Advantages Condo

The rental apartment vacancy rate in  the province of Quebec’s urban  centres was 3.1  per cent in  October 2013,  relatively  unchanged from  3.0  per cent in  October 2012,  according  to  the  fall  Rental  Market  Survey  results  released  today  by  Canada  Mortgage  and Housing Corporation (CMHC).

According to statistics released by The Canadian Real Estate Association (CREA), national home sales were little changed in November compared to October. 

Highlights:

• National home sales edged 0.1% lower from October to November.
• Actual (not seasonally adjusted) activity was 5.9% above November 2012 levels.
• The number of newly listed homes rose 1.8% from October to November.

The combination of the large inventory of unsold condos and the interest of many to invest in real estate are the source of a new rental supply in Quebec.

We also note an interest in diversifying the portfolio of investors who often will decide to distribute units they own in several buildings, i.e. in several different areas.

According  to  the  latest  forecasts  conducted  by  Canada Mortgage and Housing  Corporation (CMHC),  relatively slow economic  and employment growth will reduce  demand of existing and new homes  this year.  "As well, easing resale markets and relatively high inventories of new  dwellings will significantly lower  housing starts in 2013,"  said Kevin  Hughes,  CMHC  Regional  economist  for  the  province  of  Quebec.  Nonetheless, demographic  trends  will  support  housing  demand  into  2014,  at  which  time  a  strengthening economy and tightening resale markets will energize both the resale and new housing markets.

When renting a dwelling the owner is required to deliver a housing in good condition. It is the tenant’s responsibility to ensure to maintain the good condition and to make appropriate use of it.

Following some situations that occurred lately, it seemed necessary for us to recall that under Section 1855 of the Civil Code of Quebec: “The lessee is bound to pay the agreed rent and to use the property with prudence and diligence during the term of the lease.”

In a recent decision¹ the Court rejected the claim for damages from a co-owner against a Syndicate of co-ownership and its insurer for damage to her unit suffered during heavy rains. The Court concluded that the plaintiff co-owner had not proved that the Syndicate had committed a fault implying its liability.

The owner is required to issue to the tenant the leased property in good condition of repair of everything and to provide him with the peaceful enjoyment throughout the duration of the lease under the Law.

In case of fire, damage or seepage of water, plumbing problems, we must act quickly, the tenant as well as the landlord.

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.

The global economy is expected to expand modestly in 2013, although its near-term dynamic has changed and the composition of growth is now slightly less favourable for Canada.

The falling of the leaves, in the autumn season, can create for some neighbours conflictual situations, according to individual tolerance. The birds, and even the trees that attract them, are not seen by all in the same way. They are proof of beauty, nature and peace, for some, while for others, it is mostly a cause of complications and frustrations.

Make sure you have all the required information. Among others, have you thought of installing a private terminal to charge your electric vehicle?

Indeed, besides the use of public electrical terminals at several power distributors you can ask to install an electrical terminal at your expense.