Bi-generational home – The family at the heart of the modern fashion life that is based on values of caring and sharing
This kind of house gets its popularity and this new trend allows to share a house, having each its environments, but at the same address. The intergenerational house – or called bi-generational, is a single family house which we have added an additional, separate housing but smaller, in order to help each other socially and financially.
This innovative lifestyle has many benefits for both the parents and the “children.”
- Allows mutual assistance and exchange of services, sharing of running costs and maintenance-related tasks of a property
- Protects the family patrimony and offering different financial formulas
- Maintains the privacy of both parties
- Promotes and autonomy close relatives
- Provides home support in the case of elderly parents or persons with reduced autonomy
- Allows seniors to age in a familiar environment close to their relatives
- Provides a positive response to security needs, emotional needs and communication needs
- Maintaining a strong bond and an active communication between family members
- Established a balance between the generations of the same family
Foreclosed: a good business?
By Marjorie Dubois | Journal Métro
A couple of Montreal wants to be ownership. After some researches, the lovers are tempted to buy a Montreal foreclosure property taken over by a financial institution to defaulters. Sold cheaper, the foreclosed house catch their interest and they benefit to save some thousands of dollars. A case in gold!
Nancy Turcotte, who has already tried it, is not certain. “I’ve already bought a foreclosed looking myself on the Internet, she says. And I can say that today I regret it.” After several months, she found her house of dream in the suburban of Montreal. “As I was told that most finance occasions do not stay long on the market, due to high demand, I jumped at the chance.”
Hurry to take possession of her new house Ms. Turcotte was not so much focused on the construction details. She saved some thousands of dollars for the purchase and she had to invest in various repairs, because of bad maintenance of previous owners. And as reversals of finance are not covered by the legal guarantees in case of hidden defect, for example, she had to pay for everything from her pocket.
A bad experience who, unfortunately, happens sometimes, estimate Nathalie Clément, director of the Capitale of Mont-Royal. “We didn’t always know the story of the properties, and sometimes it happens that they were poorly maintained, she explains. But we can see very good business.”
A gold case
A gold case is possible. Simon, a young professional, experienced a foreclosed, without searching one. “We wanted a condo in Villeray, and we visited several, he said. Only after having visited and showed our interest and we knew it was a foreclosed property.”
The news made him ask many questions to his realtor. “We wondered why there was no guaranteed and what is that involved.” He said. In the case of Simon, because it was the manufacturer that went bankrupt, the condo was new to buy. The works were executed by the Provincial Association of Home Builders Québec inc. Simon still bothered to talk to the president of the condominium association. “These are steps that have reassured us,” he said.
Essential, the broker?
For Mrs Clément, the role of the real estate broker is very important in the process of buying a foreclosed property. “We explain to people that there is no legal guarantee against hidden defects, she said. It is important to highlight the advantages, but also the disadvantages of a foreclosed.” She suggests particular customers to inspect the property by specialists, such as architects or engineers. She also advises to budget for renovations to perform.
“We have to wonder what kind of person we are, she though. If we don’t like to renovate, it is important not to go and choose a house that was badly maintained and assess the degree of work needs to be performed there”
We can be lucky, as in the case of Simon, but it happens sometimes we are less lucky, as Mrs. Nancy Turcotte. It is to prevent, analyze and ask lots of questions.
Québec’s Residential Real Estate Market
Return to Growth in 2015!
According to the latest forecasts from the Québec Federation of Real Estate Boards (QFREB), the province’s residential real estate market will experience a slight increase in activity in 2015. The number of sales concluded through the real estate brokers’ Centris® system will reach 72,400 transactions in 2015, 2 per cent more than in 2014. This expected increase will follow two years of sales decreases.
The demand for housing in 2015 will be supported by a slight improvement in the labour market, positive net migration and a continuation of very low interest rates. “If interest rates on five-year mortgages increase in 2015, it will be very marginally,” said Paul Cardinal, Manager of the QFREB’s Market Analysis Department.
In addition, for a third consecutive year, the QFREB expects to see rather timid price increases. The median price of single-family homes in Québec should increase by only 1 per cent in 2015 to reach $230,000. “The year 2015 will be the third year of a soft landing, after price changes of 0 per cent in 2013 and 1 per cent in 2014,” added Paul Cardinal.
The increase in the number of for-sale listings is expected to continue for a fifth year, but at a more moderate pace. Most local real estate markets will remain either balanced or in buyers’ territory, as is currently the case.
Montréal Area: First Increase in Five Years
According to the QFREB, residential sales in the Montréal Metropolitan Area will increase in 2015. The QFREB expects there to be 36,700 transactions concluded through a real estate broker, a 3 per cent increase compared to 2014. It will also be the first increase in sales since 2010. Like its forecast for the province, the QFREB anticipates very moderate price increases in the Montréal area. The median price of single-family homes will reach $286,000 (+1 per cent) in 2015, compared to $282,500 in 2014. As for condominiums, due to the current imbalance, the median price will not increase and will remain at $230,000 across the Montréal Metropolitan Area. “Since there is already a surplus of inventory on the resale market, and because the supply of new condominiums remains high and demand is less robust, the condominium market will not become rebalanced in 2015,” said Paul Cardinal. Overall, the condominium market will remain a buyers’ market, while the single-family home and plex markets will be more balanced.
* Souce QFREB