sales contract, the mortgage documents and their registration. The tariff is based on the sale price of the property and the value of the mortgage. Rates subject to negotiation by the client.4. Municipal Tax Adjustment: Property taxes are paid in two instalments, in January and July. You will reimburse the vendor for any taxes paid, depending on signing and occupancy date. 5. Full Tank of Heating Oil: Where applicable the oil tank is topped off on or near the signing day. You will reimburse the vendor at the current price for the full tank. 6. Transfer Tax: One to two months after the purchase, you will receive a bill from the municipality. The rate is: • 0.5% on amounts up to $50,000 • 1.0% on amounts from$50,000 to $250,000 • 1.5% on $250,000 and more. |
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| RENTA
L S E R V I C E S |
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| The rental of completely furnished apartments with amenities, on a long or short term basis is available. Furniture, appliances, home electronics, dishes and linens can also be rented individually. For more information, contact, Rentan Rentals at (514) 685-3636. Fax: 685-0851. |
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| U
T I L I T I E S |
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HYDRO-QUÉBEC ELECTRICITY (514) 385-7252 To arrange for a change in billing call Hydro-Québec. Hydro-Québec customer service Have the following handy: your moving date, your phone number
and your social insurance number, or passport number, or immigration number.BELL CANADA - TELEPHONE (514) 310-2355 www.bell.ca Arrange telephone service if you are a previous Bell Canada client. If you are renting your new home or apartment, you must give your landlord's name and phone number. You will probably get your new line within a few days. GAZ MÉTROPOLITAIN - NATURAL GAS www.gazmetro.com If your house has natural gas, call 598-3222 to change the billing. VIDEOTRON (514) 281-1232 www.videotron.ca Cable TV offers 25 channels (basic service) or 40 stations (TeleMax) including all major Canadian and American channels as well as TSN, MuchMusic and Pay TV. Bills can be paid at the TeleClub located at Pointe-Claire Plaza shopping centre, 295A St-Jean, Pointe-Claire. WATER Most cities meter the cost of water and charge by volume. To update the reading, call your city's public works department (see section headed BASIC INFORMATION). |
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| HOW
MUCH? |
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Prices vary according to type of home and location. Waterfront property and houses with water views command a premium. Lots larger than the standard 7000 sq. ft. also cost more. The following tables define housing types and give realistic price estimates for 1997. The price survey was compiled with the assistance of the following realtors: RE/MAX Royal Jordan 101 Amherst, Beaconsfield, Qc H9W 5Y7 Tel: (514) 694-6900 Fax: (514) 694-7009 J. Deakin & Assoc. reality Inc. 1-B Golf Ave. Pointe-Claire, QC H9S 4N4 Tel: (514) 695-2575 Fax: (514) 695-5690 Royal Lepage 50 St-Charles Beaconsfield, Qc H9W 2X3 Tel: (514) 697-9181 Fax: (514) 697-9499 |
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| DEFINITION OF HOUSE TYPES CONDOMINIUM Multiple unit housing with individually owned units. There is a common entrance. TOWNHOUSE Row housing with individual entrance. Living area: 1000 sq. ft. BUNGALOW Single-floor house with basement. The basement is partly finished. Living area: 1200 sq. ft. SPLIT LEVEL Multi-level house with or without garage. 3 or 4 bedrooms. Living area: 1500 sq. ft. SMALL COTTAGE Two-storey house with a garage. Living area is around 1600 sq. ft. 3 bedrooms. LARGE COTTAGE Two-storey house with a double garage. Floor area is around 2500 sq. ft. 4 bedrooms. EXECUTIVE Large house with over 3000 sq. ft. living area. Don’t forget, you can see our real estate listings at www.mls.ca |
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| HAVERAGE
HOUSING COSTS JUNE 2000 |
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CONDO 1200 - 1500 sq. ft., less than 10 years old, single garage $110,000 - $300,000 1200 - 1500 sq. ft., single garage plus fireplace $150,000- $250,000 TOWNHOUSE 1200 - 1500 sq. ft., single garage plus fireplace $120,00 - $225,000 BUNGALOW Small bungalow: 900-1100 sq. ft. living space, no garage $ 100,000 - $125,000 Bungalow: 1100 - 1400 sq. ft. living space, single garage, possible fireplace $115,000- $155,000 1200 - 1500 sq. ft., less than 10 years old, single garage, possible fireplace $130,000- $165,000 SMALL SPLIT LEVEL Small split level: 1100 - 1400 sq. ft. living space, garage single $120,000 - $155,000 1200 - 1500 sq. ft. living space, less than 10 years old, single garage $130,000 - $175,000 1200 - 1500 sq. ft. living space, less than 10 years old, single garage plus fireplace $155,000 - $190,000 SMALL COTTAGE 1400 - 2000 sq. ft. living space, dining room, family room plus garage $160,000 - $200,000 1600 sq. ft. living space, fireplace, plus garage $175,000 - $220,000 1700 sq. ft. living space, less than 10 years old, fireplace, bath ensuite over $200,000 1700 sq. ft. living space, inground pool, fireplace - luxury over $225,000 1700 + sq. ft. living space, less than 10 years old - luxury over $250,000 LARGE COTTAGE Around 2500 sq. ft. living space $200,000 - $325,000 EXECUTIVE Over 3000 sq. ft. living space over $300,000 WATERFRONT HOUSES IN THE WEST ISLAND over $600,000 |
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| AVERAGE
MONTHLY RENTAL |
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HOUSE TYPE Standard Condominium over $900 Standard Townhouse over $1,100 Bungalow over $1,200 Standard Cottage over $1,500 Executive Two-Storey over $1,800 Senior Executive $3,000 |
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