October 2012 Westmount Homes Market Report This October, 7 homes sold in Westmount as reported on MLS®. Prices ranged from $685,000 in the Village to $2,800,000 on the summit near St. Joseph’s Oratory. Three sales were under $1mm and two exceeded $1.5mm. These sales were sold at this year’s lowest average days on market (DOM) of 39 days! This is faster than our last best month DOM of 46. The average sales price was $1,358,571 for the 7 sales with an average discount off the last ask price of 9% which is the second lowest average discount level for 2012. This October, five contracts expired, and the fall season continued with 33 new property listings coming to market bringing active property inventory up again this month to 135 from 114 last month. These numbers have raised the absorptio... 11/16/2012

  How is knowing the Absorption Rate important when Selling And Buying Montreal Real Estate The absorption rate is the rate at which inventory is being sold off in the market. Taking an average over a period for the number of sales (or notary closings, if available) and dividing by the current number of listings tells you how much inventory (in months) you have in the market. If the average number of closings monthly over the last 6 months is 100/month (absorption), and the sector currently has 600 homes listed, you have a 6 month supply of inventory. How can the absorption rate impact my pricing decisions and transaction expectations? As a home seller, absorption rates are important as a possible indicator of market swings and price movements. When meeting a seller or buyer, I present ... 09/14/2012

Real estate sales of homes in Westmount have risen this October. Drop by and read the Westmount October market report now posted in the Neighbourhoods category on my new blog site: johnbjoseph.com Victoria Hall In Westmount Quebec Westmount Quebec has some of the nicest architectural buildings in Montreal. A nice example is Victoria Hall, located beside Westmount Park on Sherbrooke Street West. Victoria Jubilee Hall opened in 1899 and was destroyed by fire in 1924. It was originally petitioned by citizens as a community centre. The architect, Robert Findlay designed Victoria Jubilee Hall using the same style and materials as the Westmount Library. After the fire, a second community centre was built in stone in the neo-Tudor style by the architectural firm Hutchison & Wood. Gothic detail... 12/05/2011

Sellers DO NOT Always Pay For The Certificate Of Location What is a certificate of location? It is a document, prepared by a land surveyor, consisting of a report and plan on the current situation and state of real property (the lot and all things attached [immovable] to it) with respect to titles, lot and zoning regulations and municipal bylaws. The certificate of location provides an expert opinion on whether there is a need for any changes because of existing encroachments, illegal views, discrepancies between the measurements taken and those originally deposited with respect to the property, etc. At best it can take one week to obtain a new certificate of location; however, there can often be a several-week delay, especially during the high spring real estate period. A new certifica... 08/23/2011

Market Report For July 2011 In Westmount, Quebec MLS reported home sales slowed somewhat this July in Westmount to 11 from 23 in June. Active listings increased by 2 homes to 17 over last month. Existing inventory is now 8.1 months with the average for days sold dropping a little to 70 days. I find this quite short considering the average sale in Westmount this month to be $1,160,000. The average discount from the asking price was 95% and within the norm. 7 contracts expired though it is likely we will see some of these homes come on market soon after summer vacation is over. All in all, this is a good month for Westmount activity.     John B. Joseph has over 20 years of business to business experience in the U.S. and Canada in business process improvement, sales, consultation, sales ma... 08/02/2011

Can I Have Pets In My Apartment In Montreal? Brian Madigan, LL.B recently blogged on "Evicting Tenants with Pets in Ontario" After reading a recent post by Brian Madigan, LL.B  on "Evicting Tenants with Pets in Ontario" and his readers comments I was surprised that some Ontarians think the tenants are king. I thought this only happened in Quebec. In Quebec, the landlord's lease is the keeper of rules regarding house pets.In Quebec and of course, Montreal, the Civil Code rules. Here, the law says nothing at all. The Civil Code of Québec is silent on the matter of animals in dwellings. Only your lease and the rules of the building will state whether or not animals are allowed in your apartment.What about our lease:The landlord can use the lease to prohibit all or certain animals in the dw... 07/28/2011

