Buying a property

Finding the right home to buy takes even more time and care than renting as this is a much more permanent step.

You will notice that some owners sell their homes themselves. Most real estate transactions, however, are handled by agents.

Once you have decided on a house, make the seller an offer. Be prudent: make an offer conditional on obtaining a mortgage and on having the building inspected by an expert. If the seller accepts your conditions, you will have to go ahead with your offer to purchase. The transaction will be completed by a deed of sale signed before a notary.

If you buy, as a residence, a property from a building contractor or a developer, the seller must provide you with a preliminary contract containing information on the building and a clause allowing you to change your mind within the 10 days following the signing of your purchase offer. This cancellation may involve a penalty, which must be stipulated in the contract, and cannot exceed 0.5% of the selling price.

You might prefer to buy an apartment rather than a house. Divided co-properties, called “condominiums,” are becoming increasingly numerous in Québec. This arrangement divides the building into exclusively owned areas (the apartments themselves) and shared areas (yard, lobby, elevators, stairs, parking, etc.) divided among all of the co-owners. The condominium corporation administers the building and maintains the common spaces.

Buying an undivided share in a building with several apartments is another, sometimes less expensive, form of access to homeownership. It means buying a fraction of a building without owning any one part exclusively. This kind of purchase necessitates, however, forming or joining a group of people that wants to purchase a property jointly.

This rather complex undertaking usually requires the advice of specialists. You might want to consider it only after having lived in Québec for some time.

	USEFUL INFORMATION
	Becoming a member of a housing cooperative could mean saving on housing expenses, since it is a form of collectively shared property. However, if you are a member of a cooperative, the Régie cannot regulate the rental amount for your dwelling.

Useful links

• Canada Mortgage and Housing Corporation
  The activities of the Canada Mortgage and Housing Corporation (CMHC) are designed to help all Canadians to live in housing that is secure in every respect. The CMHC ensures that Canadians have access to housing loans and can make choices in terms of a mortgage.
• Canadian Real Estate Association
  For access to the latest reports by the Canadian Real Estate Association (CREA), statistics and analysis of the national housing market in the resale sector.
• Association des courtiers et agents immobiliers du Québec (ACAIQ)
  The Association des courtiers et agents immobiliers du Québec (ACAIQ) is responsible for monitoring real estate brokerage in Québec. Its mission is to protect the public by overseeing the professional activities of all real estate brokers and agents working in Québec, according to the Real Estate Brokerage Act.
• Régie du bâtiment
  The Régie du bâtiment, a corporation accountable to the government through the Minister of Labour, oversees the administration of the Building Act and assumes the powers vested in it under the Act.