It is to house any other relative or person for whom he is the main support. He may also repossess the dwelling as a residence for his spouse, from whom he is separated or divorced, if he remains the main support of his spouse.

So if one of those conditions is met, the owner will be able to repossess the dwelling at the end of the lease but he must inform the tenant by giving him a written notice :

- That notice must be given at least six months before the end of the lease in the case of a lease of more than six months duration.

- The notice period is of one month for leases of six months or less. In the case of a lease of indeterminate lenght, the notice must be given six months before the owner intends to repossess the dwelling.

Therefore, in the case of a lease ending on June 30, 2003, the owner would have to give notice to the tenant by December 31, 2002 at the latest.

The notice must be given in writing and indicate the date of repossession, the name of the person who will occupy the dwelling, and the relationship or bond between that person and the owner.

A tenant who receives a notice of repossession may, within one month of the reception of the notice, notify the owner of his intention to comply with it or not; otherwise, he is deemed to have refused to vacate the dwelling. If the tenant refuses to vacate the dwelling, the owner may, within one month of the refusal, ask the Régie du logement for authorization to repossess. But if the tenant does not reply to the notice, the owner may, also, ask an authorization to the Régie within one month from the deadline the tenant has for replying.

When the Régie authorizes a dwelling repossession, it may impose what it considers just and reasonable conditions, including the payment of moving expenses.

A repossession of a dwelling that is carried out for a purpose other than those permitted by law could lead to examplary damages.

In need of information ? You can reach the Régie du logement in Montréal, Laval and Longueuil at (514) 873 2245 in Québec city at (418) 643 2245

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Example:
Roll 2004 reflects the July 1, 2002 market
Roll 2007 reflects the July 1, 2005 market

The market value is defined as the most probable selling price in a free and open market (Art.43 L.F.M.).The appraiser can use three methods: the comparison, the cost and the income.

The comparison approach
This approach is used to determine the most probable selling price of a given property by comparing it to similar properties which have been sold.

The cost approach
This approach is used to determine the most probable selling price of a given property by adding a property’s land value to the depreciated cost of the building. This cost is obtained by subtracting depreciation from the current replacement cost new which includes labour and materials.

The income approach
This approach is used to determine the most probable selling price of a given property by capitalizing its net operating income at a rate stemming from similar type properties which have been sold.

Changes to your property
Some renovations or improvements will not necessarily increase the value of your property

by an amount equal to their cost. For instance, spending $10,000 to renovate your basement will not automatically result in a $10,000 increase in the value of your property. Regular maintenance work such as replacing the roof, repaving the driveway, applying a few coats of paint or changing a carpet does not increase the value of your property.

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The Plex
The duplex in closest to a single-family home. It can be detached, semi-detached or attached. It usually consists of one residence on top of the other.Aside from earning rent, which helps pay for the mortgage, there can be other financial benefits. The mortgage interest for the part of the duplex which is rented is tax deductible since it goes towards the purchase as income revenue. Also, expenses, as a result of the maintenance and upkeep of your tenant’s residence, are tax deductible.

A lack of privacy and extra work might be considered a drawback for the occupant-owner, but in spite of this, the “plex” becomes somewhat of an interesting purchase in view of the savings it can generate.

The Condo
If you’re hesitating between the purchase of a single-family home and a condo, the first thing to ask yourself is what kind of lifestyle your want.

You work, you’re on the go, your travel regularly and, therefore, have little time to devote to your home? As well as offering you a safe environment, the condo is not as demanding as a single-family home since your aren’t’ required to mow the lawn, pick up dead leaves, shovel snow, etc.

However you must be very open-minded to enjoy the condo experience given that you need to be in agreement with other owners about many important aspects such as building renovation and maintenance. That’s why it is recommended that you carefully choose a building in which the other owner profiles match with your own. For example, a family with two young children might not feel welcome in a building where the majority of tenants are retied and vice versa.

From small horizontal and vertical building types to high-rises, triplexes and townhouses, to complexes offering active community life or a magnificent view, there are many types of condos and many price scales. Make sure you properly evaluate your needs before making up your mind.

The Single Family Home

The single-family home is by far the most popular property for consumers. As the owner of a single-family home you have the freedom to develop your property as you please , according to your own tastes. You also certainly enjoy the highest level of privacy, given that no other occupants share the home.

However it’s important to consider the amount of maintenance the purchase of a single-family home generates. The upkeep of the lawn, landscaping and the snow removal require time and money. And remember, the bigger the property, the higher the maintenance fees.

Take the time to properly evaluate your needs. Your real estate agent can help advise you throughout your decision-making process.

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MARKET EVALUATION
Real estate markets fluctuate up and down. No one can be assured of a certain selling price in advance. A realtor will do a Comparative Market Analysis (CMA). This is the market value of your home.

MUNICIPAL EVALUATION
This assessment can be found in the detailed report of a home on the www.mls.ca. Every 3 years, the city of Montreal evaluates your home and land based on economical status. Your municipal taxes are based on their findings. The next evaluation will be done in 2007.

APPRAISAL
A professional appraisal is, simply, an “opinion of value” by a professional appraiser who visits the home and inspects the size, condition, quality and function of the home. Reasons for appraisal requests are: bank loans, relocations files, tax files, divorce files, settle estates, insurance appraisals, straight market values to name a few.

If you are planning on selling your home, a Comparative Market Analysis (CMA) is imperative to allow you to sell your home at a competitive price. To know more about the importance of having your home priced correctly, please read this article: The benefits of pricing your home correctly.

For a free CMA for your home, give me a call, 514-402-8444.

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There are many differences between the undivided and divided that you should know about if you are planning on buying a condo. Considerable differences like for an undivided you need 25% and can only bank with the Caisse Populaire or the Bank National. There are even notaries who are undivided specific. So do your due diligence and find out the differences. I wrote and article on just that, that you can view: The Difference Between Divided & Undivided
Let us look at the re-sale value. Is one easier to sell then the other? Or do they end up being the same price in the long run?

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I pulled up the figures from the past year for condos sold in NDG (April 2005-April 2006). I was actually quite surprised as I would of thought that it would take longer for an undivided to sell.

Let us compare the two:

PROPERTY TYPE	AVG PRICE	MIN/MAX $	AVG DAYS ON
74 Divided Sold	$226,778	$78,500-$490,000	78 days on market
39 Undivided Sold	$259,763	$155,000-$380,000	54 days on market

Working in real estate is my passion. If you would like me to work for you? Call me at 514-402-8444 or jenn@montreal-realestate.ca

With more than 9,000 members, it is the third largest board in Canada.

It also plays a major role representing its members in relations with government authorities, the media and the public as well as various industry related associations.

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