Which Building Inspector Should I Choose? This question is asked of most Montreal real estate brokers once a Promise to Purchase is accepted on a property. As each property, client and broker are different so are the competencies, experience and personalities of residential home inspectors. Reasons to Suggest Multiple Inspectors: As Montreal real estate brokers we must adhere to a strict code of professional ethics. We are advised by our provincial association (OACIQ) to recommend at least 3 home building inspectors for selection. For reasons: 1. Not to suggest any inpropriety on the part of the Montreal real estate broker;and 2. To provide clients an opportunity to find an inspector who will respond to their needs. I always suggest a couple of inspectors I know have experience with the... 07/28/2011

We don't need to get it inspected before, that's the buyers expense, right? Well ....... consider this;   You have to have it tested, you can't prove it, you can only say you suspect it, unless........ it's labeled But there it was; Yes it's labeled. This is rare,....SO rare... I never ever expected to see it.   Here it is, the photo flipped over so you can read the label; Even though part of the label is missing it's very clear what it says and is repeated in the red area of the tag. This home was a 1920's construction, very solid and very well built. At the time of it's installation this fireproof pipe insulation was one of the good guys. It was state of the art and the best you could buy, the best you could have, period. So naturally, this is not rare in that neighbourhood and is com... 04/11/2011

Question Answer & Response ; An FAQ for YOU    The Question;  I am most interested in asking you some more precise questions... for example, the back porch, you mentioned it needed securing. (the rail) can you suggest how that would be done if we get a handyman?  I am concerned how to do it properly as last summer I inquired and the guy didn’t know how to do it, and felt it was o.k..  I had called because I thought it was wobbly. You mentioned how you would see it best done. Please recommend, so I can proceed accordingly with my sister’s handyman. I am cc’ing her as well. I thank you..and look forward to communicating with you again for other questions pertaining to your recommendations. D. ----------------------------- The Answer; Hi D, That centre deck post is mounted on top of the d... 04/07/2011

What Is It? And Why Did A Chippie Make It? Well first you might ask is 'What's a chippie?' Well that's simply an old term for a carpenter or wood fitter, because they were very effective in removing large amounts of wood with adzes, axes and chisels. This is of course in the days before power tools and literally 'the chips were flyin'. A good tradesman kept his tools sharp so when notches or long rip cuts were required they reached for the blades first.  In skilled hands this was faster than the alternative and very accurate. That's the chippie, but what is this and why is it different? This looks similar to but not the same as what is built today. The shape tells us its the interior of an attic gable end wall, but they aren't built like this anymore. This photo shows a 50s build, near... 03/29/2011

   Does 'FLASHING" remind you of a 'perv' in the park?  Does that mean "CAULK" is a 4 letter word to you ? That' seems to be the case now a days. INTRODUCTIONS : On the left: Roofing meet flashing (black cap flashing). Flashing meet caulk. Caulk meet old tar ( old brittle cracked leaking tar). On the right: Roofing meet new flashing (couldn't be made smaller). New flashing meet surface caulking. Surface caulking meet porous wet brick. SO who's leaking now : Every place the new caulking touches old materials some small amount of wetting or water entry is happening. It only gets worse over time. The proven standard for flashing  was returned into the wall or chimney material, a mortar joint in the case of masonry. It was then bent downward to generously cover the upward edge of the roofin... 03/25/2011

Market Report for Westmount Homes - July 2010 5 homes in Westmount sold on the MLS® system within a lower average of 70 days on market as inventory levels jumped to 20.6 months supply on 103 active properties over the 5 recorded sales. This is not representative of normal activity and due simply to summer’s low activity. Even so, 21 new properties were listed in July. Do note that as not all properties are sold using MLS®, these figures are presented to identify overall trends and averages as an indication of the current market state.  My available data explains in detail what is important when using neighbourhood statistics and is more comprehensive than can be represented here.   08/31/2010

Market Report for Westmount Homes - June 2010 11 homes in Westmount sold on the MLS® system within a reasonable average of 96 days on market as inventory levels dropped a little to 9.1 months supply on 100 active properties over the 11 recorded sales. Do note that as not all properties are sold using MLS®, these figures are presented to identify overall trends and averages as an indication of the current market state. Discount levels were a little lower this month at 7% off last asking price over 5% in May for an average sale value of $960,000. The homes that sold this month were in the lower price range for Westmount properties if you compare the 11 sales this month with the 9 sales last month that had an average price of $1,300,000. Expired contracts rose slightly from 6 to 8 properti... 07/07/2010

Never Be Afraid To Try Something New        Remember:                          Amateurs built the ark.                                                                                     Professionals built the Titanic.                                         (Thanks for the reminder Donna) 06/24/2010

Westmount Market Activity subsides in May 2010 May saw 9 Westmount homes sold within a very high average 190 days on market as inventory levels shot up to 11.3 months supply. This may very well be explained as the end of the spring season though it is a bit early to happen in May. We do know that there have been a number of stability challenges here to dampen activity including European economies affecting markets, the U.S. and the Gulf oil spill, interest rates tipping upward, new mortgage qualification rules in place in April and demand corrections from lost activity of the 2008-2009 seasons. Discount levels as well averaged out at 5% off of last asking price. 21 new homes came to market and there remained 102 homes in the market as active listings. The average price of homes sold was... 06/14/2010

  What's Your Take On Realtor Opens Or Agent Caravans? There was a day when Montreal Real Estate offices did a tour once or twice a week to look at new listings to keep current on the property inventory out there. Hell, some offices had a company bus and agents rode together. Some offices still do it, but it's becoming a rarity. Today, the Realtor holds the agent open house and hopes for a decent turnout. A Typical Example: Friday, carefully crafted brochure, broadcast to over 530 Realtors, advertise free lunch for them to show. Result: ZERO, NOTHING, NO Realtors. (Sometime turn-out is reasonable). (My thanks for this unfortunate experience goes out to an ActiveRain colleague who experienced this recently) What’s Going On In Montreal Real Estate? Both agents and clients are so much bett... 06/14/2010

Market Report For Westmount Homes For April 2010   This month 19 homes sold compared with 14 in February and 18 in March. They sold for an average of $1,179,842 compared with the 1st quarter average of $1,419,609 which was lowered by January’s $1,498,422 average on 9 sales. Sales delays were at an all time low of 61 days matched with a lower discount off last asking price of 4%, a new low as well for the last 9 years. Even so, there were 36 new listings in April propping up inventory levels to maintain the 5.3 month inventory we had in March. 05/19/2010

New Real Estate Site in Montreal Quebec for Realtors and The Public A new public real estate portal has been launched today by the Greater Montreal Real Estate Board (GMREB). It is superior to any of our existing portals for functionality, navigation and in all provides a great user experience to the public seeking listings on their own. All MLS® properties in the province of Quebec are well represented as are communities and the services they offer along with the real estate agents that help realize clients dreams.   Map Search The map search has been greatly improved to provide a true ability to obtian an overview of properties from many different zoom levels. 1. Quebec province with major sector groupings a user can clck on to zoom in on a region. 2. Westmount, Quebec showing listing... 04/06/2010

Westmount Market Report For February 2010   This report is late for the month, but I wanted to post it for the record. I am having difficulty with Bill's excel graphs. They are challenging my patience. I maintain many stats for the benefit of informing my clients to help them understand the market sectors that interest them. I hope to post these reports at the end of the first week of every month forward. I hope they give you a perspective on market conditions.   Westmount home sales in February 2010 averaged a surprising 66 days on market versus a more normal recent 100 days and averaged $ 1,690,786 for the 14 homes reported sold on MLS. There were 6.1 months inventory during the period or the 86 homes on market.           03/29/2010

Real Estate Brokers Lose Round Two To Canadian Competition Bureau It appears that our Competition Bureau really means to loosen up the rules surrounding the use of MLS. I am happy our association is standing up to them by presenting our case to maintain strict standards for real estate services. We all know agents who offer less than stellar services and if governments expect us to protect the public and provide a minimum standard of quality service to the general public, it urks me as to why they would want to open up MLS to real estate brokers who would offer precious little to clients. I guess it's that the elephant is so large it cannot see it's feet. Either way, here is the article: Published today by The Canadian Press Story Tools #sponsor table, #sponsor td { width:auto !importa... 03/22/2010